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Corporate Tax Filing in Dubai, UAE: Key Guidelines and Requirements
For companies operating in Dubai, UAE, filing corporate taxes is an essential process. Beginning in June 2023, the UAE implemented a corporate tax system that levies a 9% tax rate on profits over AED 375,000, with smaller enterprises subject to lower rates. Aligning with international tax standards and increasing the UAE’s competitiveness in global trade are the goals of this reform.
Companies must have accurate accounting records, such as financial statements and tax reports, in order to file corporate taxes in Dubai, UAE. The Federal Tax Authority (FTA) of the United Arab Emirates oversees the tax filing procedure. Companies must submit yearly tax returns detailing their taxable profits, costs, and income.
The tax system also includes provisions for tax deductions, exemptions, and credits, particularly for certain sectors like energy, banking, and international businesses. Regulations governing transfer pricing are also put in place to make sure that global corporations follow reasonable pricing guidelines when conducting business with linked organisations.
To ensure compliance and avoid penalties, businesses typically have to file their taxes within 9 months after the end of their fiscal year. Businesses must seek professional guidance from tax professionals or accounting companies to manage the complexities of corporate tax filing Dubai for efficient tax planning and compliance.
UAE Corporate Tax Applies to Taxable Income Rates
A 0% corporate tax rate applies to taxable income up to AED 375,000
A 9% corporate tax rate applies to taxable income over AED 375,000
A 15% tax applies to multinationals under OECD BEPS 2.0 Pillar 2 with global revenues over AED 3.15 billion.
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Frequently Asked Questions
- All businesses and individuals conducting business activities under a commercial licence in the UAE free zone businesses (The UAE CT regime will continue to honour)
- The CT incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business set up in the UAE’s mainland.
- Foreign entities and individuals only if they conduct a trade or business in the UAE in an ongoing or regular manner.
- Banking operations
- Businesses engaged in real estate management, construction, development, agency and brokerage activities.
- Below are the rules regarding exemptions from the corporate tax.
- Businesses engaged in the extraction of natural resources are exempt from CT as these businesses will remain subject to the current Emirate level corporate taxation
- Dividends and capital gains earned by a UAE business from its qualifying shareholdings will be exempt from CT.
- Qualifying intra-group transactions and reorganizations will not be subject to CT, provided the necessary conditions are met.
- An individual earnings salary and other employment income, whether received from the public or the private sector
- Interest and other income earned by an individual from bank deposits or saving schemes
- A foreign investor’s income earned from dividends, capital gains, interest, royalties and other investment returns
- Investment in real estate by individuals in their personal capacity
- Dividends, capital gains and other income earned by individuals from owning shares or other securities in their personal capacity.
As per Ministry of Finance CT rates are:
- 0 per cent for taxable income up to AED 375,000
- 9 per cent for taxable income above AED 375,000 and
- A different tax rate (not yet specified) for large multinationals that meet specific criteria set with reference to ‘Pillar two’ of the OECD Base Erosion and Profit Shifting Project.
Who can elect for the Relief?
- Resident Person (natural persons and juridical persons)
What are the conditions?
- Election for each Tax Period. Revenue equal to or less than AED 3,000,000 in both the current and all previous Tax Periods
What is the Relief?
- Treated as not having derived any Taxable Income in the Tax Period. Other exemptions, reliefs and deductions are not available. No transfer pricing documentation required, however, still needs to comply with the arm’s length principle
Who cannot elect for the Relief?
- A Qualifying Free Zone Person
- A member of a multinational group with consolidated group revenue of more than AED 3.15 billion
Deadline for Corporate Tax Filing is 31st December 2024
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Our Impact Numbers
50,000+
VAT Filings successfully processed
18,000
Businesses have trusted us for their Tax needs
10%
Significant market share in the UAE
Our Impact Numbers
50,000+
VAT Filings successfully processed
18,000
Businesses have trusted us for their Tax needs
10%
Significant market share in the UAE