This page is an audio-video workshop presentation of UAE Corporate Tax (Based on the FAQs by Ministry of Finance, UAE on 31 Jan 2022) – presented by Mr. Balaram Vuchidi, Founder, Spectrum Auditing.
The following topics are covered in this video session along with examples explained in great detail:
• What is Corporate Tax (CT) why UAE introduced CT?
• When is the CT going to be implemented?
• Scope of UAE CT
• Corporate tax rates
• CT for Free Zone Businesses and Tax groups
• Withholding Tax & Off-set of losses
• Tax Credits and Transfer pricing
• CT Administration
COMMON QUESTIONS also discussed include:
Q) What is the impact of UAE CT and OECD GMT on the entities in Free Zones?
Q) What could be the non-deductibles from the profit under UAE CT?
o Fines and Penalties
o Excess depreciation
o Wages and salaries paid to owners/ partners/shareholders/their relatives
o Entertainment Expenses
o Expenses of personal nature
o Payments to head offices abroad
Q) Is UAE CT going to be applicable on income earned from crypto currency investments?
Q) What are the possible tax planning areas?
o changing the FY
o structure change
o Free Zone vs Mainland
o transferring properties from company to Individual
Q) What is the information that is expected while filing the CT returns?
o Financial statements
o Taxable income calculation showing adjustments made to the accounting net profit
o Tax depreciation schedules and worksheets
o Transfer Pricing documentation
o Details of related party transactions
o Movement of provisions