The Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, and its amendments ("Corporate Tax Law") applies to Tax Periods commencing on or after 1 June 2023. A Tax Group is two or more Taxable Persons treated as a single Taxable Person according to the conditions of Article 40 of the Corporate Tax Law, where an application to form a Tax Group has been made to, and approved by, the Authority.
Where such an application has been approved, the Tax Group, as a Taxable Person, is required to prepare aggregated Financial Statements for the purpose of determining its Taxable Income. The aggregated Financial Statements for the purposes of determining the Taxable Income of the Tax Group for Corporate Tax purposes shall be prepared by aggregating the standalone Financial Statements of the members of the Tax Group and eliminating the transactions between them ("Aggregated Financial Statements").
The Aggregated Financial Statements of the Tax Group are prepared specifically for Corporate Tax purposes and may deviate from the consolidated...