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Yes, the Authority can make compensating adjustments to the tax liability of any other person. | Can the Authority change the allocation of tax liability? |
Yes, the Authority can allocate Taxable Income to any other person. | Can the Authority allocate Taxable Income to any other person? |
Yes, the Authority is authorized to issue assessments to give effect to the determination made. | Is the Authority authorized to issue assessments? |
Yes, the Authority can allow exemptions in calculating the Corporate Tax Payable. | Can the Authority allow exemptions in calculating the Corporate Tax Payable? |
Yes, the Authority can disallow deductions in calculating Taxable Income. | Can the Authority disallow deductions in calculating Taxable Income? |
Yes, the Authority can make adjustments to the tax liability of any person. | Can the Authority make adjustments to the tax liability of any person? |
Yes, the Authority can recharacterize the nature of a payment for the purposes of the Corporate Tax Law. | Can the Authority change the nature of a payment for tax purposes? |
Yes, the Authority can disregard the effect of other provisions of the Corporate Tax Law for the purposes of taxation. | Can the Authority disregard the effect of other provisions of the Corporate Tax Law? |
A Business refers to any commercial activity that generates income or profit for its stakeholders. Commercial activity refers to any activity that is carried out for the purpose of selling goods or services in order to generate income. This means that an entity cannot engage in business activities that involve monetary... | What is a Business under the Corporate Tax Law? |
A fixed or permanent place used only for storing, displaying, delivery of goods, or for keeping a stock for processing by another person. | What would not be considered a Permanent Establishment in the UAE? |
When its general purpose is identical to the general purpose of the foreign enterprise. | When would a fixed or permanent place in the UAE be considered a preparatory or auxiliary activity? |
Clause 4. | Which clause disallows Clause 3 under certain conditions? |
When the same Non-Resident Person or a Related Party carries on a Business or Business Activity in the UAE through a separate Permanent Establishment that, when combined, would form a cohesive Business not satisfying the requirements of Clause 3. | When does Clause 4 disapply Clause 3? |
The State's Territory includes the lands, territorial sea, and airspace above it. | What is the definition of 'State's Territory'? |
Natural resources include water, oil, gas, coal, naturally formed minerals, and other non-renewable, non-living resources that may be extracted from the State's Territory. | What are considered natural resources? |
Extractive business refers to the business or activity of exploring, extracting, removing, or otherwise producing and exploiting the natural resources of the State or any interest therein, as determined by the Minister. | What is meant by 'extractive business'? |
A non-extractive natural resource business refers to the business or activity of separating, treating, refining, processing, storing, transporting, marketing, or distributing the natural resources of the State. | What is a non-extractive natural resource business? |
A qualifying public benefit entity is any entity that meets the conditions set out in Article 9. | What is a qualifying public benefit entity? |
The Minister determines the definition of extractive business. | Who determines the definition of extractive business? |
The Minister determines the natural resources of the State or any interest therein that are associated with the extractive business. | What does the Minister determine in relation to extractive business? |
Non-extractive natural resource business includes separating, treating, refining, processing, storing, transporting, marketing, and distributing the natural resources of the State. | What activities are included in non-extractive natural resource business? |
The term 'Business' encompasses both extractive and non-extractive natural resource activities. | What does the term 'Business' encompass? |
A qualifying public benefit entity is defined by meeting the conditions set out in Article 9. | How is a qualifying public benefit entity defined? |
No, the definition of 'State's Territory' includes lands, territorial sea, and airspace above it. | Is the definition of 'State's Territory' limited to just lands? |
The purpose of regulating the entity is specified in a decision issued by the Cabinet at the suggestion of the Minister. | What is the purpose of regulating the entity? |
he category of natural resources includes water, oil, gas, coal, naturally formed minerals, and other non-renewable, non-living resources. | What is included in the category of natural resources? |
The term 'extracting' in extractive business refers to the process of removing or obtaining natural resources from the State's territory. | What does the term 'extracting' refer to in extractive business? |
The activities involved in non-extractive natural resource business include separating, treating, refining, processing, storing, transporting, marketing, and distributing natural resources. | What are the activities involved in non-extractive natural resource business? |
The Taxable Persons involved in a transfer must have the same Financial Year and prepare their financial statements using the same accounting standards. | What is required for a Taxable Person to benefit from relief under Article 19? |
The net book value of an asset is the cost of the asset reduced by the accumulated depreciation deductions allowed in respect of the asset, as reported for Corporate Tax purposes. | What is the definition of net book value? |
They are treated as being transferred at their net book value for Corporate Tax purposes at the time of the transfer. | When relief from Corporate Tax is sought, how are the relevant assets or liabilities treated? |
Yes, the definition of 'Business' includes activities related to the sale and distribution of tangible and intangible properties. | Does the definition of 'Business' include sales and distribution activities? |
The election is to be subject to Corporate Tax at the rates specified under Article 3(1). | What is the election made by a Qualifying Free Zone Person under Article 19? |
It is required under Clause 2(e). | Under what clause is it required for Taxable Persons to have the same Financial Year? |
To benefit from relief under Article 19. | What is the purpose of preparing financial statements using the same accounting standards? |
They are transferred at their net book value for Corporate Tax purposes. | At what value are assets or liabilities transferred for Corporate Tax purposes under Clause 3(a)? |
The cost of the asset reduced by the accumulated depreciation deductions allowed in respect of the asset. | What is the definition of net book value for an asset? |
No gain or loss arises for Corporate Tax purposes on the transfer of the asset(s) or liability(ies). | What is the impact on Corporate Tax purposes when assets or liabilities are transferred? |
It provides that the relevant assets or liabilities shall be treated as being transferred at their net book value for Corporate Tax purposes. | What does Clause 3(a) provide in relation to relief from Corporate Tax? |
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