UAE announces list of entities exempted from corporate tax
- Thread starter troubled soul
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I'm long enough on this forum to know that he used to live there and ran away from the country when his rental? cheque bounced. It was criminal to have your cheque bounce so it's not fun going to jail because of a silly law.
You can't get a legal opinion in the UAE. I mean, you can get an opinion, but it's just that, an opinion. It's just something some expensive lawyer pulls out of their a*s.
It has no relevance for anything. The lawyer won't be liable. The state won't care about the lawyer's opinion. A complete waste of money.
And even from the state you won't be able to get a ruling, unless it's too late and your already on trial.
For me that's the biggest negative with the UAE. Then again, people are "usually fine". You have to know that if you want to live in︀ the UAE, you have to accept this risk.
It has no relevance for anything. The lawyer won't be liable. The state won't care about the lawyer's opinion. A complete waste of money.
And even from the state you won't be able to get a ruling, unless it's too late and your already on trial.
For me that's the biggest negative with the UAE. Then again, people are "usually fine". You have to know that if you want to live in︀ the UAE, you have to accept this risk.
Lived there mate and dealt with legal system. Never again.
I did and left like 1000's of others did back in the day until changes in the law.
But you just said you can't get a legal opinion.....lol. I think you misunderstood what I wrote 🙄
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Solicitors routinely provide opinions on a wide variety of issues, and legal︀ opinions are an essential part of many major transactions. In each instance, the solicitor involved︁ is expected to provide an opinion that is both legally correct and not misleading to︂ the addressee. The purpose of providing the legal opinion is two-fold:
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I did and left like 1000's of others did back in the day until changes in the law.
But you just said you can't get a legal opinion.....lol. I think you misunderstood what I wrote 🙄
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Solicitors routinely provide opinions on a wide variety of issues, and legal︀ opinions are an essential part of many major transactions. In each instance, the solicitor involved︁ is expected to provide an opinion that is both legally correct and not misleading to︂ the addressee. The purpose of providing the legal opinion is two-fold:
- to inform the addressee︃ of the legal effect of a transaction or matter; and
- to identify legal risks that︄ the addressee should consider and further evaluate.
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Yes - we did and while the FTA made clear that they want to have the people register for CT returns they made clear in the same sentence that they are not after the money.
They play it smart - they let PwC "help" them with the formulations etc. and keep themselves in the background but host from time time some FTA Events when they invite︀ corporates like Siemens, Mercedes etc. and when there legal team asks questions they most likely︁ even don't get a response.
We prepare for soft audits - not even audits by︂ a chartered accountant - and provide this to our clients - even giving them all︃ tools on hand - so far we can't see a reason why this shouldn't go︄ through.
Look at Cyprus - even part of the EU and how they play the︅ famous "gap" between the written law and the law enforcement - nothing else will be︆ the case here in the UAE.
They play it smart - they let PwC "help" them with the formulations etc. and keep themselves in the background but host from time time some FTA Events when they invite︀ corporates like Siemens, Mercedes etc. and when there legal team asks questions they most likely︁ even don't get a response.
We prepare for soft audits - not even audits by︂ a chartered accountant - and provide this to our clients - even giving them all︃ tools on hand - so far we can't see a reason why this shouldn't go︄ through.
Look at Cyprus - even part of the EU and how they play the︅ famous "gap" between the written law and the law enforcement - nothing else will be︆ the case here in the UAE.
They explicitly state that natural persons like freelancers can also be subject to corporate (!) income tax. So I wouldn't be so sure about that.
That said, even if they wanted to tax such cases, it would probably take a long time, before we'll see it.
That said, even if they wanted to tax such cases, it would probably take a long time, before we'll see it.
As far as I know, after speaking with the accountancy firm I am working with they have mentioned that Freezone companies don't have to register now with the corporate Taxes on the UAE Tax website from June 2023. They are beginning to open the registration but for now Greezones are exempted if they don't︀ deal with mainland clients. Now I am asking myself what about Freezone companies with consulting︁ customers outside of UAE and selling on Amazon in UAE, does this count as dealing︂ with mainland clients?
word, info was different back then.
tbh im waiting for everything to be set and clear. If they introduce income tax for freelancers its gonna get bad.
tbh im waiting for everything to be set and clear. If they introduce income tax for freelancers its gonna get bad.
There won't be anything clear set in stone. The decree has been formulated in such a way that the criteria for what defines "qualified income" can be changed at any moment by the minister through a separate decree. My impression is that they wanted to see how far they can go with respect to EU and FATF. Apparently, they already went too far and will now have to row back to get off black/grey list.
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