It is not enough for professionals with businesses to say annual income is less than Dh1m
Notion that bonuses and commissions represent 'business income' is not a fact
While salaries are not taxed, business owners must be careful about such a step
Even on processing of goods, these businesses will need feedback on 0% corporate tax
The new deadline set for free zone-based businesses to share their inputs is August 9
Businesses have to be spot on with their voluntary disclosures
UAE Ministry of Finance sets out administrative penalties for violations on CT returns
A legal restructuring of the business is one option for startups
The Ministry also outlined additional conditions for Qualifying Investment Funds
These businesses will still need to split up profits from manufacturing and their sales
The consultation will be open from July 19 to August 2, 2023
Corporate tax rules require free zone entities to have clearly measurable stakes on ground
For owners of multiple businesses, a unified tax group has its advantages
These businesses need to get feedback from their free zone authority
Startups should opt, but other businesses need to factor in tax loss relief
For overseas businesses, a lot hinges on whether they have a 'permanent establishment'
For now, businesses will on-board all info on adequate substance compliance, 'de-minims'
