[World Tax News] UAE Releases Corporate Tax Guide on Determination of ‘Taxable Income’ and More

Editorial Team – [2024] 165 taxmann.com 453 (Article)

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.

1. UAE releases Corporate Tax Guide on determination of Taxable Income

The UAE Federal Tax Authority has published a corporate tax guide on determination of Taxable Income and calculation of Corporate Tax Payable. This guide is designed to provide general guidance to Taxable Persons for determining their Taxable Income and calculating their Corporate Tax Payable under the Corporate Tax Law. It provides readers with an overview of:

• the adjustments required to be made to the Accounting Income for determining the Taxable Income under the Corporate Tax Law, and
• the adjustments required to be made to the Taxable Income for calculating the Corporate Tax Payable under the Corporate Tax Law.

Specific aspects of the Corporate Tax Law, which are covered in detail in other guides, are not covered here. The FTA has published a number of subject-specific Corporate Tax guides including on Tax Groups, Unincorporated Partnerships, Small Business Relief, Free Zone Persons, Extractive Business and Non-Extractive Natural Resource Business, Qualifying Group Relief, Business Restructuring Relief, and Transfer Pricing.

The guide should be read by any Person who wants to know how to determine Taxable Income and calculate the Corporate Tax Payable. It is intended to be read in conjunction with the Corporate Tax Law, the implementing decisions and other relevant guidance published by the FTA.

Source: Corporate Tax Guide on Determination of Taxable Income

2. Irish revenue publishes Tax and Duty Manual containing overview of the Administration of Pillar 2

The Irish Revenue has released eBrief No. 213/24, which provides new guidance on administering the Pillar 2 global minimum tax and updates the guidelines on implementing the Pillar 2 rules.

Tax and Duty Manual (TDM) Part 04A-01-01 is a new manual that contains an overview of the Administration of Pillar Two. In addition to this Administration of Pillar Two TDM, the recently published Part 04A-01-02 has been updated. TDM 04A-01-02 now contains guidance on the operation of the Pillar Two rules along with the detailed correlation table, which cross-references the legislation contained within Part 4A of the TCA 1997 with:

• the relevant article of the EU Minimum Tax Directive,
• the relevant article of the OECD Model Rules,
• OECD Commentary, where relevant, and
• OECD Administrative Guidance, where relevant.

Source: Revenue eBrief No. 213/24

Click Here To Read The Full Article