UAE to introduce 9% corporate tax on business profits from June 1, 2023 (FZCO REMAINS 0%)

[JustAnotherNomad]

@Konstanz literally posted the link for you a few posts up, where the UAE tax authorities clarify that a foreign partnership has to pay UAE corporate tax:

UAE to introduce 9% corporate tax on business profits from June 1, 2023 (FZCO REMAINS 0%)

But even if until 2025, will they have to pay retroactively for 2023-2024 I assume? It depends on the financial year of the company. If the company has a Jan-Dec financial year, corporate tax only applies from Jan 2024. Then by the end of September 2025, their declaration and payment of the...

www.offshorecorptalk.com

 

[bnpsu]

Do we just have to move the US LLC operations/assets into a UAE freezone then? Are there any way to keep current US LLC structure?

 

[jafo]

Do we just have to move the US LLC operations/assets into a UAE freezone then?

So, the UAE free zone company and its UAE resident director are exempt from corporate taxes and personal income taxes?

 

[bnpsu]

So, the UAE free zone company and its UAE resident director are exempt from corporate taxes and personal income taxes?

Yes... on qualifying income from what I understand

 

[JustAnotherNomad]

Do we just have to move the US LLC operations/assets into a UAE freezone then? Are there any way to keep current US LLC structure?

How many times... We don't know yet.

 

[ShillGates]

Still nothing on qualifying income. What a world this shitshow is ? Deadline has passed??? I got banks in europe now unwilling to send money to uae so what is cooking in the kitchen higher up in governments around the world- uae blacklist soon?

 

[Jbb1]

Still nothing on qualifying income. What a world this shitshow is ? Deadline has passed??? I got banks in europe now unwilling to send money to uae so what is cooking in the kitchen higher up in governments around the world- uae blacklist soon?

Which banks? No issues for me.

 

[ShillGates]

Which banks? No issues for me.

Ing and abnamro- European entities that send money to their suppliers in uae are getting their accounts closed.

Which banks you referring to?

 

[ShillGates]

UAE clarification of Freezone Qualifying Income

Just read this article but it's not clear to me about all the talk that foreign sourced income will be exempt. What do you guys think? https://www.arabianbusiness.com/industries/banking-finance/uae-corporate-tax-finance-ministry-announces-freezone-tax-policy-exemptions I'm not a lawyer or...

www.offshorecorptalk.com

can we merge this or?

 

[yngmind]

Now we will also have to spend a ton of money on the accounting for the UAE company or US LLC, deduct expenses, etc.

btw there are no CFC rules in the UAE, so we don't have to report our offshore companies. How would they know how much money we made?
Check when your fiscal year ends, for most of the people the first reporting period will start from Jan 24

 

[JustAnotherNomad]

btw there are no CFC rules in the UAE,

Correct.

so we don't have to report our offshore companies.

Wrong.