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Tax Alert - UAE Tax Residency Rules

Is your business aligned with the latest FTA Clarification on Corporate Tax and the First Tax Period? The UAE Federal Tax Authority’s recently issued clarification provides details on the First Tax Period applicable to UAE Juridical Persons, Resident Persons with Place of Effective Management (PoEM) and Resident Persons with a Permanent Establishment (PE) in the UAE. This clarification also outlines the timelines for deregistration in cases of liquidation or cessation of business. You can find the full article in the link below.

What does the latest FTA Clarification on Related Parties under Article 35 of the UAE Corporate Tax Law mean for your business? On 22 July, the Federal Tax Authority issued a clarification stating that government-owned or controlled entities with common ownership or control by a Federal or Local Government will not be considered 'Related Parties' under Article 35. This means that it’s important to review and reassess any group structures ultimately owned or controlled by Federal or Local Governments. Read more here:

We are pleased to announce our latest publication on the F&B sector, offering industry insights and expert commentary on F&B in the region, including its financial outlook. The UAE’s Food and Beverage (F&B) sector is projected to achieve revenues of USD 38.3 billion by the end of 2024. In particular, food tech is attracting government and investor attention, in alignment with the UAE’s National Strategy for Food Security. In this edition, we also spoke with Khaled Fadly (https://www.linkedin.com/in/khaledfadly/), CEO of Epik Foods (https://www.linkedin.com/company/epikfoodss/), the UAE and KSA-based F&B group, to learn about his journey from the corporate world to becoming a successful F&B entrepreneur. Khaled shares his journey into the F&B sector and the challenges faced and successes achieved along the way. He also discusses key considerations for companies looking to expand internationally and outlines Epik Foods’ future plans.

Grant Thornton UAE, GTUAE, Financial Advisory, M&A, M&A Transactions Advisory, Mergers & Acquisitions, GCC,Sector Focus, Energy, Infrastructure, Real Estate, Renewable Energy

As economic development continues to be a key pillar in the UAE’s journey, regulatory authorities are constantly introducing new robust measures to the market for the purpose of maintaining financial stability and fostering growth.

The Federal Tax Authority (FTA) has issued Federal Tax Authority Decision No. 3 of 2024 which shall be effective from 1 March 2024 and specifies timelines for registration of taxable persons for UAE Corporate Tax (UAE CT) purposes on the Emara Tax Portal. This Decision abrogates all provisions that are contrary or inconsistent with the new Decision.

In January 2024, the Federal Tax Authority (hereinafter - “FTA”) issued a Corporate Tax Guide (hereinafter - “the Guide”) focusing on Tax Groups, which helps Taxable Persons to understand the taxation of juridical Resident Persons that form a Tax Group, including key aspects of transfer pricing (hereinafter - “TP”), providing relevant examples.

Following on from Part 2 of our ‘Ten-Point Guide to Selling your Business’ publication, which focused on ‘Preparing for Sale’, we are pleased to introduce Part 3 of the series, where we will focus on the Going to Market stage of the process.

In our January 2024 edition of GT’s regional monthly Tax Newsletter, we provide the latest news updates affecting International Tax, Corporate Tax, Transfer Pricing, and Indirect Taxes in the UAE and across the Middle East region.

The Consumer Protection Regulation “CPR” issued by the Central Bank of the United Arab Emirates “CBUAE” on December 31, 2020, mandated that Licensed Financial Institutions (LFI’s) must adhere to the CPR and the related Consumer Protection Standards (CPS). As a consequence, there will be increased scrutiny on LFIs to meet the regulatory expectations across key controls of conduct risk.

While the UAE Corporate Tax (CT) law is effective from 1 June 2023, for numerous businesses that follow a December financial year end, the application of the UAE CT commenced on 1 January 2024.

The Food and Beverage (F&B) sector has continued to grow and show resilience to macro-economic headwinds in 2023, evidenced by strong deal flow and capital raisings in the UAE and broader GCC. Following on from our Q1 2023 update, we are delighted to share our latest F&B edition, summarising key themes, issues and activity in the sector.

In our December 2023 edition of GT’s Monthly Tax Newsletter, you can read the latest news updates affecting International Tax, Transfer Pricing and Indirect Tax in the UAE and across the GCC Region.

Air freight terminals in the GCC region serve as pivotal cargo hubs in the global logistics industry. Situated at the crossroads of major international trade routes, these state-of-the-art facilities are critical for the efficient movement of goods across the world. With a focus on innovation, infrastructure development and strategic positioning, the GCC’s cargo terminals have emerged as vital links in the global supply chain.

With close to six years since the implementation of the Value Added Tax (VAT) in the United Arab Emirates (UAE), businesses have witnessed amendments through changes in VAT Laws, Executive Regulations and the Tax Procedures Laws at a regular interval.