Explanatory Guide for Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses
The Ministry of Finance has issued an Explanatory Guide (the “Guide”) for Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”). The Guide is designed to provide a detailed explanation of each article and the intended purpose of the provisions of the Corporate Tax Law and the executive decisions issued for its implementation.
The Guide may be referred to when interpreting the provisions of the Corporate Tax Law and shall be used as a reference guide to understand the provisions and scope of application of the Corporate Tax Law and assist businesses in understanding the tax rules, conditions and obligations through providing some examples that are intended to simplify tax terminologies.
The Explanatory Guide must be read in conjunction with the Corporate Tax Law and the relevant decisions issued by the Cabinet, the Ministry of Finance, and the Federal Tax Authority for the purposes of applying some provisions of the Corporate Tax Law. The Guide is not, and is not meant to be, a comprehensive description of the Corporate Tax Law and its implementing decisions.
The Guide provides an explanation of the policies related to the Corporate Tax regime in the State, based on which the provisions of the Corporate Tax Law were formulated. The Guide will also assist in understanding the legal provisions and improve the Corporate Tax Law’s readability by companies, businesses and individuals undertaking a business or business activity.
It should be noted that the Ministry of Finance may update the Guide periodically. The latest version of the Guide will be made available on the website of the Ministry of Finance as well as the website of the Federal Tax Authority.
Issued: 12 May 2023
Updated: 12 May 2023
Where to find more information?
Please visit the Ministry of Finance and the Federal Tax Authority websites for FAQs here and more information