Corporate Tax Services
Corporate Tax Services in UAE & Saudi Arabia
The landscape of corporate taxation in the UAE has undergone significant changes with the introduction of corporate tax on business profits starting from June 1, 2023. This move has been introduced to bring more sustainability to the nation’s financial framework. Bright Vision Financial Consultancies L.L.C is at the forefront of corporate tax advisory services, ensuring that businesses in Dubai and the UAE can effectively navigate these evolving tax regulations.
Key Highlights of UAE Corporate Tax:
- Corporate tax applies to financial years commencing on or after June 1, 2023.
- Corporate tax rates are structured as follows:
- 0% for taxable income up to AED 375,000, offering relief to small businesses.
- 9% for taxable income exceeding AED 375,000.
- Large multinationals, with consolidated turnover surpassing AED 3.15 billion, will be subject to a distinct tax rate aligned with global anti-base erosion model rules (Pillar Two) outlined by the OECD's Erosion and Profit Shifting project.
- The corporate tax regime respects the tax incentives currently extended to free zones. Further clarity is required regarding the applicability of exclusions for passive income and the sale of goods in intergroup transactions.
- Corporate tax does not apply to foreign investors' income stemming from dividends, capital gains, interest, royalties, and other investment returns.
- Proposed introduction of a transfer pricing regime, in line with the internationally recognized "arm's length" principle. This would encompass transactions between related parties and connected persons. Taxpayers under the transfer pricing provisions must submit transaction disclosures related to dealings with related parties and connected persons. Additionally, they must maintain a master file and a local file, subject to prescribed thresholds.
- A 0% withholding tax is proposed for all domestic and cross-border payments, eliminating the need for UAE businesses to deduct taxes during payments and file withholding tax returns.
Corporate Tax Advisory Services in UAE & Saudi Arabia
Our corporate tax advisory services in Dubai offer businesses expert guidance and assistance in managing their corporate tax obligations. With a deep understanding of Dubai’s tax laws and regulations, our corporate tax advisors help businesses optimize tax strategies, minimize tax liabilities, and ensure compliance. Bright Vision Financial Consultancies L.L.C is your trusted partner to make informed decisions and achieve financial goals while navigating the complexities of corporate taxation in Dubai and the UAE.
How Can We Assist You?
Contact us today to explore how our corporate tax experts in Dubai can support your business in managing its corporate tax obligations effectively, ensuring compliance, and optimizing your tax strategies for sustainable growth in the UAE.
Contact us today to explore how our corporate tax experts in Dubai can support your business in managing its corporate tax obligations effectively, ensuring compliance, and optimizing your tax strategies for sustainable growth in the UAE.
Let's Connect
Reach out to Bright Vision and schedule a call with us to discuss your requirement in details.
