Bloomberg Tax
May 26, 2023, 4:02 PM

UAE Clarifies Treatment of Assets in Corporate Tax Law

Danish Mehboob

UAE corporate tax rules are starting to tax shape after the government released additional guidance on the transitional framework on Friday.

The Ministry of Finance published Ministerial Decision No. 120, another level of guidance on how stakeholders should treat assets once the corporate tax law starts. The rules address adjustments on gains on property, intangible assets, and financial assets and liabilities owned prior to the first tax period.

  • For property and intangible assets owned prior to the first tax period, the taxpayer can find the excluded amount by multiplying the gain from disposing the asset by the number ...

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