Ankur Jain

😧 UAE Introduces New Corporate Tax Regime ? Large multinationals will pay a minimum of 15% tax on the profits generated in the country, up from the current 9% ????????? The UAE is set to implement a new corporate tax regime, affecting large multinational enterprises (MNEs). -> Minimum Tax Rate: MNEs with global revenue exceeding €750 million will be subject to a minimum 15% tax rate. -> Effective Date: This new tax regime will come into effect for financial years starting on or after January 1, 2025. -> Global Alignment: This move aligns the UAE with the OECD's two-pillar solution, ensuring a fair and transparent tax system. This significant change will have implications for businesses operating in the UAE. It's crucial to assess its impact on your financial strategies and seek expert advice to navigate this new tax landscape. Disclaimer: Please seek a proper legal and tax advisor related to subjected information.

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🌟 𝐎𝐮𝐭𝐬𝐨𝐮𝐫𝐜𝐞 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐢𝐧 𝐔𝐀𝐄 🌟 Accounting plays an important role in running every business successfully. As a commercial hub, the UAE hosts numerous businesses, all needing accurate and error-free financial tracking. Outsourcing accounting in the UAE is the best practice for achieving this. 𝐖𝐡𝐲 𝐎𝐮𝐭𝐬𝐨𝐮𝐫𝐜𝐞𝐝 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞? Outsourced Accounting provides a complete accounting department experience, ideal for both established businesses and SMEs. This includes day-to-day transaction coding, accounts receivable, accounts payable, payroll management, financial reporting, and more. 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐀𝐄 📈 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠: Creates financial statements for external use. Reflects past performance and current status, boosting credibility with customers and suppliers. 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 (𝐌𝐈𝐒 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠): Provides internal information for effective control and strategic decision-making. 𝐓𝐚𝐱 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠: Complies with state tax laws to estimate tax liability and avoid fines or penalties. Ensures transparency with FTA requirements through the proper filing of input and output tax. 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠: Used by construction firms to track financial progress and analyze project profitability. Relies on budgeting as a key tool. 🏆 𝐇𝐨𝐰 𝐭𝐨 𝐂𝐡𝐨𝐨𝐬𝐞 𝐭𝐡𝐞 𝐁𝐞𝐬𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐢𝐧 𝐃𝐮𝐛𝐚𝐢? Outsourcing accounting in Dubai can be challenging due to numerous service providers. Here are essential factors to consider: 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐓𝐡𝐨𝐫𝐨𝐮𝐠𝐡𝐥𝐲: Explore all available options. 𝐂𝐡𝐞𝐜𝐤 𝐑𝐞𝐯𝐢𝐞𝐰𝐬: Visit websites and read public feedback. 𝐓𝐨𝐩 𝟓 𝐋𝐢𝐬𝐭: Identify the most popular outsourcing companies. 𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐞 𝐄𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞: Assess their experience and fees. 𝐕𝐞𝐫𝐢𝐟𝐲 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Ensure they have authentic documents. 𝟐𝟒/𝟕 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Confirm they are always ready to address your queries. Outsource your accounting to experienced firms in the UAE to keep your books accurate and error-free. 🌟  #AccountingServices #Outsourcing #UAE #BusinessGrowth #FinancialHealth #ExpertAssistance

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🏢 Navigating corporate tax in the UAE? Stay ahead with key insights into the latest regulations and compliance requirements. Understand the tax implications for your business, optimize your tax strategy, and ensure you're making informed decisions for sustainable growth. The UAE's evolving tax landscape offers unique opportunities—make the most of them! 📊💼 Read More: https://lnkd.in/g_dA567x #CorporateTax #UAE #BusinessCompliance #TaxStrategy #FinancialPlanning #BusinessGrowth #TaxRegulations #UAEBusiness

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There was a question about companies undergoing #liquidation in the UAE. Specifically, whether they need to register for Corporate Tax (#CT), file a final tax return, and then deregister. The Federal Tax Authority (FTA) has clarified that registration for CT is still mandatory even for companies in liquidation.

