How much corporate tax companies have to pay in 2023-2024?

Federal Tax Authority UAE Announcements:

The Federal Tax Authority UAE will begin collecting 9% of corporate income tax in 14 days. Something that has never before happened in the UAE.Federal Tax Authority UAE Announcements.

The Federal Tax Authority UAE declared today that a person/individual might be classified as a business if their income surpasses a specific threshold or their assets exceed a certain threshold. So avoid thinking that shifting company assets to personal assets is a good idea.

For those of you lovely UAE employees who only receive one source of income or salary, you still pay no income tax in the UAE on your wage. You may rest comfortably tonight knowing that.

Additionally, the UAE has established extremely significant sanctions for business owners who fail to even register for corporation tax, much less submit an accounting. Therefore, don’t put this off till later in your list of tasks.

Yes, free zones in the United Arab Emirates are subject to 9%, as well as on-shore enterprises, and corporate tax.

FREE Accounting Resources:

Here are a few FREE accounting resources: -Onshore businesses must pay 9% corporation tax; free zone businesses doing business with onshore businesses must pay 9% corporate tax.

Companies located in free zones and conduct all of their business overseas are only required to pay 9% corporation tax. To explain “why and how” you are paying 0% tax, you must nonetheless submit your accounts to the FTA.

In other words, beginning June 1, 2023, everyone must now report their accounts to the regulator. Accountants will compare the accounts for 2022 to the accounts for 2023 and 2024; if they detect a significant difference, business owners risk fines and possibly even worse repercussions.

It’s time for the UAE to overtake other trusted financial centers.

We start this procedure in two weeks, with hubs all across the world.

Let’s go for it!