The UAE Ministry of Finance has issued a new ministerial decision on corporate tax, clarifying conditions under which a company may continue or cease to be deemed exempt, before the implementation of the tax on June 1.
The decision clarifies rules to "ensure that businesses remain eligible for a corporate tax exemption if they fail to meet the relevant exemption conditions under certain circumstances", the ministry said in a statement on Wednesday.
These include a business undergoing liquidation or termination provided that a notification has been submitted to the Federal Tax Authority within 20 business days from the date of the beginning of the liquidation or termination procedure.
"The new ministerial decision clarifies the conditions under which a person may continue or cease to be an exempt person from a different date as a result of an event or situation that goes beyond the person’s control and could not have been reasonably foreseen or prevented," said Younis Al Khouri, undersecretary of the Ministry of Finance.
In such situations, the company must submit an application to the FTA within 20 business days from the date it fails to meet the conditions to be exempt.
This period may be extended by an additional 20 business days if the "failure to rectify is beyond the person's reasonable control".
The decision also addresses cases where a business no longer meet exemption conditions primarily to gain a corporate tax advantage.
In such cases, the business will not be considered exempt on the date it no longer fulfils the exemption conditions, the ministry said.
The decision aims to ensure a "transparent and efficient" tax system that promotes business growth in the UAE, Mr Al Khouri said.
Last year, the UAE introduced the federal corporate tax with a standard statutory rate of 9 per cent, which will come into effect for businesses whose financial year starts on or after June 1 this year.
In December, the country issued the federal corporate tax law, bringing the income of companies exceeding Dh375,000 into the corporate tax bracket.
The UAE corporate tax law currently exempts certain organisations, including those involved in natural resource extraction activities in the country. However, they are still subject to existing local emirate-level tax.
Other exemptions are available to organisations such as government bodies, pension or investment funds and those that contribute to the welfare of society.
Organisations that qualify for the exemption, which was decided by the UAE Cabinet, will include those that focus on activities such as philanthropy, community services and corporate social responsibility.
Existing free-zone organisations are also exempt from corporate tax because they are among the drivers of the UAE’s economic growth, the ministry said in December.
The UAE’s corporate tax regime is based on a self-assessment principle, which means businesses are required to ensure that the documents submitted to the FTA are correct and comply with the law.
Transgender report
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
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Towering concerns
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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The specs
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1st row
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2nd row
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3rd row
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6th row
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Torno Subito by Massimo Bottura
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North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
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Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
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How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
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Specs
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Zayed Sustainability Prize
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WHAT IS A BLACK HOLE?
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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