Tax Authority Publishes Compliance Guide for Individuals Under Corporate Tax Regulations
The Tax Authority has released a comprehensive guide for individuals to navigate the new Corporate Tax Law, which took effect on June 1, 2023. This guide offers a clear explanation of the criteria that determine who falls under the Corporate Tax Law and how to comply with its requirements.
Simplifying Tax Compliance for Individuals
The guide is designed to simplify the complexities of Corporate Tax for natural persons, providing detailed instructions to help them ascertain their tax obligations. It is a critical resource for individuals generating income within the UAE to understand whether they are subject to Corporate Tax.
Understanding Your Tax Responsibilities
The Tax Authority encourages all individuals who earn income in the UAE, whether residing or conducting business in the country, to consult the guide. It serves as a valuable tool to familiarize oneself with the nuances of the Corporate Tax Law, including the implementing decisions and other pertinent materials available on the Tax Authority’s website.
Registration and Criteria
As per the guide, individuals must register for Corporate Tax purposes and obtain a Tax Registration Number if their total annual turnover exceeds AED 1 million from the calendar year 2024 onward. Non-resident individuals must also comply with Corporate Tax if they have a permanent establishment in the UAE with a turnover exceeding the stipulated amount within a calendar year.
