Corporate Tax

The dynamics of taxation in the United Arab Emirates are evolving. The UAE Ministry of Finance has announced the introduction of corporate tax on 31st January 2022, effective from 1st June 2023. The new regulations have resulted in new and elaborate compliance procedures and filing requirements for the entries doing business in this country. Earlier, no corporate taxes were applied to most UAE businesses. Let's know more about it!

As per the Ministry of Finance, CT rates are:

• 0% for taxable income up to AED 375,000
• 9% for taxable income above AED 375,000

Large multinationals will have different tax rates (not yet specified). It will include those that meet specific criteria set concerning 'Pillar two' of the OECD Base Erosion and Profit Shifting Project.

Types of Corporate Tax

Transfer Pricing

With the introduction of the corporate income tax from 1st June 2023, transfer pricing ("TP") rules will be in place in the United Arab Emirates ("UAE"), which will mandate related party transactions to be at arm's length.

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International Taxation

International Taxation UAE gives importance to trade on the internationally agreed standards, both EOIR (Exchange of information on request) and Automatic exchange of information from OECD.

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Why Should You Consult SPK Auditors For Corporate Tax?

There are several reasons why you should consider taking SPK Auditor's help for filing corporate tax in the United Arab Emirates (UAE):

• Expertise and Knowledge: We have the necessary expertise and knowledge of tax laws, regulations, and filing procedures to ensure that your company's tax returns are accurate and filed correctly.
• Time-saving: Filing corporate tax returns can be time-consuming and complicated. We can free up time for you to focus on running your business while the tax professional handles the tax filing process.
• Accuracy: We know how to pay attention to detail, and they use specialized software to help ensure that your company's tax returns are accurate.
• Compliance: Tax laws in the UAE are complex and subject to frequent change. We ensure that your company stays compliant with all applicable tax laws and regulations, which reduces the risk of penalties or other legal consequences.
• Stress-free process: Preparing and filing corporate tax returns can be stressful, especially if you are unfamiliar with the process. We reduce stress and ensure that your tax returns are filed correctly and on time.

SPK Auditors can assist with your company's tax filing in the UAE, provide peace of mind, save time, and minimize the risk of penalties or other legal consequences.