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Asia Pacific

China's efforts to reopen border post pandemic

China Welcomes Tourists Back with Visa-Free Entry for Citizens of Six Countries

November 24, 2023 Asra Mairaj 0

In a move to revive its tourism industry, China has announced that it will temporarily waive visa requirements for citizens of six countries. The move […]

The truth behind the Moon crash: new study implicates China's rocket

China’s rocket responsible for the Moon crash, new study confirms

November 19, 2023 Aman Ojha 0

China’s rocket responsible for the Moon crash, new study confirms

Microloans and Their Significance in Sri Lanka

Microloans and Their Significance in Sri Lanka

November 10, 2023 Willy Harper 0

Microloans have had a significant positive impact in Sri Lanka – alleviating poverty, driving financial inclusion and women’s empowerment. But challenges around over-indebtedness and disasters persist.

Pakistan Faces Passport Printing Predicament Amid Lamination Shortage

Paper Woes: Pakistan Faces Passport Printing Predicament Amid Lamination Shortage

November 10, 2023 Shrabani Sarkar 0

Pakistani citizens are facing difficulty in getting new passports due to a shortage of lamination paper, The Express Tribune has reported. According to Pakistan’s Directorate […]

Israel Alleges Photojournalists as Accomplices in Crimes Against Humanity for Covering Hamas Attack

Israel Alleges Photojournalists as Accomplices in Crimes Against Humanity for Covering Hamas Attack

November 10, 2023 Shrabani Sarkar 0

The government of Israel on Thursday demanded immediate action against photojournalists working with international media organizations for allegedly having “joined in covering the brutal acts” […]

Asian stocks sink as post-Fed rally cools; China trade, RBA in focus

China’s Trade Surplus Shrinks to 17-Month Low as Exports Fall

November 7, 2023 Camelia Bhattacharyya 0

Chinese exports fell further in October, hitting a 17-month low, as weak global demand and the country’s zero-COVID policy continued to weigh on trade, Reuters […]

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MyDubai.Media: Investing in Dubai Hotel Business

November 6, 2023 Edwin Deponte 0

Minimum taxes, quick payback, annual return of 5%, excellent infrastructure, and high level – all this is available when investing in the hotel business in […]

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Dubai’s XRP Integration Puts the UAE at the Forefront of Crypto Innovation

November 3, 2023 Benjamin Noah 0

Dubai, one of the most technologically advanced cities in the world, is taking a major step forward in the evolution of cryptocurrencies by embracing XRP […]

Angelina Jolie slams Israel for attacking Palestinian civilians

Angelina Jolie slams Israel for attacking Palestinian civilians

November 3, 2023 Kriti Kumari 0

Angelina Jolie hot

Israel-Hamas War Video: Hamas attack aimed to deter Israel-Middle East peace expansion, Netanyahu says amid warning of ‘long war’

Israel-Hamas War Video: Hamas attack aimed to deter Israel-Middle East peace expansion, Netanyahu says amid warning of ‘long war’

October 20, 2023 Aklimson Phangcho 0

Prime Minister Benjamin Netanyahu said that the attack on Israel by Hamas gunmen aimed to prevent the expansion of its peaceful relations in the Middle […]

Israel Shares Hamas Audio: 'Rocket Misfired' on Gaza Hospital

Israel Shares Hamas Audio: ‘Rocket Misfired’ on Gaza Hospital

October 18, 2023 Shrabani Sarkar 0

Israel Defense Forces (IDF) has shared a recording of an alleged conversation between Hamas operators about the recent hospital bombing in Gaza. According to Palestinian […]

Rishi Sunak Confirms 6 UK citizens were killed in Israel and 10 missing

October 17, 2023 Aklimson Phangcho 0

British Prime Minister Rishi Sunak said that at least six UK citizens had been killed after Hamas attacked Israel nine days ago, characterizing the incident […]

BSNL and Indian Army Overcomes Challenges to Install First-Ever Mobile Phone Tower at Siachen Glacier

