UAECITUAE Corporate Income Tax
Course Overview
This 5-day course provides a comprehensive overview of the UAE's New Corporate Income Tax system, covering a range of topics from tax rates and exemptions to tax registration and international agreements.
Day 1 focuses on the introduction of the new tax law, including the tax rate, effective date, and taxable persons, such as resident and non-resident persons. The day also explores the corporate tax base, including global and state-sourced income, and exemptions for various entities, such as government-controlled entities and qualifying investment funds.
Day 2 covers free zone businesses, calculating taxable income, and tax reliefs. The session delves into qualifying free zone persons, exempt income, small business relief, and deductible and non-deductible expenses.
Day 3 centers on transactions with related parties, the arm's length principle, and tax losses. It examines tax loss relief, the transfer of tax losses, and limitations on tax loss carried forward.
Day 4 discusses tax groups, their formation, and cessation, as well as taxable income within a tax group. The day also covers the calculation of corporate tax payable, withholding tax, foreign tax credit, and general anti-abuse rules.
Finally, Day 5 tackles tax registration and deregistration, tax returns and clarifications, record keeping, penalties, and international agreements such as Pillar 1 and Pillar 2. The course also provides an overview of the transitional rules.
By the end of this course, participants will have a solid understanding of the UAE's New Corporate Income Tax system, enabling them to navigate its complexities and ensure compliance with the new regulations.
Key Takeaways
Course Outline
• Resident Person
• Non-Resident Person
• Global Income
• State Sourced Income
• Permanent Establishment
• Investment Manager Exemption
• Partners in Unincorporated Partnership
• Family Foundation
• Government Entity
• Government Controlled Entity
• Extractive Industries-Non-Extractive natural Resources Business
• Qualifying Public Benefit Entity
• Qualifying Investment Fund
• Public Pension or Social Security Fund
• Juridical Person Wholly Owned & Controlled by an Exempt Person
• Qualifying Free Zone Person
• Qualifying Free Zone Income
• Unrealized Gains/Losses
• Exempt Income
o Participation Exemption
o Foreign Permanent Establishment
• Small Business relief
• Tax Reliefs
o Transfers within a Qualifying Group
o Business restructuring Relief
• Deductible Expenses
o Wholly & Exclusively for Business
o Interest Deduction Limitation
o Entertainment Expenditure
• Non-deductible Expenses
• Arm’s Length Principle
• Related Parties and Control
• Payments to Connected Persons
• Tax Loss Relief
• Transfer of Tax Losses
• Limitations on Tax Loss Carried Forward
• Tax Group Definition
• Formation and Cessation of Tax Group
• Taxable Income of a Tax Group
• Currency
• Calculation and Settlement of Corporate Tax
• Withholding Tax
• Foreign Tax Credit
• Corporate Tax Payment
• Corporate Tax Refund
• General Anti Abuse Rule
• Tax Returns & Clarifications
• Tax Returns
• Financial Statements
• Transfer Pricing Documentation
• Record Keeping
• Tax Period
• Change of Tax Period
• Clarifications
Who Should Attend?
Finance professionals: Accountants, auditors, tax consultants, and financial analysts who deal with corporate taxation in the UAE.
Business owners and entrepreneurs: Individuals operating businesses within the UAE, especially those in free zones or with international transactions.
Legal professionals: Lawyers and legal consultants specializing in tax law, corporate law, or advising clients on tax-related matters in the UAE.
Senior management: CEOs, CFOs, and other decision-makers responsible for tax planning, compliance, and risk management within their organizations.
Government officials: Regulators, policy-makers, and tax administrators involved in the formulation or implementation of the UAE's corporate income tax system.
Non-profit organizations: Representatives from qualifying public benefit entities, social security funds, or other exempt organizations seeking to understand their tax obligations under the new system.