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UAE Corporate Tax: New Tax Procedure Law
The Ministry of Finance recently announced Cabinet Decision No 74 of 2023 (the Cabinet Decision) on the Executive Procedure of Federal Law no 28 of 2022 on Tax Procedures (New Tax Procedure Law).
The Cabinet Decision repeals the and replaces the previous Executive Regulations on Tax Procedures and includes updated definitions, processes and procedures which align with the New Tax Procedure Law. The Cabinet Decision takes effect from 1 August 2023, apart from Article 12(2) which concerns the requirements to be registered as a Tax Agent and which takes effect from 1 December 2023.
The important updates pertain to the accounting records and commercial books that are required to be maintained and the period and manner of such record keeping. There are further updaters for the requirements to registered as a Tax Agent, the responsibilities thereof, as well as the requirements and procedure to deregister as one, which includes communicating to the client in either Arabic and English and both verbally and in writing.
Other important updates include the reconciliation procedures in tax evasion offenses and the process thereof as well as tax refund and payment procedures and the obligations of a Trustee in bankruptcy cases.
The Cabinet Decision will supplement the New Tax Procedures Law in supporting the implementation of all relevant legislation and providing guidance and certainty to taxpayers in implementing Corporate Tax and complying with their tax obligations in operation of their Businesses.
The Cabinet Decision and New Tax Procedures Law can be found here - https://mof.gov.ae/tax-legislation/.
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