UAE VAT: Non-recoverable Input Tax
As per UAE VAT law VAT paid on most of the business expenses can be recovered. But certain expenses specified in law, which input tax cannot be recovered. Every business must identify those non- recoverable expenses and do not take any input VAT credit on it. As per article 53 of Cabinet Decision No. (52) […]
Corporate Tax In The UAE
The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. This announcement follows confirmation by the MOF that the UAE would support the global minimum effective tax rate under the Organization for Economic […]
Economic Substance Regulations in the UAE
Background Economic Substance Regulations was introduced as part of UAE’s commitment as a member of the OECD Inclusive Framework to implement the action points of OECD base erosion and profit shifting framework for countries across the globe with low or no corporate taxes where harmful tax practices such as tax avoidance and evasion are prevalent. […]
