Understanding De Minimis Requirements in UAE
In the United Arab Emirates (UAE), Free Zone Persons (FZPs) can benefit from a 0% Corporate Tax rate on their Qualifying Income, provided they meet specific conditions, including the de minimis requirements. These requirements allow FZPs to earn a limited amount of non-qualifying income without losing their preferential tax status. How Audit Firms in the […]
How to Amend Corporate Tax Registration on the EmaraTax Portal Online
With the introduction of Corporate Tax (CT) in the UAE in June 2023, businesses were required to register under the new tax regime to ensure compliance and avoid penalties imposed by the Federal Tax Authority (FTA). However, after registration, businesses may experience changes in their structure or operations that necessitate amendments to their CT registration […]
How to Apply for a VARA License For New Firms in UAE?
The UAE stands as a global hub for innovation, continuously creating opportunities for businesses to flourish. Recognizing the growing significance of virtual assets, the country has taken proactive steps to regulate and support this emerging sector. To ensure secure and compliant operations, the UAE established the Virtual Asset Regulatory Authority (VARA). This regulatory body plays […]
How Can You Edit Corporate Tax Bank Details on the EmaraTax Portal?
The implementation of the corporate tax regime in the UAE in 2023 has led to significant changes in the tax compliance landscape for businesses. As part of this transformation, eligible business entities are required to register for corporate tax with the Federal Tax Authority (FTA). Failure to comply with these registration requirements may result in […]
What Are the Differences Between Net Income and Net Revenue in UAE?
In UAE, understanding the differences between net income and net revenue is crucial for businesses and stakeholders. While net revenue represents the total sales after adjustments like returns and discounts, net income is the profit remaining after deducting all expenses, including taxes and interest. Net Revenue Definition Net revenue is the total amount of money […]
Guide to Qualifying Free Zone Persons (QFZPs) in UAE
What is a Qualifying Free Zone Person (QFZP) in UAE? A Qualifying Free Zone Persons (QFZP) is a business entity established in a UAE Free Zone that meets specific conditions to benefit from a 0% Corporate Tax rate on its Qualifying Income. This tax incentive is designed to promote economic activity within Free Zones while […]
Corporate Tax Deregistration in UAE
When a company or business activity in the UAE comes to an end, the taxpayer is required to notify the Federal Tax Authority (FTA) and de-register for Corporate Tax (CT) within three months of that date. Corporate Tax deregistration in UAE is a critical process that allows businesses to cease their liability for paying corporate […]
Guide for Bookkeeping and Auditing in UAE
Running a business in UAE requires accurate bookkeeping and auditing. Proper financial records ensure compliance with local regulations. The UAE enforces strict financial reporting standards. Keeping organized records allows businesses to track performance, make informed decisions, and avoid penalties. This guide provides an in-depth overview of bookkeeping and auditing in UAE. Importance of Bookkeeping and […]
Tax Advantages in UAE
The UAE tax landscape is distinctively advantageous for residents and businesses, known for its absence of several traditional taxes. There are a lot of tax advantages in UAE. Notably, there is no personal income tax, inheritance tax, or gift tax in UAE, positioning it as a tax-friendly environment that attracts professionals and entrepreneurs from around […]
Difference Between VAT and Corporate Tax in UAE
Understanding VAT and Corporate Tax is essential for businesses in the UAE. VAT is a 5% consumption tax on goods and services. Businesses collect it from consumers and pay it to the government. Corporate Tax, introduced in 2023, applies a 9% tax on net profits above AED 375,000. This tax directly impacts business earnings. Both […]