Kreston Menon’s Post

𝐔𝐀𝐄 𝐂𝐚𝐧𝐜𝐞𝐥𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐒𝐮𝐛𝐬𝐭𝐚𝐧𝐜𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐟𝐨𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐆𝐨𝐨𝐝 𝐧𝐞𝐰𝐬 𝐟𝐨𝐫 𝐔𝐀𝐄-𝐛𝐚𝐬𝐞𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬! The UAE Ministry of Finance has announced the 𝐜𝐚𝐧𝐜𝐞𝐥𝐥𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐬𝐮𝐛𝐬𝐭𝐚𝐧𝐜𝐞 𝐫𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 for companies with financial years ending after December 31, 2022. This change aligns with the implementation of the UAE's federal corporate tax system and aims to enhance efficiency and tax compliance. 𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐭𝐡𝐢𝐬 𝐦𝐞𝐚𝐧 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬? 𝐍𝐨 𝐦𝐨𝐫𝐞 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐬𝐮𝐛𝐬𝐭𝐚𝐧𝐜𝐞 𝐧𝐨𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐫 𝐫𝐞𝐩𝐨𝐫𝐭𝐬: You are no longer required to submit these documents for financial years ending after December 31, 2022. 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐭𝐚𝐱 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: You can now concentrate on ensuring accurate application of the UAE corporate tax legislation. 𝐏𝐫𝐢𝐨𝐫 𝐲𝐞𝐚𝐫 𝐨𝐛𝐥𝐢𝐠𝐚𝐭𝐢𝐨𝐧𝐬 𝐫𝐞𝐦𝐚𝐢𝐧: If you have outstanding compliance obligations for previous years, you must still fulfill them. 𝐓𝐡𝐢𝐬 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐰𝐚𝐬 𝐦𝐚𝐝𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐂𝐚𝐛𝐢𝐧𝐞𝐭 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐍𝐨. (𝟗𝟖) 𝐨𝐟 𝟐𝟎𝟐𝟒, which amends certain provisions of Cabinet Decision No. (57) of 2020 on economic substance requirements. This is a significant development that will benefit many businesses operating in the UAE. 𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐨𝐫 𝐧𝐞𝐞𝐝 𝐚𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮𝐫 𝐭𝐚𝐱 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐝𝐨𝐧'𝐭 𝐡𝐞𝐬𝐢𝐭𝐚𝐭𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬. 📧 𝗶𝗻𝗳𝗼@𝗳𝗶𝗻𝗮𝗽𝘁𝗴𝗿𝗼𝘂𝗽.𝗰𝗼𝗺 📱 +𝟵𝟳𝟭 𝟰 𝟴𝟵𝟮 𝟮𝟵𝟯𝟳 | +𝟵𝟳𝟭 𝟱𝟱 𝟵𝟲𝟵 𝟬𝟲𝟴𝟬 🌐 𝗳𝗶𝗻𝗮𝗽𝘁𝗴𝗿𝗼𝘂𝗽.𝗰𝗼𝗺 #UAE #EconomicSubstance #CorporateTax #TaxCompliance #UAEBusiness #TaxReform #Finance #Accounting #BusinessNews #Dubai #AbuDhabi #UAEGovernment

