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UAE Corporate Tax Impact on your business

Big news: corporate tax is now in play starting June 1st, 2023. Here's the lowdown: a 9% tax rate applies if your income surpasses 83,75,000 AED, and it's a sweet 0% if you're below that threshold. But what does this mean for businesses? Well, they've got to get cozy with the new rules and either use IFRS or the simplified version for their accounting if their revenue falls under 350 million AED. Here are three key takeaways: Accounting Standards: Under the UAE corporate tax law, IFRS is the go-to for calculating taxable income. For small and medium-sized enterprises (SMEs) with revenue under 350 million AED, this standard applies. Tax Grouping and Financial Reporting: If tax grouping is in play, businesses need to whip up consolidated financial statements, cutting out transactions between group entities. If the group's revenue exceeds 350 million AED, those statements must be audited. Cash Basis vs. Accrual Basis: Revenue under 83 million AED? Cash-based accounting is your friend. But if you're raking in more, it's time to switch to accrual basis. But the impact goes beyond just taxes. Think strategic decisions like acquisitions, restructuring, and choosing between Mainland and Free Zone setups. Plus, governance matters—clear compliance frameworks and robust structures are a must.And let's not forget IT systems and people. Modify systems to handle tax computations, train employees on new regulations, and beef up legal compliance. Curious for more? Dive deeper into UAE corporate tax on our blog - https://contetra.com/2024/04/01/ifrs-... Stay informed, stay ahead!