The UAE Ministry of Finance has introduced a significant update to the corporate tax framework by offering unincorporated partnerships the choice to be treated as taxable entities under federal tax law. This change is designed to reinforce the principle of tax neutrality and align the UAE’s tax regime with international standards.

At Zyla Accountants, our role as registered tax agents and accounting professionals is to guide UAE businesses in navigating the complexities of the new corporate tax regime.

One surprising trend we are seeing is that some free zone entities are electing to be taxed at the standard 9 percent corporate rate, even when they may be eligible for the zero percent rate on qualifying income.

Zyla Accountants help entrepreneurs, business owners, start-ups, and others relocate their business to Dubai and realise their dreams. Zyla Accountants is perfectly positioned to support your requirements. We have offices in Dubai and will be the ideal accounting partner.

To avoid penalties, the Federal Tax Authority (FTA) reminds individuals with Corporate Tax licences issued in March and April (regardless of the year of issuance) to submit their registration applications by June 30, 2024.

ICAS, is a global professional membership organisation and business network for Chartered Accountants. It’s also an educator, regulator, examiner and a professional awarding body.

As a result of the decision, foreign companies and other overseas legal entities (non-resident juridical persons) will be subject to UAE Corporate Tax on income earned from immovable property located in the UAE. In the UAE, this applies to both immovable property held or used in a business and to immovable property held for investment purposes.