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The United Arab Emirates (UAE) Federal Tax Authority (FTA) has recently issued a comprehensive guide detailing the taxation policies for partnerships under the newly implemented Corporate Income Tax (CIT) regime.
This guidance is crucial as it clarifies how both incorporated and unincorporated partnerships will be treated for tax purposes, which has implications for numerous entities operating within the UAE.
From the perspective of the UAE’s CIT, legal entities that are incorporated, established, or recognized in the UAE are generally considered taxable persons.
However, the treatment of partnerships depends on whether they are incorporated or unincorporated:
The guide stipulates that individual partners of a fiscally transparent partnership may need to register for CIT depending on their specific circumstances.
For legal persons within the UAE who are partners in these partnerships, CIT registration is mandatory.
On the other hand, if an unincorporated partnership is considered fiscally opaque, it must register for CIT as it is recognized as a taxable person.
For tax purposes, deductible expenses for partners in fiscally transparent partnerships and for fiscally opaque partnerships are treated similarly.
Partners must account for their share of the partnership’s expenses in their taxable income.
Additionally, the guide highlights that transactions between related parties, including those involving partners of unincorporated partnerships, must adhere to the arm’s length principle to maintain compliance with transfer pricing regulations.
While incorporated partnerships based in a Qualifying Free Zone can benefit from the Free Zone Tax Regime if certain conditions are met, this benefit does not extend to unincorporated partnerships treated as taxable persons.
An unincorporated partnership, even if it operates a branch in a Qualifying Free Zone, cannot enjoy the Free Zone Tax benefits due to its non-legal person status.
The guide also addresses the treatment of foreign partnerships, stipulating that they will be considered fiscally transparent if they meet specific criteria such as not being taxed in their home jurisdiction, having partners who are individually taxed on their share of the partnership’s income, submitting an annual declaration to the FTA, and maintaining adequate tax information exchange arrangements with the UAE.
The FTA’s new guide on the taxation of partnerships under the UAE’s CIT regime provides vital clarification for entities navigating this complex area.
This detailed guidance is aimed at ensuring that partnerships and their partners are well-informed of their tax obligations and can plan their tax strategies effectively.
Entities involved in partnership structures in the UAE should carefully review this guide to ensure compliance and optimal tax handling under the new corporate tax environment.
If you have any queries about this article on UAE Clarifies Taxation of Partnerships, or UAE tax matters more generally, then please get in touch.
Corporate taxation is a fundamental aspect of operating a business in Nigeria, with tax revenues contributing significantly to public infrastructure, social services, and developmental projects.
This guide aims to elucidate the intricacies of corporate taxation and regulatory compliance in Nigeria, fostering a transparent and conducive business environment.
The Nigerian tax landscape comprises various taxes mandated by law for companies conducting business activities in the country:
Governed by the Finance Act 2019 and the Company Income Tax Act, CIT is an annual federal income tax levied at a rate of 30% for most companies.
However, companies with gross revenue below NGN 25 million enjoy a reduced rate of 0%, while those with revenue between NGN 25 million and NGN 100 million are taxed at 20%.
Additional state-level income taxes may also apply.
Varies based on company status and accounting period.
Imposed on profits from the sale of chargeable assets, governed by the Capital Gain Tax Act, and levied at a rate of 10% on gains.
Applicable to upstream petroleum operations, with rates ranging from 50% to 85% based on contract type and operational phase.
Required by law to be withheld from payments made to contractors and remitted periodically to tax authorities. Rates vary based on the nature of transactions.
A consumption tax levied at a rate of 5% on goods and services consumed, with returns filed monthly.
Mandated for companies employing five or more workers or with turnovers above a certain threshold, contributing 1% of annual payroll to ITF.
Imposed at a rate of 2% of assessable profit, payable within two months of assessment notice.
Mandatory for businesses and individuals with tax authorities to obtain Tax Identification Numbers (TINs) for identification purposes.
Timely submission of accurate tax returns, detailing income, deductions, and liabilities, is imperative to avoid penalties.
Ensuring prompt and accurate tax payments within specified deadlines to avert interest charges or penalties.
Tax evasion attracts severe penalties, including fines, imprisonment, or both, depending on the severity of the offense.
Failure to remit taxes may result in penalties and interest charges.
