Public benefit organisations that contribute to the welfare of society will be eligible for exemptions under the UAE's corporate tax law, the Ministry of Finance said on Sunday.
Organisations that qualify for the exemption, which was decided by the UAE Cabinet, will include entities that focus on activities such as philanthropy, community services and corporate social responsibility, the ministry said.
“This implementing decision is designed to reflect these entities' important role in the UAE, which often includes religious, charitable, scientific, educational, or cultural value”, the Ministry of Finance said.
To qualify for the exemption, entities must meet the conditions specified in Article 9 of the corporate tax law and must maintain compliance with all relevant federal and local laws, the ministry said.
They must also inform the ministry of any changes that may affect their status as a qualifying public benefit entity.
Last year, the UAE introduced the federal corporate tax with a standard statutory rate of 9 per cent, which will come into effect for businesses whose financial year starts on or after June 1 this year.
In December, the country issued the federal corporate tax law, bringing the income of companies exceeding Dh375,000 ($102,000) into the corporate tax bracket.
The UAE corporate tax law currently exempts certain entities, including those involved in natural resource extraction activities in the country. However, they are still subject to existing local emirate-level tax.
Other exemptions are available to organisations such as government entities and pension or investment funds.
Existing free-zone entities are also exempt from corporate tax because they are among the drivers of the UAE's economic growth, the ministry said in December.
Public benefit entities should register with the Federal Tax Authority (FTA) and obtain a registration number for corporate tax purposes, the Ministry of Finance said.
“The Cabinet may amend the schedule of qualifying public benefit entities at the suggestion of the minister by modifying, adding, or removing entities,” it said.
Watch: UAE to introduce federal corporate tax on business profits
Qualifying public benefit entities have reporting obligations to ensure they meet the approval criteria.
The Cabinet decision also allows donations to qualifying public benefit entities to be a deductible expenditure under Article 33 of the corporate tax law.
The UAE's corporate tax regime is based on a self-assessment principle, which means businesses are required to ensure that the documents submitted to the FTA are correct and comply with the law.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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Courtesy: Crystal Intelligence
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
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