BSNL and Indian Army Overcomes Challenges to Install First-Ever Mobile Phone Tower at Siachen Glacier

October 17, 2023 Asra Mairaj 0

A mobile tower has been installed for the first time at the world’s highest battlefield, Siachin Glacier, by the Fire and Fury Corps of the […]

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Benjamin Netanyahu admonishes Iran, Hezbollah: ‘Don’t test Israel’

October 17, 2023 Aklimson Phangcho 0

Israel-Hamas War: Over a million Palestinians fled their homes ahead of an expected Israeli ground invasion to destroy Hamas. Israeli Prime Minister Benjamin Netanyahu warned […]

Operation 'Ajay': 2nd Flight Brings 235 Indians Home from War-Torn Israel

Watch Operation ‘Ajay’: 2nd Flight Brings 235 Indians Home from War-Torn Israel

October 14, 2023 Shrabani Sarkar 0

Israel-Hamas war: India launched ‘Operation Ajay’ on October 11 to bring back stranded citizens from Israel. The second charter flight to repatriate Indian citizens stranded […]

FedEx Offers More Convenience with Drop-off Services Available at Over 1,100 Retail Outlets in the Philippines

FedEx Offers More Convenience with Drop-off Services Available at Over 1,100 Retail Outlets in the Philippines

October 13, 2023 Riya Shalgar 0

MANILA, PHILIPPINES, October 11, 2023 – FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, […]

Hamas-Israel War: Air India Cancels Tel Aviv Flights

Hamas-Israel War: Air India Cancels Tel Aviv Flights

October 9, 2023 Shrabani Sarkar 0

Air India canceled its scheduled flight from Delhi to Tel Aviv and return flight on October 7 after Hamas terrorists attacked Israel on Saturday morning. […]

Filing, Refund, and Payment of Corporate Tax in UAE

Filing, Refund, and Payment of Corporate Tax in UAE

October 6, 2023 S Ranjita 0

Understanding the process of filing, refunding, and payment under the UAE corporate tax law is essential for businesses operating in the country. This article will […]

