Top News
“Finance”: General rules for determining income subject to corporate tax
Federal Decree-Law No. of 2022 on Corporate and Business Tax. For the purposes of 47 the Ministry of Finance issued three new Ministerial Resolutions of 2023 namely Ministerial Resolution No. 132, Transfer within the Eligible Group, Ministerial Resolution No. 2023 of 2023. 133 Business restructuring facilities and 2023 Ministerial Resolution no. 134, general rules for determination of taxable income.
Income determination
Younis Haji Al-Khouri, Deputy Secretary of the Ministry of Finance, said: The three new decisions published aim to simplify the process of determining taxable income, as well as provide tax relief for the transfer of assets or debts between qualified group members. , or when conducting specific transactions for restructuring and organization, “These decisions reflect the Ministry’s commitment to reduce the burden of compliance on taxpayers and maintain an appropriate business environment in the UAE, in line with international best practices.”
Transport within the group
The Ministerial Resolution on Transfers in a Qualifying Group provides further details on how to claim corporate tax relief on transfers of assets and liabilities between members of a qualifying group. This explains the need for the company to make an election on its tax return to use this facility, while complying with the relevant record keeping requirements. The choice to avail the facility of transport within the qualifying group is final and irrevocable and applies to all subsequent tax periods.
The decision also clarifies the implications of a simultaneous transfer of assets or liabilities and the tax consequences of cancellation of facilities (right of redemption) due to transfer of assets and liabilities or related group entities to an eligible group. Two years from the date of original transfer.
Rehabilitation facilities
For his part, the Business Reorganization Facilities Decision clarifies the conditions under which mergers and other transactions can be carried out without resulting in any corporate tax obligations. These facilities are applicable when a business or an independent part thereof is transferred or merged with another legal entity. Shares or exchange for shares is another asset.
When a taxable person chooses a carrier of assets and liabilities and avails the facility, there is no need to include any profit or loss in the taxable income account and the facility can be availed even when the business is converted into shares. A limited amount of another source, such as cash, or when shares are received or delivered by a party other than the transferor or transferee, unless received or delivered by a company owned by the transferor or transferee respectively. Clarifies mechanism for withdrawal of facilities if business or ownership shares are transferred within two years from date of original restructuring.
Income determination
As for the general rules for determining income, they help the taxable person to simplify the process of calculating taxable income, as the decision specifies the adjustments necessary to calculate taxable income, including determining realized and unrealized gains or losses shown in the financial statements. .
The rules also clarify the conditions for applying the verification basis if the taxpayer chooses, and provide guidance for adjusting changes in the values of assets and liabilities resulting from transfers involving related parties, qualified parties or business restructuring facilities.
Businesses that prepare their financial statements on the accrual basis may elect to determine profits and losses based on verification of specific assets and liabilities, and this election must be made in the first tax period and is considered definitive except in exceptional cases. Cases decided by the Federal Tax Commission.
“Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator.”
Top News
Emirates News Agency – Economy Minister: We are working on a strategy to transform the food and agriculture sector into a global force
Friday, September 22, 2023 – 5:22 p.m
DUBAI, September 22 / WAM / The Minister of Economy, His Highness Abdullah bin Duq Al Marri, confirmed the country’s commitment to develop the food and agriculture sector to generate $10 billion in GDP and 20,000 jobs. The next five years.
He laid out seven key pillars of strategic direction to achieve this.
Key strategies include localizing innovation, strengthening agriculture and food supply chains, and providing farmers with the support and resources they need to achieve global leadership in agricultural innovation and sustainability in the food sector.
Addressing the fifth edition of the Future of Food Industries Forum 2023, he lauded the initiatives of the food and beverage industry in the areas of knowledge, skill development and digital infrastructure. How food is produced, distributed and consumed regionally and globally.
He lauded the potential of the Emirates Food Platform, launched at the forum, to enable collaboration between the public and private sectors in the field of food safety and to enhance the food and beverage ecosystem through digital infrastructure to drive sector growth and attract investments and business opportunities.