Companies complying with tax obligations may enjoy incentives such as investment tax credits, tax allowances, and exemptions provided by the Federal Government to encourage investment and economic growth.
Navigating corporate taxation and regulatory compliance in Nigeria is essential for businesses to thrive and contribute to sustainable economic development.
If you have any queries about Corporate Tax in Nigeria, or any tax matters in Nigeria, then please get in touch.
Dubai’s government issued Law No. (1) of 2024 on 7 March 2024, targeting taxation for foreign banks operating within the emirate.
However, this does exclude those licensed in the Dubai International Financial Centre (DIFC).
This announcement raised eyebrows, sparking discussions on potential impacts on the banking sector and wider economic implications.
At the heart of discussions is a 20% tax imposed on the annual taxable income of foreign banks.
While initial reactions suggested a major shift, it’s crucial to understand the context and historical framework of this tax regulation.
The 20% tax isn’t new; it revises Regulation No. 2 of 1996, which introduced the same tax rate for foreign banks in 1996.
The UAE’s corporate tax regime introduced in 2022 brought a potential increase in tax liabilities for foreign banks.
However, the New Tax Law provides a respite by allowing the deduction of corporate tax from the 20% tax charge, addressing concerns over a possible double taxation scenario.
Speculations ranged from market shifts favoring the DIFC to concerns over increased consumer charges. However, the law’s clarification and historical continuity suggest a less dramatic impact:
The New Tax Law aims to maintain market stability rather than disrupt it.
By clarifying tax obligations and ending double taxation, the law supports foreign banks’ operations in Dubai.
The adjustment does not necessarily translate to increased consumer charges, as it essentially streamlines tax liabilities for foreign banks rather than increasing them.
Contrary to initial speculations, the New Tax Law for foreign banks in Dubai marks a positive development, ensuring fairness in taxation while preserving the competitive edge of both local and foreign banks.
It highlights Dubai’s commitment to a transparent and equitable financial landscape, reinforcing its position as a leading global financial hub.
If you have any queries about Dubai’s New Tax Law for Foreign Banks, or tax matters in Dubai or the UAE more generally, then please get in touch.
In this article, we consider some of the developments in the off-ing for Kazakhstan slated for 2024.
The dawn of 2024 brings new regulations for the digital mining sector, transitioning from a notification-based system to a structured licensing regime.
This change not only aims to formalize digital mining activities but also introduces specific requirements for digital miners, including the establishment of an automated system for commercial metering of electrical energy and telecommunications systems.
Kazakhstan marks 2024 with the termination of the business inspections moratorium that had been in place since 1 January 2020.
This moratorium, originally designed to shield small and micro-businesses from unscheduled state inspections, is giving way to a new era of regulatory oversight.
The government plans to introduce an innovative automated control system to halve the frequency of on-site inspections, a move articulated by Minister of National Economy Askar Kuantyrov as a significant shift towards minimizing state intervention and reducing penalties for businesses.
With this system, inspections are slated only for entities presenting an elevated risk, as indicated by the system’s assessments.
2024 also welcomes the third stage of the universal revenue declaration, compelling leaders and founders of legal entities, alongside individual entrepreneurs and their spouses, to submit a comprehensive Declaration of Assets and Liabilities.
This progression from the initial stages introduced in 2021 underscores Kazakhstan’s commitment to enhancing transparency and fiscal accountability among its business and public service sectors.
Significant amendments to the laws governing oil, gas, and subsoil use took effect on January 1, 2024.
These amendments seek to modernize the industry’s practices by updating the rules for metering crude oil and gas condensate and introducing a sophisticated information system for the accounting of crude oil, gas condensate, and processing products.
Starting January 1, 2024, Kazakhstan has refined its currency control measures to bolster oversight on foreign exchange transactions.
This includes the introduction of a new procedure for the repatriation of national and/or foreign currency for export or import, aimed at ensuring adherence to regulations and facilitating accurate and compliant foreign exchange activities.
Highlighting Kazakhstan’s dedication to sustainable energy development, the government ratified an agreement with the United Arab Emirates for the implementation of wind power station projects.
This agreement not only symbolizes international cooperation in the fight against global warming but also sets the stage for the development of significant renewable energy projects in Kazakhstan.
The Ministry of Agriculture has implemented reforms to the procedures for selling land plots at electronic auctions, facilitating a more transparent and efficient process.
