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audining in dubai

one of the best auditing firm

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audining in dubai

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  1. What exactly is corporate tax? Accounting and taxationCorporate tax is a sort of direct tax applied to the net income or profit generated by corporations and other legal entities. In certain other countries, "corporation tax" also refers to "company income tax" or "business earnings tax." The Ministry of Finance announced the establishment of a federal Corporate Tax (CT) on corporate net earnings in January 2022. The tax will become effective on either July 1, 2023, or January 1, 2024, depending on the fiscal year of the business. CT will be used throughout the emirates. CT's Scope: Auditing companyAll UAE-based businesses and individuals operating under a commercial license Corporate tax reductions now available to free zone enterprises would be retained, as long as the free zone business meets all applicable regulatory criteria and does not conduct business in the mainland UAE. Certain CIT regime responsibilities, such as registering and filing a CIT return, must still be met by free zone enterprises. Real estate management, construction, development, agency, and brokerage firms. CT Exemptions: Natural resource extraction enterprises are excluded from CT because they will continue to be subject to corporate taxation at the Emirate level. Dividends and capital gains earned by a UAE corporation from qualifying shareholdings (i.e., an ownership stake in a UAE or

  2. international company that meets specific standards stipulated in the UAE CIT law). Qualifying intra-group transactions and reorganizations, subject to future conditions under UAE CIT law. CT Frequency: The following corporate income tax rates are suggested: In accordance with Pillar Two of the OECD Base Erosion and Profit Shifting (BEPS) project, taxable income up to AED 375,000 is taxed at 0%; taxable income above AED 375,000 is taxed at 9%; and large multinationals with consolidated global revenues exceeding EUR 750 million (approximately AED 3.15 billion) are taxed at a different rate (yet to be announced).

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