🚨 New Guide Issued by the FTA on Determining Taxable Income! 🚨 📢 The UAE Federal Tax Authority (FTA) has released a detailed guide on determining taxable income under the UAE Corporate Tax Law. Here are the key highlights: 🔹 Starting Point for Determination: ➡ Accounting Income: The net profit or loss for the relevant tax period. ➡ Financial statements must comply with IFRS or IFRS for SMEs. 🔹 Adjustments to Accounting Income: ➡ Exempt Income: Domestic dividends, participation exemption, and foreign permanent establishment exemption. ➡ Deductible Expenditure: Business-related expenses, including employment-related, pre-incorporation, and provisions for bad debts. ➡ Non-Deductible Expenditure: Non-arm's length, capital, and expenses related to exempt income. ➡ Interest Deduction Limitation: Calculated based on net interest expenditure and capped at 30% of adjusted EBITDA. 🔹 Realized and Unrealized Gains and Losses: ➡ Option to use the realization basis for taxing unrealized gains and losses. 🔹 Special Provisions: ➡ General interest deduction limitation rules. ➡ Caps on entertainment expenditure deductions. 🔹 Financial Statement Requirements: ➡ Businesses with revenue ≤ AED 3 million may use the cash basis of accounting. ➡ Revenue > AED 3 million requires the accrual basis and compliance with IFRS. ➡ Revenue > AED 50 million necessitates audited financial statements. 🔹 Corporate Tax Payable: ➡ Calculated by applying the corporate tax rate to taxable income. The guide provides crucial insights for businesses to navigate the UAE Corporate Tax Law effectively. 📚   Stay compliant and informed! For more details, please refer to the attached guide and ensure your business is on track. #UAE #Tax #CorporateTax #FTA #TaxCompliance #IFRS #TaxRegulations #Business #Finance #Accounting #TaxGuide #VAT #TaxLaw #UAEFinance #TaxUpdate #TaxPlanning #Audit #UAEBusiness #TaxAdvisory #Compliance #Dubai #Abudhabi #Taxation

Looking for comprehensive tax solutions in the UAE? Our expert team is here to provide you with personalized services tailored to your unique needs. Why Choose Us? ✅ Diverse Services: From VAT implementation to tax compliance reviews, we cover all aspects of taxation. ✅ Expert Team: Our consultants are seasoned professionals with a deep understanding of UAE tax laws. 📍Our Services Include: 1. Tax Advisory: Strategic planning to optimize your tax position. 2. VAT Implementation: Seamless integration of VAT into your business processes. 3. Compliance Review: Ensuring your business adheres to all tax regulations. Empower Your Business with Strategic Tax Planning! Don’t let tax complexities hinder your growth. Contact us for any consultation and take the first step towards financial clarity. #ManhattanConsultancy #business #uaebusiness #tax #taxconsultant #taxconsultancy #taxservices #corporatetax #entrepreneurs #success #growth #finance #dubai #abudhabi #sharjah #ajman #uae #explore

UAE launches digital public consultation on implementation of Global Minimum Tax : The UAE Ministry of Finance (MoF) announced the launch of a digital public consultation to gather the views of relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules) as well as other tax matters. The consultation will be open from March 15 to April 10, and accessible via the ministry's website or the UAE's Government Portal. The digital public consultation reflects the ministry's belief in the importance of consulting with all stakeholders including the multinational groups operating in the UAE, advisors, service providers, and investors. AMAN SHAH Ashwin Khanna Anuja Gupte Ras Al Khaimah Economic Zone (RAKEZ) #uaetax #accountingservices #sme #tax #uaebusiness #bookkeeping #uaevat #accountingfirm #vatdubai #dubai #accountants #taxation #uae #earningouae #accountancy #professionalaccountancy #businessaccounting #financialservices #dubaitax #taxdubai #businesssupport #covid #charteredaccountant #dubaicharteredaccountant #cpa #financialfreedom #accounting #business #taxationuae #uaecharteredaccountants

#TaxTipsThursday: UAE Tax Compliance 💼📊 Question: Will I have to pay UAE Corporate Tax alongside VAT in the UAE? 🤔 Answer: Yes, if your business is registered for VAT, you will need to pay both VAT and Corporate Tax separately. 💵📈 If not registered for VAT, you may still need to pay Corporate Tax if your business income exceeds the threshold. 🏢💼 Stay Compliant and Informed with FRFS! 🌟 As your trusted partner for financial services in the UAE, we ensure you meet all tax obligations seamlessly. ✅📑 📅 Need expert guidance? Contact us today! 📞📧 #TaxTipsThursday #UAE #CorporateTax #VAT #BusinessCompliance #FRFS #FinancialServices #Dubai #AbuDhabi #TaxAdvice #Accounting #Bookkeeping #UAEBusinesses

