UAE Tax Guide 2024: Everything You Need to Know

9 November 2023

UAE Tax Guide 2024: Everything You Need to Know

UAE Tax Guide 2024: Everything You Need to Know

Prepare for the upcoming changes in 2024 as a new tax landscape unfolds in the UAE. Guildhall provides a comprehensive guide covering corporate tax rates, obligations, exemptions, and essential steps every business must take to stay compliant.

Three Key Actions for Every Business

  1. Register for corporate tax from June 2023 onwards.
  2. Keep proper accounting records to meet legal requirements.
  3. File a corporate tax submission with the Federal Tax Authority (FTA) after your first taxable period.

Corporate Tax Rates in the UAE

The UAE Ministry of Finance introduces a tiered taxation policy:

  • Tier 1: 0 percent Tax Rate for profits up to AED375,000.
  • Tier 2: 9 percent Tax Rate for profits exceeding AED375,000.
  • Tier 3: Different Tax Rate for large multinational companies with global revenue over AED3.5 billion.

Corporate Tax for Free Zone Companies

Discover exceptions for businesses in free zones, including the criteria for Qualifying Free Zone Person status and the Small Business Relief rule supporting start-ups and SMEs.

Calculating Your Taxable Profit

Understand how to calculate taxable profit, considering business-related expenses such as salaries, interest, entertainment, foreign branches, and exempt income sources.

Corporate Tax vs. VAT

Clarify the distinction between corporate tax and VAT, emphasizing the importance of compliance for businesses already registered for VAT.

UAE’s Newest Update on Corporate Tax

Stay informed about the administrative penalties effective from August 1, 2023, for violations of the corporate tax law. Guildhall’s experts guide you through compliance and offer support for a seamless transition.

Guildhall’s Executive Search and Recruitment Services

As the business landscape evolves, secure top talent for your organization with Guildhall. Our expert recruitment services connect businesses with skilled professionals in the ever-changing UAE market. Learn more about Guildhall.

 

9 November 2023

UAE Tax Guide 2024: Everything You Need to Know

Corporate Tax

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