The Ministry of Finance unveiled a UAE Cabinet new implementing\ndecision relating to Qualifying Public Benefit Entities for the purposes of the\nCorporate Tax Law, which is designed to ensure that entities existing and\noperating for the wider public benefit are eligible for tax exemption. <\/p>\n\n\n\n
Qualifying public benefit\nentities are established for the welfare of the public and society, focusing on\nactivities which contribute to the fabric of the UAE. Typically, this focuses\non public welfare, promoting philanthropy, community services or corporate and\nsocial responsibility. This implementing decision is designed to reflect these entities’\nimportant role in the UAE, which often includes religious, charitable,\nscientific, educational, or cultural value, among others.<\/p>\n\n\n\n
To be eligible for CT\nexemption, these entities must meet the conditions under Article (9) of the\nCorporate Tax Law and they must continue to comply with all relevant federal\nand local laws and notify the Ministry of Finance of any changes occurring to\nthese entities that impact their status as a Qualifying Public Benefit Entity.\nThe Qualifying Public Benefit Entities should also register in the Federal Tax Authority\nand obtain a Tax registration number for Corporate Tax purposes.<\/p>\n\n\n\n
The Cabinet may amend the schedule of Qualifying Public\n Benefit Entities at the suggestion of the Minister by modifying, adding, or\n removing entities. An entity that is listed in the schedule annexed to\nthe decision must make a notification of any change occurring to the entity that\nimpact the entity\u2019s continuity in meeting the conditions set out in this\nDecision and the Corporate Tax Law. Various reporting obligations apply to\nQualifying Public Benefit Entities, principally to check that they continue to\nmeet the criteria for approval.<\/p>\n\n\n\n
This Cabinet Decision also\nprovides further certainty and transparency for taxpayers in relation to their\ndeductible expenditure under Article 33 of the Corporate Tax Law, as donations\nand gifts will be allowed as deductible expenditure for Corporate Tax purposes\nif they are made to a Qualifying Public Benefit Entity listed in the Cabinet Decision.<\/p>\n\n\n\n
For more information relating to Corporate Tax, please refer to the Ministry of Finance’s website: www.mof.gov.ae.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Ministry of Finance unveiled a UAE Cabinet new implementing decision relating to Qualifying Public Benefit Entities for the purposes of the Corporate Tax Law, which is designed to ensure that entities existing and operating for the wider public benefit are eligible for tax exemption. Qualifying public benefit entities are established for the welfare of …<\/p>\n","protected":false},"author":2,"featured_media":47188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-53222","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-economy","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/53222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=53222"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/53222\/revisions"}],"predecessor-version":[{"id":53223,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/53222\/revisions\/53223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/47188"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=53222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=53222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=53222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}