These reforms include the formation of land plot lists for auctions and the submission of self-prepared proposals for vacant land plots suitable for auction.
These regulatory changes and initiatives represent Kazakhstan’s strategic approach to fostering economic growth, enhancing regulatory compliance, and advancing sustainable development.
As the nation embarks on these new paths, businesses and stakeholders are encouraged to adapt and align with the evolving regulatory landscape to leverage opportunities and navigate potential challenges effectively.
If you have any queries about this article on the Developments in Kazakhstan for 2024, or tax matters in Kazakhstan, then please get in touch.
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The United Arab Emirates (UAE) has established specific deadlines for the application process of Corporate Tax (CT) Registration.
This move follows the implementation of the UAE CT law, which came into effect for the financial year starting on or after 1 June 2023.
The Federal Tax Authority’s Decision No. 3 of 2024, effective from 1 March 2024, outlines the crucial timelines for entities to comply with this registration requirement, emphasizing the nation’s commitment to a structured tax framework.
Entities established or recognized before March 2024 must adhere to specified deadlines based on the issuance date of their earliest license. These are set out in a table in the Decision (link provided above)
Those incorporated or recognised post the decision’s effective date must secure their Tax Registration within three months from their date of incorporation, establishment, or recognition.
Entities with a Place of Effective Management (POEM) in the UAE need to obtain registration within three months from the end of their financial year.
Similar timelines apply, with specific deadlines set for non-resident entities established or recognized prior to and following March 2024.
Individuals engaged in business or professional activities must apply for Tax Registration by stipulated deadlines to ensure compliance.
Failure to submit the CT Registration application within the designated timelines incurs a substantial penalty of AED 10,000, underscoring the importance of timely action to avoid financial repercussions.
This structured approach to CT Registration necessitates careful planning and evaluation, particularly for foreign companies operating in the UAE through various business models.
The decision signifies the UAE’s proactive stance in tax regulation, aiming to streamline the process while ensuring entities contribute their fair share to the national economy.
Entities, both resident and non-resident, must diligently assess their operations within the UAE to adhere to the new registration mandates.
This includes evaluating any exposure related to Permanent Establishments, Nexus, and POEM, and initiating the registration process promptly to sidestep penalties.
The Federal Tax Authority’s recent decision marks a significant step in reinforcing the UAE’s corporate tax framework, aligning with global tax practices and enhancing the nation’s competitiveness.
Businesses operating within the UAE’s jurisdiction must now navigate these new requirements with strategic foresight, ensuring compliance to maintain their standing and avoid penal implications.
If you have any queries about this article on UAE Corporate Tax Registration, then please get in touch
The business landscape is set to change significantly with the recent adaptation of public Country-by-Country Reporting obligations in the European Union, a development that underscores a global shift towards greater tax transparency.
Stemming from the European Commission’s proposal back in April 2016, this requirement mandates Multinational Enterprises (MNEs) to disclose annual reports on profits and taxes paid across all operational countries.
Finalised after years of deliberation, this regulation aims to shed light on MNEs’ tax strategies and their contribution to societal welfare.
The Decree incorporates these requirements into Dutch law, targeting entities exceeding €750 million in consolidated revenue for two consecutive years.
This applies to various forms of Dutch entities, including branches and subsidiaries of non-EU headquartered MNEs, introducing a new layer of fiscal responsibility.
However, the Decree’s broad scope raises questions about its applicability to entities solely operating within the Netherlands or those with minimal revenue from traditional business activities.
MNEs must now disclose detailed financial information, ranging from the number of employees to profit before income tax and the amount of income tax paid.
This requirement extends to reporting for each EU member state, including additional disclosures for countries deemed non-cooperative tax jurisdictions.
Interestingly, the Decree allows for the temporary omission of information that could harm the commercial stance of the entities involved, albeit with strict conditions.
Entities must file their reports within 12 months post-financial year, ensuring public accessibility in an EU official language and via a prescribed electronic format.
This proactive approach is aimed at promoting transparency and encouraging fair tax practices across borders.
The integration of this EU directive into Dutch law signals a significant shift towards transparency, yet it leaves room for interpretation, especially concerning the calculation of net turnover and the classification of subsidiaries.
