Federal Tax Authority Decision Decision No. 11 of 2023
Federal Tax Authority Decision No. 11 of 2023 for purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses-Requirements of Submitting a Declaration for Exempt Persons
The below persons are automatically exempted from Corporate Tax and are not required to register for Corporate Tax
- A Government Entity
- A government-controlled Entity
- A person engaged in extractive business (subject to conditions)
- A Person engaged in a Non-Extractive Natural Resource Business ( subject to conditions)
The below persons are exempted from Corporate Tax against application and are required to register for Corporate Tax.
- A Qualifying Public Benefit Entity
- A Qualifying Investment Fund
- A public pension or social security fund, or a private pension or social security fund that is subject to regulatory oversight of the competent authority
- A juridical person incorporated in the State that is wholly owned and controlled by an Exempt Person ( subject to conditions)
- Any other person determined or decided by the authority.
Federal Tax Authority Decision No. 11 of 2023 for purposes of Federal Decree-Law No. 47 of 2022, the authority clarified that the exempt person who is exempted against application must register and file an annual declaration to prove that they are satisfied all conditions for exemption. The annual declaration shall be submitted within 9 months from the end of the relevant tax period.
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Disclaimer: The information provided in this blog is based on our understanding of current tax laws and regulations. It is intended for general informational purposes only and does not constitute professional tax advice, consultation, or representation. The author and publisher are not responsible for any errors or omissions, or for any actions taken based on the information contained in this blog.