Explanatory Guide on UAE Corporate Tax

UAE Ministry of Finance has issued an explanatory guide on Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses.

The explanatory guide on Corporate Tax provides an explanation of the meaning and intended effect of each Article of the Corporate Tax Law.

The taxable entities in UAE can immensely benefit from the explanatory guide on Corporate Tax and interpret the UAE Corporate Tax Law and understand the implications of the provisions of the law.

The guide provides definitions for various terms like government entity, government-controlled entity, business and business activity, person, licensing authority, etc.

It also touches upon various corporate tax-related provisions, such as

• Imposition of Corporate Tax and Applicable Rates
• Exempt Person
• Taxable Person and Corporate Tax Base
• Free Zone Person
• Calculating Taxable Income
• Exempt Income
• Reliefs
• Deductions
• Transactions with Related Parties and Connected Persons
• Tax Loss Provisions
• Calculation of Corporate Tax Payable
• Payment and Refund of Corporate Tax
• Anti-Abuse Rules
• Tax Registration and Deregistration
• Tax Returns and Clarifications
• Violations and Penalties
• Transitional Rules
• Closing Provisions