Moreover, the absence of a specific conversion rate for MNEs operating in non-Euro currencies adds another layer of complexity to compliance.
As the EU strides towards greater tax transparency, Dutch businesses find themselves navigating a sea of new reporting obligations.
While the directive aligns with global trends, its implementation raises practical concerns, from the definition of applicable entities to the intricacies of financial reporting.
Businesses must tread carefully, ensuring their reporting strategies are compliant yet strategic, safeguarding their commercial interests while aligning with the broader goal of societal welfare through fair taxation.
For more insights into how these changes may affect your business or for any inquiries on Dutch or EU tax matters, feel free to get in touch.
When it comes to Research and Development (R&D) tax incentives, it is becoming clearer and clearer that maintaining compliance with regulatory standards is crucial.
A recent case, Active Sports Management Pty Ltd and Industry Innovation and Science Australia [2023] AATA 4078, exemplifies the rigorous compliance expectations of R&D tax regulators and underscores the importance of a methodical approach to documenting R&D activities.
The Administrative Appeals Tribunal’s (AAT) decision in December 2023 emphasized that the activities claimed by Active Sports Management (ASM) did not constitute eligible R&D activities under the Industry Research and Development Act 1986.
Specifically, the Tribunal found that the development of a custom basketball shoe failed to exhibit a systematic progression of work grounded in established scientific principles, from hypothesis through to experiment, observation, evaluation, and logical conclusions.
The Tribunal scrutinized ASM’s claims related to the development of the “Delly1” basketball shoe, designed to meet the specific needs of NBA player Matthew Dellavedova.
Despite producing multiple prototypes, the process described by ASM did not meet the criteria for core R&D activities due to a lack of systematic experimentation and documentation.
The Tribunal highlighted the importance of clearly documenting each stage of the R&D process, from hypothesis formulation to the testing and evaluation of results.
This decision signals a clear message to entities seeking to benefit from R&D tax incentives: a rigorous, well-documented approach to R&D activities is essential.
The Tribunal’s emphasis on contemporaneous written evidence as highly persuasive underlines the need for entities to meticulously record their R&D processes, ensuring that activities are carried out in a manner consistent with established scientific principles.
In light of the AAT’s decision, companies engaging in R&D activities are advised to:
The case also references the 2020 Federal Court decision of Commissioner of Taxation v Bogiatto, where it was acknowledged that while written evidence is ideal, other forms of evidence, such as witness statements or oral testimony, can substantiate R&D claims.
However, contemporaneous written documentation remains the recommended form of evidence to support R&D activities and claims.
The Active Sports Management case serves as a critical reminder of the importance of adherence to R&D tax incentive rules and the need for comprehensive documentation of R&D activities.
By adopting best practices for governance and documentation, companies can better navigate the complexities of R&D tax compliance and maximize their potential benefits under the program.
As the legal landscape evolves, staying informed and proactive in documenting R&D efforts will be key to achieving successful outcomes in tax incentive applications.
If you have any queries about the Active Sports Management R&D Decision, or Australian tax matters in general, then please get in touch.
On December 27, 2023, the Implementation Act for the Minimum Tax Directive (Minimum Tax Act for short) was promulgated.
The Bundestag had previously passed the law on November 10, 2023 and the Bundesrat subsequently gave its approval on December 15, 2023.
The new Minimum Taxation Act serves to implement the EU Minimum Taxation Directive, which the EU member states were obliged to implement by the end of 2023.
The core of the transposition law – which in its full name is the “Law on the implementation of the Directive to ensure global minimum taxation for multinational enterprise groups and large domestic groups in the Union” – is the regulation of effective minimum taxation at a global level.
It is intended to counteract threats to competition and aggressive tax planning.
To this end, the international community (G20 countries in cooperation with the OECD) has taken certain measures to combat profit reduction and profit shifting.
The new minimum tax law applies to all financial years beginning after December 31, 2023, with the exception of the secondary supplementary tax regulation.
The secondary supplementary tax regulation only applies to financial years beginning after December 30, 2024.
The Minimum Taxation Act is part of the so-called two-pillar solution and is aimed in particular at implementing the second pillar (“Pillar Two”).
The first of these two pillars (“Pillar One”) of the international agreements on which this is based provides for new tax nexus points and regulations for the distribution of profits between several countries.