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UAE corporate tax: Good service can pay off handsomely

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𝐘𝐨𝐮 𝐖𝐨𝐮𝐥𝐝𝐧'𝐭 𝐇𝐚𝐯𝐞 𝐀 𝐒𝐞𝐜𝐨𝐧𝐝 𝐂𝐡𝐚𝐧𝐜𝐞... If your license issuance date is in March Or April irrespective of the year. Then, you must have to register for the UAE Corporate Tax before June 30, 2024. A few days back, the FTA (Tax Collecting Authority in the UAE) urged license holders... To comply with the Corporate Tax Regulations and 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐁𝐞𝐟𝐨𝐫𝐞 𝟑𝟎𝐭𝐡 𝐉𝐮𝐧𝐞. And, if a license holder is found violating the FTA Decision No. (3) of 2024. He/She will face a penalty of 𝐀𝐄𝐃 𝟏𝟎,𝟎𝟎𝟎. So, what makes you think again on this matter? 𝐏.𝐒. 𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐍𝐨𝐰 𝐓𝐨 𝐒𝐩𝐞𝐞𝐝-𝐔𝐩 𝐘𝐨𝐮𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐓𝐚𝐱 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐜𝐞𝐬𝐬. 𝐏.𝐏.𝐒. 𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐓𝐚𝐱 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐀𝐬 𝐐𝐮𝐢𝐜𝐤𝐥𝐲 𝐀𝐬 𝟑𝟎 𝐌𝐢𝐧𝐮𝐭𝐞𝐬. #CorporateTaxRegistration #CorporateTaxUAE #UAEcorporatetaxregistration

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MGX, a UAE state-backed technology investment company, is reportedly in talks to invest in OpenAI as part of a multibillion-dollar funding round. OpenAI is seeking to raise $6.5 billion at a valuation of $150 billion. MGX has not yet determined the size of its potential investment. MGX was launched in March 2024 by founding partners Mubadala Investment and G42, with the goal of investing in AI companies and infrastructure. Sheikh Tahnoun bin Zayed Al Nahyan serves as the board chair of MGX. This potential investment aligns with the UAE's broader strategy to position itself as a global hub for AI and technology innovation. The UAE has been actively courting AI investors and companies, leveraging its vast capital and favorable regulations to attract tech talent and foster innovation. OpenAI, known for creating ChatGPT, has been engaging with various investors. Venture capital firm Thrive Capital has reportedly committed $1 billion to lead the funding round, while Microsoft, Apple, and Nvidia are also in talks to invest. It's important to note that while this potential investment is significant, it's part of a larger global trend of increased investment in AI technologies. The UAE's interest in OpenAI reflects its ambition to play a key role in the development of AI, but it's not accurate to characterize it as "fueling a hot air balloon" or suggest that the UAE is solely responsible for OpenAI's growth.

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9% corporate Tax in 🇦🇪! Why did UAE cabinet of minsters issued decision implementing corporate tax? This decision is a strategic move to diversify the government income source beyond Oil and cement its position as a leading global hub for business and investment. What’s next source of income 🇦🇪 government is eyeing upon?

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By focusing on key strategies and eliminating unnecessary complexities, The Little Book of Big Gains provides a streamlined approach to investing. Get a copy here: https://amzn.in/d/hjo9anE Gulaq Sandeep (सन्दीप) Tyagi (त्यागी) #BloomsburyIndia #LittleBookofBigGains #FinancialWisdom #InvestmentGuide

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🌐 Debunking Common Misconceptions About UAE Corporate Tax Misunderstandings around the UAE's corporate tax are common. Let’s set the record straight: 1️⃣ "The UAE has no corporate tax." 🚫 Reality: A federal 9% corporate tax now applies from June 1, 2023, on business profits. 2️⃣ "All revenue is taxed at 9%." 🚫 Reality: Only net profits are taxed, with 0% on the first AED 375,000. 3️⃣ "All companies are taxed." 🚫 Reality: Free zone businesses remain exempt if they meet certain conditions. 4️⃣ "Personal income will be taxed." 🚫 Reality: No tax on salaries or personal income—only business profits are taxed. 5️⃣ "Free zone businesses lose tax benefits." 🚫 Reality: Free zone benefits remain, as long as regulatory rules are followed. 6️⃣ "Foreign-owned companies face higher taxes." 🚫 Reality: Both local and foreign businesses are taxed equally at 9%. Staying informed ensures compliance and helps businesses navigate the UAE’s evolving tax landscape confidently. 📞 +971 58 1082494 ✉ [email protected] #FlyingColours #UAEBusiness #TaxUpdate #FreeZone #Compliance #CorporateFinance #FinancialPlanning

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In India all the listed companies irrespective of their networth and unlisted companies (having NW of 250 crores or more) apply Ind AS for their accounting and reporting. The same rule applies to NBFCs also. While the Banking Industry marks a sizable contribution to Indian GDP, still they are following old AS for their accounting and reporting due to the stringent loss provisioning model in Ind AS. The Reserve Bank of India (RBI) Governor Shaktikanta Das, on July 11, said the framework on the Expected Credit Loss (ECL) is expected to be out in the current financial year. This will help in curtailing the headwinds in the Ind AS implementation of Banks and hopefully Banks will see the Ind AS ledgers from FY 2025-26.