According to a statement from the organizers of the forum, the two-day (September 20-21) events in Dubai highlight the growing role and future of the food industry in the economy of the UAE. This industry, and current efforts to advance economic growth and industrial development in the UAE, emphasized that this is a promising and important matter for the future, as the UAE is today considered one of the most important centers for global food logistics services. , and it is the most accessible port for shipping containers between source and destination facilitating the food supply and consumption process.
The food sector is considered an important aspect of comprehensive trade, as trade in food products in the UAE is expected to reach 130 billion dirhams in 2022 compared to 105 billion dirhams in 2021, registering a year-on-year growth of 24% and food trade at 5.7%. Trade is non-oil.
His Highness Abdullah Bin Duq Al Marri said: “With a growing population and a priority for food security, the UAE is doing well in this regard as it ranks first in the Global Food Security Index for 2022. Other peers in the Middle East and North Africa region, but this volatile The challenges facing food in the times are real and present, and fortunately, the resilience and adaptability of our food industry helps us meet this challenge, while emphasizing sustainable practices that have maintained food safety in our country for centuries.”
He added: “I stand before you today to share with you our vision to take our beloved country to new heights and ensure food security in the future. Today, we are working on a strategy to transform the food and agriculture sector into a global force, sustainable innovation, self-sufficiency and Based on fundamental pillars that reflect our commitment to food production.
In his address, he pointed out that the first pillar is to localize the next generation of agricultural enterprises, develop local talent, identify and support next-generation solutions, and develop them into global leaders in promoting innovation. Second, making the UAE a global regulatory power ensures that our products maintain high standards and gain international recognition. Third, strengthening the UAE leadership’s commitment to strengthen the entire food value chain by prioritizing local production and reducing dependence on imports. Fourth, ensuring adequate funding for workers in the food and beverage sector.
He said: “Access to finance is key to the growth and development of industries, and our strategy focuses on securing funding and support, and this leads us to our fifth pillar of driving innovation through world-class research and development. It is the cornerstone of progress. We will provide global research and development packages. “The state of promoting change.
Also, the sixth pillar helps diversify the workforce and access new markets by creating pathways for all agricultural workers. Finally; The strategy aims to create the next generation of farmers who will be the future of agriculture and agricultural technology. Al Marri expressed his commitment to equipping farmers with the knowledge, technology and resources they need through training programmes, modernization initiatives and support systems to ensure the agricultural workforce is ready to face the challenges and opportunities ahead.
For his part, Saleh Lootah, Chairman of the UAE Food and Beverage Producers and Manufacturers Group, affiliated with the Dubai Chamber of Commerce, said: “The remarkable success of the 5th Future Food Industry Forum is due to the joint participation of all stakeholders in the food ecosystem, whose active engagement has been enhanced by the gradual shift to digital platforms, It has significantly improved engagement, communication and collaboration.
The forum was organized by the UAE Food and Beverage Business Council under the auspices of the UAE Ministry of Economy and the Dubai Chamber of Commerce, with the support of the Department of Economy and Tourism and the Food Department in Dubai. Technology Valley, Dubai includes the “Free from Food” exhibition.
Muhammad Nabil Abu Taha/George Ibrahim/Zakaria Mohideen
“Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator.”
Top News
Saud bin Saqr: Promoting economic growth is an essential pillar of sustainable development
His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council of Ras Al Khaimah and Ruler of Ras Al Khaimah, emphasized the importance of stimulating the investment environment in the Emirate of Ras Al Khaimah, one of the main pillars of economic development. The Emirate’s future strategy is to continue its sustainable growth path and cement its position as a leading regional and global destination for tourism investments and real estate, in an effort to ensure a bright future for future generations.
Supporting national enterprises, improving their competitiveness and sustainability and raising their contribution to the emirate’s domestic product is a key priority in Ras Al Khaimah’s plans to build a sustainable economy. , and is an important tributary for diversifying the local economy.
