UAE MOF ISSUES MINISTERIAL DECISION RE TRANSFER PRICING UNDER UAE CORPORATE TAX
May 13, 2023INDIVIDUALS TO BE SUBJECTED TO UAE CORPORATE TAX FOR BUSINESS INCOME IF TURNOVER EXCEEDS DH ONE MILLION
May 18, 2023UAE CORPORATE TAX REGISTRATION STARTS 15TH MAY, 2023
The registration for Corporate Tax for Public Joint Stock Companies and Private Companies will be launched by the Federal Tax Authority (FTA) through the EmaraTax digital tax services platform starting on Monday, May 15, 2023. This is in accordance with the Corporate Tax Law, as per Federal Decree-Law No. 47 of 2022, which states that Taxable Persons will be subject to Corporate Tax from the start of their first financial year on or after June 1, 2023. Hence, Taxable Persons must register and obtain a Tax Registration Number for Corporate Tax purposes.
The FTA has invited all Taxable Persons who are Public Joint Stock Companies and Private Companies residing in the UAE for Corporate Tax purposes to register with the FTA. However, Free Zone Persons and other categories of Taxable Persons, such as natural persons conducting Business or Business Activity, will be able to register for Corporate Tax at a later date.
Early registration for Corporate Tax will provide companies and businesses with sufficient time to fulfill their legal obligations.
Initially, the Corporate Tax registration process will be available for individual legal entities only. Entities wishing to form a Corporate Tax Group must first register individually and can apply to form a Corporate Tax Group at a later stage.