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🌟 Top 6 UAE Tax Benefits for Investors and Entrepreneurs 🌟 No Personal Income Tax: Revel in the unparalleled freedom of tax-free earnings, boosting your personal financial growth. Corporate Tax Incentives: Benefit from highly advantageous tax regimes, custom-tailored for a wide array of business sectors. No Capital Gains Tax: Amplify your investment returns with zero tax on capital gains, enhancing your wealth accumulation. No Withholding Taxes: Enjoy uninterrupted profits from dividends, interest, and royalties, all exempt from taxes. Double Taxation Agreements: Take advantage of a robust network designed to prevent double taxation on the same income, ensuring greater profitability. Free Zones Benefits: Capitalize on exclusive tax exemptions in strategically designated free zones, offering unparalleled business growth opportunities. Unlock the full potential of your investments and ventures in the UAE’s vibrant economic landscape! 🚀💼✨

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Think about a Great Future for Accounting and Financial Career aspirants from Qatar Nationals to Expatriates when Qatar Initiates on a Qatar’s Own Accounting Institute “Doha Institute of Chartered Accountants”. Or “ Qatar Institute of Chartered Accountants” Their Own syllubus and Study materials complying IFRS and Qatar Income Tax, Economics and Financial Market. One day it will happen and It should happen. Financial and Economical Growth of the region demands it. ❤️

𝗨𝗔𝗘 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝘀 𝗻𝗲𝘄 𝘁𝗮𝘅 𝗹𝗮𝘄 𝗨𝗔𝗘 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝘀 𝗲𝗜𝗻𝘃𝗼𝗶𝗰𝗶𝗻𝗴 𝘁𝗼 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝘆 𝘁𝗮𝘅 𝗽𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀 𝗳𝗼𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗰𝗼𝘂𝗻𝘁𝗿𝘆 The UAE has announced new laws to transform tax collection and record-keeping for businesses in the country. Under new rules, taxpayers in the UAE will be able to standardise and automating invoicing with new digital channels. The Ministry of Finance (MoF) has announced the issuance of Federal Decree-Law No. 17 of 2024, amending key provisions of Federal Decree-Law No. 28 of 2022 concerning tax procedures. 𝗨𝗔𝗘 𝘁𝗮𝘅 𝗲𝗜𝗻𝘃𝗼𝗶𝗰𝗶𝗻𝗴 In addition, Federal Decree-Law No. 16 of 2024 introduces amendments to several provisions of Federal Decree-Law No. 8 of 2017 related to Value Added Tax (VAT). These legislative updates mark a pivotal step towards implementing the eInvoicing system, reflecting the government’s ongoing commitment to digital innovation and enhancing the efficiency of the national economy. The UAE eInvoicing implementation is based on a decentralised, five-corner model that will allow sellers and buyers to exchange invoices via Accredited Service Providers (ASPs). ASPs will transmit tax invoice data to the FTA enhancing tax compliance in a secure and efficient manner. The system is designed in line with international best practices, adopting the OpenPeppol standard. Federal Decree-Law No. 17 of 2024 on tax procedures introduces a definition for the “eInvoicing system” and grants the Minister of Finance the authority to issue the necessary decisions to implement the system, determine its effective dates, and specify the requirements and entities subject to it. Federal Decree-Law No. 16 of 2024 on VAT introduces broader changes, expanding the definitions of “tax invoice” and “tax credit note” to include electronic invoices. It also adds new definitions for electronic invoices and electronic credit notes. The amendments further confirm that VAT refunds will be based on eInvoicing compliance requirements, where applicable. Businesses subject to the eInvoicing system, in line with the phased roll-out strategy, will be required to issue invoices and credit notes electronically and archive electronic invoice data to meet record-keeping standards. Further details regarding businesses and transactions subject to the eInvoicing system, as well as implementation timelines and dates, will be announced through upcoming decisions. The Ministry of Finance reaffirms its commitment to ensuring a smooth implementation of the eInvoicing system through a phased and well-communicated strategy. By actively engaging stakeholders, the Ministry aims to maximise the benefits of digital transformation, aligning with the UAE’s strategic economic objectives.

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