Dubai Introduces 20% Annual Tax on Foreign Banks

taxation on foreign bank

In his role as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has enacted Law No. (1) of 2024 concerning the taxation of foreign banks operating within the emirate of Dubai, henceforth referred to as ‘the New Law’. This legislation supersedes Regulation No. […]

Penalties for UAE Corporate Tax

UAE corporate tax regulations were subject to fines and penalties for businesses that violated them. Enterprises have to be prepared to register for CT and make the required payments as soon as possible in order to avoid fines and penalties. Penalties for UAE Corporate Tax On June 1, 2023, the UAE implemented Corporate Tax, and […]

UAE Corporate TAX Deadline

Determination of the corporate tax period and its deadline for submission Knowledge of taxation is essential for running any business. Businesses operating in the UAE are required to have working knowledge of the system of taxation there, which includes the newly introduced corporate tax. In this article, we will delve into the details of corporate […]

UAE corporate Tax: New Dh10,000 fine announced for late registration

Penalties for UAE Corporate Tax

The cabinet decision will come into effect on March 1 On Tuesday, the Ministry of Finance unveiled a fresh penalty of Dh10,000 for individuals who fail to promptly register for corporate tax. This measure aims to motivate taxpayers to adhere to tax regulations by ensuring timely registration. The fine for late tax registration mirrors the […]

FTA guide on the UAE Tax on Foreign Income

On December 12, 2023, the UAE Federal Tax Authority (FTA) issued a Corporate Tax Guide focusing on the Taxation of Extractive Business and Non-Extractive Natural Resources Business.the UAE This comprehensive guide outlines general instructions applicable to individuals engaged in Extractive Business or Non-Extractive Natural Resource Business within the UAE. Key aspects covered in the guide […]

Comparison of UAE Corporate Tax Rates vs. Global Tax Rate

Comparison of UAE Corporate Tax Rates vs. Global Tax Rate In the ever-evolving landscape of international business, understanding corporate tax rates is like charting a course through turbulent waters. Among the varied destinations for investors, the United Arab Emirates (UAE) emerges as a prominent player, boasting tax policies that attract entrepreneurs and corporations alike. In […]

Clarifying Corporate Taxation in the UAE: Employee Bonuses and Commissions Unaffected

The United Arab Emirates (UAE) is renowned for its thriving business landscape and favorable tax environment. However, navigating the intricacies of corporate taxation can still be a daunting task for many business owners. In this blog, we will demystify some common misconceptions surrounding corporate taxation in the UAE and provide you with essential insights to […]

Corporate tax in UAE: 5 key questions answered

The introduction of corporate tax in the UAE on June 1 marks a pivotal step in diversifying revenue sources for the government. Nimish Goel, Partner at WTS Dhruva Consultants, sheds light on key inquiries pertaining to this initiative: Q1: What are the main issues regarding the implementation of corporate tax in the UAE? A1: Implementing […]

UAE Extends Corporate Tax Exemption to Public and Community Welfare Entities

In a move aimed at recognizing the significant contributions of entities dedicated to public and community welfare, the UAE Ministry of Finance has announced an exemption from corporate tax for such organizations. This exemption is set to take effect this year, providing a significant incentive for entities engaged in philanthropy, community services, and corporate social […]

Understanding Corporate Tax Exclusions for Natural Persons in the UAE

In recent years, the United Arab Emirates (UAE) has been working towards enhancing its tax framework to create a favorable business environment. One of the notable changes is the introduction of the UAE Corporate Tax Law, accompanied by a Cabinet Decision that specifies the categories of businesses and activities subject to corporate tax. This development […]