The UAE’s Ministry of Finance (MoF) is seeking corporate feedback on the implementation of a global minimum tax in the country. The consultation is open to all stakeholders, but the MoF is “particularly keen” to hear from the “global community” of multinational groups operating in the UAE, along with their advisors, service providers and investors. According to the ministry, submissions will help inform it on aspects such as domestic implementation issues, including interactions with the UAE’s Corporate Tax (CT) system; ways to minimise compliance costs, while exploring the policy options for potential implementation of the income inclusion rule (IIR), undertaxed profits rule (UTPR) and a domestic minimum top-up tax (DMTT). For more info- ☎️ +971501843166 📧 info@allianceca.ae 🌐 www.allianceca.ae . . . #alliance #ca #dubai #audits #businessadvisors #dubaibusiness #UAE #entrepreneurship #business #vat #taxagent #taxplanning #vatconsultancy #vatconsultant #charteredaccountant #taxes #muwafaq #muwafaqpackage #corporatetaxuae #corporatetaxuae

📖Simplifying UAE Corporate Tax Computation 📖 Here's a straightforward template for computing corporate tax in the UAE. Use this guide to ensure you're covering all necessary components and adjustments 🔽 . Key Points ▶ : Profit/Loss: Start with your net profit or loss. Exempt Income: Deduct any income that is exempt from tax. Disallowed Deductions: Add back expenses not allowed for tax purposes. Adjustments: Incorporate any intra-group transfers, unrealized gains/losses, and other adjustments. Taxable Income: Arrive at the taxable income after adjustments. Tax Payable: Calculate the tax payable and subtract credits and reliefs to determine the final amount. Final Step: Ensure all computations are double-checked for accuracy to comply with UAE tax regulations. This template simplifies the process, making your tax calculations straightforward and compliant. #Tax #Finance #UAE #CorporateTax #TaxComputation #BusinessCompliance #UAE #FreeZone #TaxBenefits #QFZP #CorporateTax #BusinessCompliance #GrowthMindset #TaxEfficiency #FinanceNavigation #finance #NonDeductibleExpenses #BusinessFinance #LinkedInPost #TaxClarity #BusinessTax #FinanceTips #LinkedInPost #Accountant #Accounting #business #BusinessHub #businesstips #corporate #corporateaccounting #corporatetaxes #CorporateTaxRate #corporatetaxuae #directtax #DMCC #Dubai #FinanceProfessionals #FinancialStrategy #government #GovernmnetProcdures #networking #PositiveChange #recruitment #RegulatoryChanges #taxation #taxconsultant #TaxPlanning #taxupdates

Eid Mubarak to you and your families. Tax Connect UAE - Accounting, Tax and Auditing

The UAE Ministry of Finance has announced a 15% Domestic Minimum Top-up Tax (DMTT) for multinational enterprises (MNEs) starting January 1, 2025. This new tax applies to MNEs with consolidated global revenues of €750 million (approximately Dh3 billion) or more in at least two of the last four financial years. This initiative reflects the UAE's commitment to a fair and transparent tax system aligned with global standards. Multinational businesses operating in the UAE—are you prepared for this major change? Darwin Accounting Solutions specializes in accounting and tax compliance services to ensure your business stays ahead of regulatory changes. 📞 +971 50 990 5719 | +971 58 808 5719 📍 Visit us at Zeenah Building, Office 113,Port Saeed Opp .Deira City Center, Dubai. #AccountingSolutions #TaxAdvisory #BusinessTax #FinancialCompliance #CorporateRestructuring #BusinessAdvisory #UAEFinance #TaxUpdates #DarwinAccountingSolutions

Unlike many other countries, the UAE corporate tax does not require companies to maintain separate books of account for tax purposes. The taxable income for a tax period would be derived from the corresponding financial statements prepared in accordance with the accounting standards accepted in the UAE. These accounting standards should be used to prepare the financial statements: International Financial Reporting Standards (IFRS); or IFRS for SMEs if the revenue is up to Dh50 million. The Federal Tax Authority (‘FTA’) released a guide on the interaction of accounting standards with the corporate tax. The guide mentions that failure to comply with the specified accounting standards will attract administrative penalties. For more info- ☎️ +971501843166 📧 info@allianceca.ae 🌐 www.allianceca.ae . . . #alliance #ca #dubai #audits #businessadvisors #dubaibusiness #UAE #entrepreneurship #business #vat #taxagent #taxplanning #vatconsultancy #vatconsultant #charteredaccountant #taxes #muwafaq #muwafaqpackage #corporatetaxuae #corporatetaxuae