February 23, 2024


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UAE Company Tax: Companies below liquidation can search exemption, however have to notify Ministry

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The most recent Ministry of Finance resolution clarifies guidelines to make sure that companies stay eligible for a company tax exemption in the event that they fail to fulfill the related exemption situations below sure circumstances.

Moreover, the Ministerial resolution addresses circumstances the place a enterprise now not meets exemption situations primarily to achieve a company tax benefit. In such circumstances, the enterprise will stop to be thought of exempt on the date it now not fulfils the exemption situations.

This was confirmed as a UAE Ministry of Finance Determination No. (105) of 2023 on willpower of situations below which a ‘individual might proceed or stop to be deemed an exempt individual’.

“The Ministerial Determination clarifies the situations below which an individual might proceed or stop to be an exempt individual from a unique date because of an occasion that goes past the individual’s management and couldn’t have been fairly foreseen or prevented,” stated Younis Haji Al Khouri, Undersecretary of the Ministry of Finance.

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