Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business2 days ago
The UAE's Ministry of Finance has issued two decisions that seek to bring transparency and clarity to the country's corporate tax regime — which will come into effect from June 1, 2023.
Ministerial Decision No. 82 of 2023 specifies that taxable entities— including qualifying free zone companies — that derive revenues of over Dh50 million are required to prepare and maintain audited financial statements.
In another decision (No. 83 of 2023), the ministry clarified the situations where the presence of natural persons in the UAE could/could not give rise to a permanent establishment for the non-resident person (foreign company), including if their presence is due to unforeseen temporary exceptional circumstances, and where they have no intention of staying in the UAE once these circumstances cease.
The decision further specifies what constitutes a temporary and exceptional presence in the UAE. It aims to provide clarity and prevent tax avoidance and double non-taxation, in alignment with global best practices.
Younis Haji Al Khouri, undersecretary of MoF, said: "The decisions bring transparency, simplicity, and clarity to the UAE's Corporate Tax regime which facilitates compliance and minimizes risks of tax avoidance and double non-taxation, ensuring a fair and well-regulated tax environment for all."
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