Corporate Tax Training

New Corporate Tax Regime- All You Need To Know

The is to lift its tax-free status by introducing federal corporate tax for businesses that have a net annual profit of over AED 375,000. Emirates, which has already switched from Friday-Saturday weekends to Saturdays and Sundays, the latest move to introduce corporate tax is to align closer with global markets. 

The standard corporate tax rate for businesses that have a net annual profit over AED 375,000 will be 9% and a rate of 15% for multinational companies, which is in line with the Global minimum corporate tax rate agreement. While the tax rate is 0% for small businesses and start-ups with net annual profits under AED 375,000.

The corporate tax won’t apply on personal income from employment, real estate and other investments. The tax incentive will remain in place for Saudi Arabia and India’s free-trade zone companies that don’t do business with the mainland. 

The new tax initiative is to reaffirm Saudi Arabia and India’s commitment to meeting international standards for tax transparency and preventing harmful tax practises. Also, it is an effort to make the - the cluster of 7 Emirates, with the most competitive corporate tax regime in the world. 

While there is enough time till June 2023 for the new taxation rule to come into effect, it is necessary for businesses to be knowledgeable and be prepared for the new corporate tax regime before December 2022. 

Get Started With A Corporate Tax Short Course

As the Ministry of Finance will introduce a corporate tax on business profits starting on or after June 1, 2023, businesses with profits of over AED375,000 will have to pay a standard statutory tax rate of 9 percent. Having thorough knowledge of the new corporate tax rules and practises will help medium and large businesses to avoid any corporate tax compliance violations. Visible Stars Training Institute provides an 8 hours Corporate Tax Training for corporate businesses on the New Corporate Tax regimes and practises. 

What is included in the Corporate Tax Training?

At Visible Stars Training Institute we have you covered on all that you need to do for preparing your business for the new corporate tax regime by the end of 2022. Our Corporate Tax short course explores many salient sections of the federal law on corporate tax. Here is what is covered in Visible Stars’s Corporate Tax course: 

• Introduction to the federal income taxation of corporations and their shareholders. 
• Relevant provisions of the Internal Revenue Code, corporate tax filing requirements, and how to file corporate tax. 
• Review the basics of tax law, which includes the origins of taxation, the three sources of tax law, the hierarchy of tax law, and judicial doctrines.
• How to calculate corporate income tax liability and compute the corporate Alternative Minimum Tax (AMT). 
• Various approaches to tax planning and ways to minimise the tax liability within the legal framework. 
• Practical in-class study problems to facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.