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1. Do businesses in Sharjah need to pay corporate tax?
Ans: Yes, businesses in Sharjah, like those in all other Emirates of the UAE, are required to pay corporate tax under the new federal Corporate Tax regime. This applies uniformly across the UAE, with a standard tax rate of 9% on taxable income above AED 375,000 and 0% on income up to this threshold
2. Are there any recent updates or changes to corporate tax laws in Sharjah?
Ans: The Corporate Tax Law in Sharjah, part of the UAE-wide system effective from June 1, 2023, standardizes a 9% tax rate for profits above AED 375,000 and offers a 0% rate for lower profits. This law incorporates international best practices and simplifies compliance
3. What types of businesses are subject to corporate tax in Sharjah?
Ans: In Sharjah, as part of the UAE,
corporate tax applies to all businesses and individuals conducting business activities under a commercial license. This includes entities in banking, real estate management, and those operating in free zones, though free zone businesses may enjoy different tax benefits if they meet certain conditions. The tax also covers foreign entities and individuals if they conduct business in the UAE in an ongoing manner.
4. Can businesses in Sharjah claim deductions for certain expenses on their tax returns?
Ans: Yes, businesses in Sharjah can claim deductions for certain expenses on their tax returns, including costs directly related to generating income, like raw materials and operational expenses. However, entertainment and certain other expenses may be restricted
5. Are there any tax incentives available for new businesses in Sharjah?
Ans: For new businesses in Sharjah, tax incentives are available, especially in free zones, which offer benefits like a 0% corporate tax rate to support new and growing businesses
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