Exempt Entities Under Corporate Tax in UAE The UAE Corporate Tax Law grants exemptions to certain individuals and entities. These exemptions are vested in public interest and policy considerations which create an equitable and balanced tax framework. This article explains various categories of exempt entities and the conditions to determine their tax exemption. Therefore, it is advisable for Taxable Persons to seek the expert services like Farahat and Co. of trusted Tax Consultants in UAE to effectively determine taxability in compliance with the statutory Law. Exemption of Government Entities: The first category of exempt entities encompasses government entities at both the federal and local levels. This includes all government bodies, ministries, departments, and public agencies that are integral parts of the respective government structures. Government entities encompass ministries, federal authorities, municipalities, and local government agencies. The rationale behind exempting government entities lies in the fact that their activities are conducted as part of their official duties and responsibilities within the government. Consequently, these entities are automatically eligible for exemption, obviating the need for additional paperwork or applications. Entities Controlled by Government: Entities controlled by the government are distinct legal entities with separate juridical personalities from the government. While they may engage in activities similar to those of the overseeing government entity, they do not inherently enjoy automatic corporate tax exemption. To qualify for tax exemption, government-controlled entities must secure explicit inclusion in a Cabinet Decision, as per Article 1 of the UAE Corporate Tax Law. Additionally, these entities must fulfill specific requisites, including complete ownership by one or more government entities and the allocation of their earnings to the government's treasury. The composition of their board of directors also holds significance in determining their classification as government-controlled entities. Entities Engaged in Natural Resources Business (Extractive and Non-Extractive): While these entities are exempt from corporate tax, it's important to note that the treatment of Emirate-level taxation may differ (Article 4, Clauses 1c and 1d). The UAE Constitution designates natural resources in each Emirate as public property, and those involved in the extraction and exploitation of these resources may be liable for taxes at the Emirate level. To promote the development of the resource sector, the Corporate Tax Law provides exemptions for individuals engaged in both extractive and non-extractive aspects of the natural resources value chain. The provision pertaining to extractive businesses covers activities such as quartering, dredging, exploring, extracting, removing, or producing natural resources, such as oil and gas (Article 4, Clause 1c of the CTL). Clause 1d of the CTL encompasses non-extractive natural resource businesses, specifically including midstream and downstream subsectors. This encompasses activities related to the processing, transportation, storage, marketing, distribution, and selling of natural resource products, such as oil and gas. It is important to highlight that renewable energy sources, such as solar and wind energy, as well as agricultural activities involving plants and animals, do not qualify for the tax exemption provided to natural resource businesses. Qualifying Public Benefit Entities: Another category of exempt entities under the Corporate Tax Law includes Qualifying Public Benefit Entities, as outlined in Article 4, Clause 1e. These entities are recognized and eligible for tax exemption based on specific criteria delineated in the law. These entities are not government-controlled but are established for public benefit purposes, such as charitable organizations, non-governmental organizations (NGOs), and certain non-profit organizations. To qualify for tax exemption under Clause 1e, these entities must meet specific criteria and conditions, which may vary depending on their nature and objectives. Generally, they must engage in activities that provide genuine public benefit and refrain from distributing profits to private individuals. Additionally, they may need to undergo a registration process or obtain a certificate of public benefit status from the relevant authorities. Private Social Security and Pension Funds: The exemption provided by the Corporate Tax Law extends to private social security funds, which play a pivotal role in supporting individuals’ post-retirement. These funds are designed to finance end-of-service benefits and enjoy tax exemptions akin to private pension funds. To qualify for tax exemption, the fund must consist of assets specifically allocated by law or contract for end-of-service benefits. By encouraging the establishment of private social security funds, the new law aims to provide a safety net for employees and ensure financial stability during retirement, thereby promoting comprehensive social security coverage for the workforce. Tax Obligations for Exempt Entities: While exempt entities are not subject to corporate tax on their qualifying income, they may still be liable for other taxes, such as Value Added Tax (VAT) and withholding tax. Furthermore, certain activities conducted by exempt entities may fall outside the scope of their exemption and could be subject to corporate tax. The responsibility rests upon exempt entities to remain vigilant about their tax obligations, staying abreast of any changes in tax laws or regulations that could affect their status. Non-compliance with regulatory tax requirements could result in punitive measures and other legal consequences. Seek the expert services of Top Tax Consultants in UAE Corporate tax exemption in the UAE extends to diverse entities and individuals based on a specific criterion. Moreover, other individuals or entities may apply for Exempt Person status contingent on their circumstances and eligibility. A comprehensive understanding of these exemptions is imperative for taxpayers and businesses to ensure compliance and make informed decisions amid the evolving economic landscape. Thus, it is advisable for Taxable Persons to seek the expert services of trusted Tax Consultants in UAE to effectively determine taxability in compliance with the statutory Law. Therefore, contact us today and we shall be glad to assist you. Exempt Entities Under Corporate Tax in UAE

Exempt Entities Under Corporate Tax in UAE

October 6, 2023 Reeti Garg 0

           The UAE Corporate Tax Law grants exemptions to certain individuals and entities. These exemptions are vested in public interest and policy considerations which create […]

Watch: Pakistani Politicians Thrash Each Other During Live Debate on TV Channel

Watch: Pakistani Politicians Thrash Each Other During Live Debate on TV Channel

September 29, 2023 S Ranjita 0

Fawad Chaudhry, the federal minister for science and technology; Fayyaz ul Hassan Chohan, the provincial minister for prisons; Qamar Zaman Kaira, the former federal minister and senior leader of Pakistan Peoples Party (PPP); and Malik Ahmed Khan, the spokesperson of Pakistan Muslim League-Nawaz (PML-N).

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