Particularly due to advancing digitalization, companies would otherwise often operate in other countries without having a physical presence in that country.
As a result, profits could be taxed in a place where they were not generated. In this respect, the first pillar affects the question of the “where” of taxation. The first pillar is currently still the subject of political debate.
The second pillar concerns regulations for the introduction of effective minimum taxation at a global level and therefore the question of how high taxation should be. Corresponding regulations are intended to counteract aggressive tax planning and harmful competition.
Irrespective of how an individual state structures tax liability and the extent to which tax concessions are to be granted, for example, a general minimum threshold for taxation should apply. This should make tax planning less risky. In order to close gaps in taxation, certain options for subsequent taxation should apply.
The second pillar and the associated provisions of the Minimum Tax Act are intended to remedy this. The new Minimum Tax Act obliges larger companies to pay tax on profits in certain cases. Any negative difference to the specified minimum tax rate must be retaxed in the home country.
The adjustment of income tax and foreign tax must be accompanied by the introduction of the Minimum Tax Act.
The new minimum taxation law binds large nationally or internationally active companies or groups of companies with a turnover of at least EUR 750 million in at least two of the last four financial years. The legal form of the company or group of companies is irrelevant.
There is an exception to this in accordance with Section 83 of the Minimum Taxation Act if the company’s international activities are subordinate. This is the case if the company has business units in no more than 6 tax jurisdictions and the total assets of these business units do not exceed EUR 50 million. In this case, these are not taxable business units.
The provisions of the new minimum tax law pose major challenges for the companies concerned with regard to the necessary procurement and evaluation of the extensive data. The prescribed calculation system can only be complied with if these large volumes of data are comprehensively evaluated. Companies often lack this data, have not collected it in the past or it is not or not fully stored in the relevant IT systems.
However, the new minimum tax law provides for certain simplifications and transitional regulations for the first three years. Specifically, this relates to the simplified materiality test, the simplified effective tax rate test and the substance test.
There are also other simplifications without time limits, such as in Section 80 of the Minimum Tax Act for immaterial business units upon application.
The minimum tax applicable under the new implementation law is made up of three factors:
The primary and secondary supplementary tax amounts relate to the difference in the event of under-taxation of a business unit.
The parent companies of the corporate group are generally subject to the primary supplementary tax regulation.
The secondary supplementary tax regulation serves as a subsidiary catch-all provision for cases that are not already covered by the primary supplementary tax amount.
The national supplementary tax amount is the increase amount determined in the Federal Republic of Germany for the respective business unit.
The tax increase amount is calculated on the basis of a minimum tax rate of 15 percent.
Overall, the minimum tax is a separate tax that applies in addition to the income and corporation tax that is due anyway, irrespective of income and legal form.
Germany’s enactment of the Minimum Tax Act marks a significant step towards aligning with the EU’s directive for global minimum taxation, aiming to curb aggressive tax planning and ensure fair competition.
Effective from the fiscal year beginning after December 31, 2023, this legislation targets large multinational and domestic corporations, setting a minimum tax rate of 15% to prevent profit shifting and reduce tax evasion.
With its comprehensive approach and inclusion of transitional simplifications, the law represents an important shift in international tax policy, reinforcing Germany’s commitment to the OECD and G20’s two-pillar solution for global tax reform.
if you have any queries about this article on the New Minimum tax law in Germany, or German tax matters in general, then please get in touch.
In a strategic move to diversify its economy and offer an attractive environment for investors, the Kingdom of Saudi Arabia (KSA) announced the creation of new Special Economic Zones (SEZs) on 13 April 2023.
This initiative, led by the Economic Cities and Special Zones Authority (ECZA), marks a significant development in the Kingdom’s efforts to enhance its business landscape and stimulate investment.
The ECZA, responsible for regulating the Kingdom’s Economic Cities (ECs) and SEZs, released a brochure detailing the tax and non-tax incentives available in these newly established zones.
These incentives are designed to make the SEZs highly competitive on a global scale, providing substantial benefits to businesses operating within them.
A reduced rate of 5% for up to 20 years, significantly lower than the standard rate, to boost profitability and encourage long-term investment.
A 0% rate on the repatriation of profits from the SEZs to foreign countries, facilitating free movement of capital and enhancing the attractiveness of the SEZs to international investors.
