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Finance ministry eases corporate tax requirements: Domestic businesses, foreign partnerships, and family foundations will benefit from eased administrative and tax compliance requirements under new amendments issued by the Finance Ministry, Wam reports. The updated decision applies for tax periods beginning on or after 1 June 2023.
Key changes:
- Foreign partnerships will automatically be considered tax-transparent in the UAE if they hold the same status in their home country, removing the need for individual partners to confirm their tax status separately;
- Unincorporated partnerships are no longer required to inform the Federal Tax Authority about changes in their partner composition, such as partners joining or leaving, within 20 days;
- Family foundations can now apply for tax-transparent status, enabling them to access tax benefits for assets held within the UAE.
