2023-05-14 05:43:32
Dubai: The UAE Ministry of Finance has announced new concessions in the proposed corporate tax regime. Tax relief has been announced for companies that have started bankruptcy proceedings or are planning to stop operations. The ministerial decision in this regard was released by the finance ministry on Wednesday.
The new notification has also been issued to ensure that those who have failed to comply with the tax exemption conditions in certain circumstances are still eligible for tax exemption.
The Ministry of Finance also clarified that the information should be forwarded to the Federal Tax Authority (FTA) within 20 days after initiation of bankruptcy or winding up proceedings. In case of failure to comply with the tax provisions, an application must be submitted to the FTC within 20 days. In this application, the circumstances of failure to comply with the tax exemption clause should be clarified. Check this and decide whether the company/individual is eligible for corporate tax exemption.
Under Secretary of the Ministry of Finance Yunus Haji Al Khori said that the new decision aims to ensure a transparent and efficient tax system to promote commercial growth in the UAE.
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