Page 2 - ICAI UAE TAX UPDATE_JULY 2024

INDEX

1. MANAGEMENT COMMITTEE DETAILS ........................................................................................ 3

2. FROM THE CHAIRMAN ................................................................................................................ 4

3. UAE TAX UPDATES ........................................................................................................................ 5

3.1 UAE Corporate Tax – First Tax Period of Juridical Person .................................................. 5

3.2 UAE Corporate Tax – Common ownership and / or Control through a Government
Entity .......................................................................................................................................... 7

4. ARTICLES FROM MEMBERS ......................................................................................................... 8

4.1 Navigating the UAE Thin Capitalization Rules: All You Need to Know ............................ 9

5. OTHER TAX UPDATES ..................................................................................................................11

5.1 GCC Updates ...................................................................................................................... 11

5.2 Indian Union Budget 2024: Detailed Tax Updates ........................................................... 14

6. INVITATION TO WRITE ARTICLES FROM MEMBERS ................................................................. 18

FTA Link : For full information on UAE Corporate Tax, refer to - https://tax.gov.ae/en/legislation.aspx
and for the FTA Guides, refer to - https://tax.gov.ae/en/taxes/corporate.tax/corporate.tax.guides.references.aspx

DISCLAIMER

The material and information contained herein, prepared by the ICAI (Dubai) Chapter NPIO, are intended for the members of the ICAI (Dubai) Chapter to provide
latest updates and insights. It is not intended to be an exhaustive treatment of any subject matter. The ICAI (Dubai) Chapter, by means of this material, is not rendering
any professional advice or services. This update should not be relied upon as the sole basis for any decision-making which may affect you, your business, or any third
party.This update should neither be regarded as comprehensive nor sufficient for the purposes of any decision-making.The views expressed in this update are solely
those of the authors and contributors. The UAE TAX UPDATE Newsletter is a peer-reviewed magazine presented by the ICAI (Dubai) Chapter, and while efforts are
made to verify the originality of the content submitted by the authors, the ICAI (Dubai) Chapter or the management committee members do not warrant its accuracy
or authenticity and will not be responsible for any decisions taken based on the materials.This newsletter is intended solely for members of the ICAI (Dubai) Chapter
and is not intended to be used or sold or re-sold or referred to any party. This magazine shall not be used as a reference point for any decision making.

2 www.icaidubai.org

UA E TAX UPD ATE NEWSLET TER ISSUE 04 - July 2024