by PREMA Team | Feb 20, 2025 | PREMA Insights
The FTA has mandated that all natural persons conducting taxable business activities must register for Corporate Tax by March 31, 2025. Failure to comply will result in an administrative penalty of AED 10,000. Source:...
by PREMA Team | Feb 5, 2025 | PREMA Insights
The Federal Tax Authority (FTA) has provided guidance on the VAT treatment of cryptocurrency mining, particularly activities using the Proof-of-Work mechanism. This clarification aims to outline how VAT applies to mining activities in different scenarios. Key Points...
by PREMA Team | Jan 20, 2025 | PREMA Insights
In the UAE, businesses can reduce their taxable income by deducting certain expenses. However, not all expenses qualify for deductions under the Corporate Tax Law. The rules are designed to ensure that deductions apply only to legitimate business expenses while...
by PREMA Team | Jan 6, 2025 | PREMA Insights
The UAE Corporate Tax regime includes several exemptions to prevent double taxation and align with international tax practices. These exemptions are designed to ensure fairness and simplicity while maintaining compliance with global standards. Purpose of Exemption...
by PREMA Team | Dec 20, 2024 | PREMA Insights
The UAE’s Federal Tax Authority (FTA) allows businesses to make various elections in their Corporate Tax Returns, tailoring tax obligations to the unique needs of each entity. Below is an overview of the available elections, their implications, and practical examples...
by PREMA Team | Dec 5, 2024 | PREMA Insights
The UAE’s Corporate Tax framework sets out specific criteria for determining whether a person or entity is considered a Resident Taxable Person or a Non-Resident Taxable Person. These rules help identify who must pay corporate tax and on what income. This guide...
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