I think that's a stretch. We'll see. It is entirely possible that they are just testing the waters.
The FTA told me it could take until April next year for additional guidance to be published.
There will be no more explanatory acts from FTA nor Ministry.
Can you please provide a link to the official UAE law you are quoting?
Yes, I read that, but using different canons of interpretation it can be interpreted so many different ways, but in the end, it's like gender. If I ask a supplier or buyer whether he is a man or a woman and they come up with legalese and sophistry, it's time to dump them. No need to waste time with them anymore. Bad business or bad people is a definite deal-breaker for me.Posted in this thread Post in thread 'UAE clarification of Freezone Qualifying Income' UAE clarification of Freezone Qualifying Income
Why do you write "we" understand - are you representing a organization / firm in anyway ?We understand. You are advertising a charitable activity here. And of the hundreds of thousands of dollars a year you earn from it, you donate it all to charitable purposes and you have absolutely no reason to hide the truth that would ruin an activity from which you have nothing. Or would it be completely different?
I'm glad I am NOT the only one who picked up on that!Why do you write "we" understand - are you representing a organization / firm in anyway ?
Are there any guidelines out yet regarding how much you can take out as a salary to keep it under the 375k AED profit?
does not apply to small digital businesses such as an e-commerce, with a turnover below 5 million aed
If it's your case, was it easy to achieve priority banking with UOB/DBS/SC/Citi... (I assume in SG but could be in HK as well) having (clean) crypto as source of funds? How much money did you have to park/invest there?
Just got a reply.
"The corporate income tax in the UAE , might cause some more attention to tax related issues, the fully understand the impact we need to understand your personal background. In general we want to point out that the corporate income tax rate for free zone companies is zero."
Meeting them tomorrow in person - keeping you posted
Also seems like a single member US LLC, if it has a turnover below 1M AED will not be taxed in the UAE, and does not even need to register for CIT - even if it is run by someone living in the UAE.Have a look at this FAQ:
https://mof.gov.ae/corporate-tax-faq/
I still believe that a transparent US LLC would not be taxed in the UAE if it has no business activity/it's not managed in the UAE.
Annoyingly I can't find the actual legal text about the 1M turnover exemption on mof.gov.ae.
How do you think, will the de minimis requirements be considered met if the turnover is exceeded in the previous tax period? Will it be enough to slow down in the new financial year (starting in December for my case)?Surely he will be the least expert on the subject, but given the conversation of this post, while awaiting my appointment with my tax advisor on Tuesday, I have downloaded the official document Ministerial Decision No. 139 of 2023 Regarding Qualifying Activities and Excluded Activities , and since I read in articles 3 and 4 of this document, everything I have read previously in these conversations, in my opinion, does not apply to small digital businesses such as an e-commerce, with a turnover below 5 million aed , simply because from my reading, which is not that of an expert tax advisor, and which I repeat could certainly be wrong, these activities are not qualifying activities, but are excluded activities therefore not taxable, I leave the link to the government authority site for downloading the ministerial decision, which made me make these assessments, I thank the opinion of anyone who has a more expert vision Ministe
Interested what you find! What do you think the upper limits are with those banks? What sizes transactions can you do on-ramp/offramping?
he can't he is trollingCan you please provide a link to the official UAE law you are quoting?
Yes - need to find time for a separate Thread.Any update, @Fred ?
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