The UAE is taking a step forward on June 1 in expanding its revenue base when it introduces corporate tax next month.
The move will increase the country's taxation scope after the introduction of value added tax (VAT) in 2018. There are also duties applied to exports and imports on trade, which add to the government revenue.
The UAE government received Dh75 billion ($20.42 billion) in tax revenue in the fourth quarter of last year, up 29 per cent compared with the same period in the previous year, according to data issued by the Ministry of Finance in March.
However, authorities have clarified that there are no immediate plans to introduce income tax in the country.
Application of VAT in the UAE
VAT is a general consumption tax and is imposed on most goods and services that are bought and sold. It was introduced five years ago at a rate of 5 per cent and is applicable to most goods and services.
The supply of some financial services, residential properties, bare land and local passenger transport are exempt from VAT.
The supply of certain education services and healthcare services, and exports of goods and services to outside the GCC and certain investment-grade precious metals are subject to 0 per cent VAT, according to the Ministry of Finance website.
Tourists visiting the country can also claim a refund of 85 per cent of the VAT paid on goods bought in the UAE before they leave the country.
A business is required to register for VAT if its taxable supplies and imports exceed the notified threshold of Dh375,000.
Corporate tax in the UAE
Corporate tax is a profit-based tax levied on companies with a standard statutory rate of 9 per cent. It is applicable to companies whose income exceeds Dh375,000. Profits below that threshold will be subject to a 0 per cent rate.
There will be no corporate tax levied on salaries or other personal income from employment, be it in the government, semi-governmental entities or the private sector, according to the Ministry of Finance.
Government and government-controlled organisations as well as extractive businesses and non-extractive natural resource businesses that meet set conditions are not required to register under the tax law.
Other exemptions are available to organisations such as pension or investment funds and public benefit organisations.
Small businesses in the UAE with a revenue of Dh3 million or less can also benefit from a new corporate tax relief programme.
Indian construction workers stranded in Ajman with unpaid dues
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The view from The National
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
Charlotte Gainsbourg
Rest
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
UAE currency: the story behind the money in your pockets
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
