Corporate Tax Rate in UAE will be applicable at the following rates :
UAE Ministry has announced that Corporate Tax shall be levied on taxable income/profit at the following rate:
Income/Profit as per Financials – Tax rate
- AED 0 – AED 375,000 – 0%
- Above AED 375,000 – 9%
Read FAQs about the UAE’s corporate tax on the website of the Federal Tax Authority – https://tax.gov.ae/en/faq.aspx
International Tax
Due to globalisation, cross-border transactions have multi-folded during the last 3 decades. Now if a transaction is governed by the Tax laws of two different countries, adhering to varied tax lawsof different jurisdictions appropriately can be called International Taxation.
It includes application of the tax laws of various countries involved in the transaction and determining the tax obligations of the entity in those jurisdictions.
International Tax Planning has very much prominence when it comes to cross-border transactions as different countries have varied rules and tax regulations.
VAT
Value Added Tax or VAT is an indirect tax. It is a tax on the consumption or use of goods and services. Businesses collect and account for the tax on behalf of the government.
VAT was introduced in the UAE on 1st January 2018. The rate of VAT is 5 per cent.
Who needs to register for VAT?
Businesses with taxable supplies and imports exceeding AED 375,000 per annum are mandatorily required to register under VAT.
For those businesses, whose supplies and imports exceeds AED 187,500 per annum, it is optional.
A business entity pays the government, the tax that it collects from its customers. At the same time, it receives a refund from the government on tax that it has paid to its suppliers.
We can help you with the following aspects:
- Registration under VAT
- VAT Return Filing
- Advisory Services w.r.t VAT
UAE has introduced Excise tax in 2017. It is also a form of indirect tax levied on specific goods which are harmful to human health or the environment. These goods are referred to as “excise goods”.
This is levied to reduce consumption of unhealthy and harmful commodities by the public. In turn, it can be said that consumers will need to pay more for goods that are harmful to human health or the environment.
Who needs to register for Excise Tax?
Any business which is engaged in
- the import of excise goods into the UAE
- the production of excise goods where they are released for consumption in the UAE
- the stockpiling of excise goods in the UAE in certain cases
- anyone who is responsible for overseeing an excise warehouse or designated zone i.e. a warehouse keeper.
has the responsibility to get registered for excise tax.
Rates of Excise Tax on Excise Goods is as follows:
| Excise Good | Excise Tax | |
|---|---|---|
| 50% | |
| 100% | |
| 100% | |
| 100% | |
| 100% | |
| 50% |
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Understanding international tax laws is crucial for businesses and individuals engaged in cross-border activities. These laws encompass a complex web of regulations, treaties, and agreements designed to govern taxation in an increasingly globalized economy. Key components include transfer pricing rules, double taxation treaties, and compliance requirements set by various jurisdictions.
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