UAE releases Transfer Pricing Disclosure Form – key considerations before the end of the financial year
As businesses shift their focus from understanding the impact of corporate tax, they turn their attention to tax compliance process and ensuring that they are well prepared to file Corporate Tax Return. As part of complying with the UAE reporting requirements, taxpayers will have to file a Transfer Pricing Disclosure Form ("TP Form") as part of the Corporate Tax Return.
In filing the TP Form, taxpayers are required to report their transactions with related parties and/or connected persons. As such, taxpayers must ensure that their operational transfer pricing support is in line with the UAE requirements to minimise any gaps or lapses before the end of their financial year.
Released TP Form helps to understand the information and its format that taxpayers will have to proactively disclose to the UAE Federal Tax Authority. Taxpayers should assess their current internal processes to ensure that they have adequate (economic) support, in line with the UAE requirements, to ensure that these requirements can be satisfied. Read more.
UAE paves the way for e-Invoicing: a new era in tax compliance
The UAE has amended its Federal Decree-Law No. (8) of 2017 on Value Added Tax and Federal Decree-Law No. 28 of 2022 on Tax Procedures, establishing the groundwork for electronic invoicing (“e-Invoicing”) in the country (“VAT Law Amendments”).
These amendments are directly linked to the recent release of the UAE e-Invoicing Programme by the UAE Ministry of Finance (“e-Invoicing Programme”), which outlines the framework and timeline for implementing e-Invoicing systems in the UAE. Read more.
To speak with us in relation to any of the proposed changes, or any tax and transfer pricing matters or issues more generally, please contact one of the team members above.
