FTA points particular person standards information for company tax

The Federal Tax Authority (FTA) has issued a brand new information outlining the factors to find out whether or not people are topic to the Corporate Tax Law.

The information gives a complete and simplified clarification and directions for the tax system that got here into impact on June 1, 2023.

The FTA urged all involved people incomes revenue or conducting enterprise – wholly or partly – within the UAE to familiarise themselves with the Corporate Tax Law information, implementing selections, and different related supplies out there on the FTA’s web site.

The information additionally features a vary of sensible examples that specify how the Corporate Tax Law applies to each resident and non-residents,

It clarifies that a person should register for company tax functions and procure a Tax Registration Number if his complete turnover exceeds AED 1 million inside a calendar 12 months of 2024.

Non-residents are topic to company tax in instances the place they’ve a everlasting institution within the UAE with a complete turnover of the everlasting institution exceeding AED 1 million inside a calendar 12 months 2024.