This happened yesterday evening when His Highness attended the launch of the new strategy and brand of Ras Al Khaimah Properties, Ras Al Khaimah’s leading real estate developer listed on the Abu Dhabi Securities Market. Khaimah Mina Al Arab Hotel.
The launch of the new strategy and brand marks the beginning of a new phase for the company to continue its successful investment journey and improve its competitive position in the real estate market in the UAE, reflected by its pioneering community real estate projects. Including the hospitality sector, the Emirate of Ras Al Khaimah’s ambitious vision is to be one of the best. Tourism, investment and modern lifestyle destinations in the region.
Vision His Highness explained that Ras Al Khaimah operates in accordance with an ambitious strategic vision and thoughtful future plans to provide an enabling, incubating and encouraging environment for the growth and sustainability of national and international companies based in the Emirate, with an integrated economic and legislative framework. Establishing a structure and infrastructure to support the success and development of large real estate investment projects. A state-of-the-art project to encourage investment in various promising economic sectors in Ras Al Khaimah, and to support the development plans of the UAE.
On the other hand, yesterday, he was received by the Ambassador of the Republic of Greece, Antonis Alexandrides, at his Highness Palace in Sakr bin Mohammed Nagar.
The Ruler of Ras Al Khaimah received the Ambassador and discussed with him several topics of common interest and ways to strengthen relations with the Republic of Greece in various fields.
“Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator.”
Top News
Saud Bin Saqr saw the launch of a new brand called “Ras Al Khaimah Properties”.
Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, stressed the importance of stimulating the investment climate in the emirate to support economic development initiatives, one of the key pillars of the emirate’s future strategy. , to continue its steady growth path and cement its position as a leading regional and global destination for investments in tourism and real estate, in an effort to ensure a bright future for future generations.
Supporting national enterprises, improving their competitiveness and sustainability and raising their contribution to the Emirate’s GDP is an important priority in Ras Al Khaimah’s plans to build a sustainable economy, as it is an essential partner in the process of economic development. , and is an important tributary for diversifying the local economy.
This happened while attending the launch of the new strategy and brand of Ras Al Khaimah Properties, the Emirate’s leading real estate developer, listed on the Abu Dhabi Stock Exchange, at an event held at the InterContinental Ras Al Khaimah last Thursday evening. Khaimah Mina Al Arab Hotel.
The launch of the new strategy and brand marks the beginning of a new phase for the company to continue its successful investment journey and improve its competitive position in the UAE real estate market. The sector is in line with Ras Al Khaimah’s ambitious vision to be one of the best tourism and investment destinations and lifestyles, modern living in the region.
Ras Al Khaimah operates according to an ambitious strategic vision and thoughtful future plans to provide an incubating and encouraging environment for the growth and sustainability of national and international companies based in the emirate, said the Ruler of Ras Al Khaimah. An integrated economic and legislative body that supports the success and development of major real estate investment projects. Establishing an advanced infrastructure that will encourage investment in various promising economic sectors in Ras Al Khaimah to support the development plans of the UAE.
He praised the role of Ras Al Khaimah Real Estate Company and its effective contribution in promoting the development of the real estate and investment sector in the emirate. Development in Ras Al Khaimah and the Emirates.
He pointed out that by supporting national enterprises, Ras Al Khaimah aims to improve their flexibility and ability to face various economic challenges, improve the quality of life of all the people of the emirate and its residents, and create a better one. A future for future generations. (wham)
“Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator.”
-
Top News1 year ago
Top 3 Cities in Vietnam for Digital Nomads
-
Top News1 year ago
Reasons why there isn’t More Scoring in Soccer
-
Economy3 months ago
Apple’s market cap is about $3 trillion
-
Top News2 years ago
Direction Dubai: Private jets were attacked to escape the health drama in India
-
science2 years ago
A Scientific Surprise .. Contemporary Month of Ancient Egyptians | Science
-
Tech2 years ago
The email is said to have come from Nintendo’s Lost Game Boy extension
-
Tech2 years ago
Netflix launches new video game platform on Android devices
-
entertainment1 week ago
“Hanging Gardens” represents Iraq in the competition for “Oscars”.