The UAE's Federal Tax Authority (FTA) has released three new documents aiming to clarify several issues related to the corporate tax.
A new document type is a bulletin. FTA bulletins summarize key information of the relevant laws, guides, Ministerial Decisions and FTA decisions in a short and easy-to-use format. However, for more details it is highly recommended to read the FTA guides or related laws.
1. Basic Information Business Bulletin considering Free Zone Persons
The bulletin clarifies that a free zone person is a juridical person that is incorporated, established, or otherwise registered in a free zone. This also includes the relevant free zone authorities and other government controlled entities that are established in a free zone.
The bulletin provides the following information:
1. What are the provisions related to free zone persons under UAE corporate tax;
2. Who is a free zone person and who may become a free zone person;
3. What are free zones and what are designated zones for corporate tax purposes;
4. What are the conditions for a free zone person to be a qualified free zone person (QZFP);
5. What are the consequences...