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  23.11.2023

  United Kingdom

  Autumn Statement 2023 – Key tax announcements

  The Chancellor opened his speech with a statement that, “Our plan for the British economy is working, but the work is not done”.  Consistent, perhaps, with the tone of that message, yesterday’s announcements offered few real surprises, with the headline measures – on NI changes and full expensing – already widely anticipated.A summary of the key announcements follows.Tax measures for individuals (employees & self-employed)National Insurance Contributions (NICs) ratesIn relation to NICs, the Chancellor has announced the following.The main rate of Class 1 National...

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  13.06.2023

  Middle East

  UAE Corporate Tax Law: When does a non-resident juridical person have a UAE Nexus?

  BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” is 0% with respect to qualifying income and 9% on non-qualifying revenue.Under Article 11 of the CTL, a taxable person includes a non-resident person which has a UAE nexus.Cabinet Decision...

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  05.06.2023

  Middle East

  UAE Corporate Tax Law: What Constitutes Qualifying Income for Free Zone Persons?

  BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” (“QFZP”) is 0% with respect to qualifying income (“Qualifying Income”) and 9% on non-qualifying revenue (“Non-Qualifying Revenue”).After much anticipation,...

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  25.04.2023

  Middle East

  Corporate Tax Thought Leadership Series: Anti-Abuse Rules for Small Business Relief

  BackgroundThe UAE enacted its Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023. A 9% tax rate will apply on income exceeding AED 375,000 (approx. US$102k). Despite its name, the Corporate Tax Law treats a natural person conducting business in the UAE as a “Resident Person”. Such a person’s business income would be subject to corporate tax in the UAE. Should the legislation not have extended the scope of the Corporate Tax Law to natural persons...

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  17.04.2023

  Middle East

  The legal framework for sustainable family businesses in the Kingdom

  BackgroundThe new Saudi Companies Law issued through Cabinet Decision No 678/1443 is a landmark legislation that has sown the seeds for a sustainable family business ecosystem. The provisions regarding family businesses introduced by the Companies Law are in pursuance of the economic objectives underpinned in the country’s landmark Vision 2030.Family CharterMost importantly, the Companies Law has introduced an institutional legal cover to family businesses. The founders, partners and shareholders of family-owned enterprises can now conclude a “family charter” (or a family constitution)...

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  12.04.2023

  Middle East

  UAE Corporate Tax: Small Business Relief Criteria

  BackgroundThe UAE issued its landmark Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023.The Corporate Tax Law provides a framework whereby small businesses who qualify as Resident Persons may elect to be treated as not having any taxable income for a tax period and therefore would pay zero corporation tax for that period (the “Small Business Relief”). However the Corporate Tax Law did not specify the criteria that Resident Persons would need to meet in order...

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