A deferral of customs duties for goods within the SEZs, with specific exemptions for capital equipment and inputs in Jazan, reducing operational costs for businesses.
A 0% VAT rate on all intra-SEZ goods exchanges, both within and between zones, to encourage trade and manufacturing activities without the burden of additional tax costs.
Goods imported into SEZs from outside KSA are treated as outside the scope of VAT, simplifying the import process and reducing the cost of bringing goods into the SEZs.
Zero-rated VAT is applicable on all goods exchanged within the SEZs and between zones, promoting internal trade and collaboration between businesses within the SEZs.
The brochure also highlights several non-tax incentives, including flexible and supportive regulations regarding the employment of expatriates during the initial five years.
This approach aims to attract global talent and ease the process of setting up and staffing operations within the SEZs.
The establishment of these new Special Economic Zones is poised to significantly impact both the conduct of business within Saudi Arabia and the broader KSA tax regime.
It represents a clear commitment by the Kingdom to create a more diversified and investor-friendly economic environment.
As the SEZs begin to take shape, further guidance and regulations detailing the specific incentives and reliefs are anticipated in the coming months.
This forthcoming information will be crucial for businesses looking to capitalize on the opportunities presented by these new economic zones, marking an exciting chapter in Saudi Arabia’s economic development journey.
If you have any queries on this article, KSA Introduces New Special Economic Zones, or GCC tax matters in more general, then please get in touch.
In the dying days of 2023, specifically on December 29th, Montenegro‘s National Assembly passed significant amendments to the Corporate Income Tax (CIT) Law.
This marks a key moment in the country’s tax legislation history.
These amendments, effective from January 1, 2024, are set to modernize Montenegro’s tax system, bringing it into closer alignment with European Union (EU) standards.
This move is particularly aimed at harmonizing with the EU Council’s Directive 2009/133/EC, a cornerstone directive that establishes a common system of taxation applicable to mergers, divisions, transfers of assets, and exchanges of shares involving companies from different EU member states.
It also covers the transfer of registered offices of companies within the EU. The application of these rules will be activated upon Montenegro’s accession to the EU.
The recent legislative overhaul goes beyond mere compliance with EU directives. It introduces a series of substantive changes to the CIT regime, reflecting Montenegro’s commitment to fostering a transparent, EU-compatible tax environment.
Here’s a breakdown of the key amendments and their implications for businesses:
The revised CIT Law specifies the calculation of the CIT base, incorporating profit before taxation, as reported in the balance sheet.
This calculation must now adhere strictly to International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). A significant addition is the treatment of accounting policy changes.
Any income or expense arising from such changes will be recognized in the tax period of correction and spread evenly over five tax periods.
Furthermore, the amendments clarify that income from the liquidation of other legal entities will be excluded from the CIT base, alongside refining the conditions for write-offs.
The amendments have introduced precise guidelines for determining the acquisition value of assets.
In a notable shift towards market transparency, the tax authorities are now empowered to adjust the sale price of assets to reflect market value in transactions between both related and unrelated parties.
This adjustment is mandatory if the sale price is below the market rate, ensuring fair market practices and preventing tax evasion.
A significant change is the expansion of the withholding tax’s scope, now encompassing a wider range of legal entities.
The definition of taxpayers subject to withholding tax has been broadened, with the new law also taxing the distribution of liquidation surplus.
Moreover, permanent establishments must now withhold tax on dividends, profits, and liquidation surplus, among other payments, marking a considerable extension of tax obligations.
The amendments have ushered in new amortization rates designed to reflect the current economic realities more accurately.
These include reduced rates for buildings, roads, bridges, and similar assets, now set at 2.5%, and adjustments in rates for other asset groups to ensure a more equitable depreciation schedule.
In an effort to streamline tax benefits, the amendments eliminate the subsidy for newly employed individuals from the CIT Law, as these incentives are already encapsulated within the Personal Income Tax Law.
These amendments represent Montenegro’s proactive steps towards integrating with the European tax framework, signaling its readiness for future EU membership.
By aligning its tax laws with EU standards, Montenegro not only enhances its business environment but also strengthens its commitment to international compliance and transparency.
For businesses operating within Montenegro, these changes necessitate a thorough review of tax planning and compliance strategies, ensuring alignment with the new legislative landscape. For further details, then please get in touch.