Get the scoop on the new "Small Business Relief" for UAE Business Owners 📈

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🤔How's your small business doing? Have you been keeping up with the latest news and regulations?

If not, we've got some important updates to share with you. The UAE Ministry of Finance has recently issued a new Ministerial Decision on Small Business Relief, and it's critical to stay on top of these changes to ensure the continued success and growth of your business.

Here's what you need to keep in mind:

📈 Revenue threshold: If your revenue in the relevant tax period and previous tax periods is below Dh3 million for each tax period, you can get Small Business Relief. But once you exceed this threshold in any tax period, you can't get the relief anymore.

🗓️ Timeline: The Dh3 million revenue threshold will apply to tax periods starting on or after June 1, 2023, and will only continue to apply to subsequent tax periods that end before or on December 31, 2026.

💰 Accounting standards: Your revenue can be determined based on the accounting standards accepted in the UAE.

🚫 Ineligible groups: If you're a Qualifying Free Zone Person or a member of Multinational Enterprises Groups (MNE Groups) with consolidated group revenues of more than Dh3.15 billion, you won't be able to get Small Business Relief.

💼 Carry forward: If you don't apply for Small Business Relief in defined tax periods, you can carry forward any incurred Tax Losses and any disallowed Net Interest Expenditure from such tax periods for use in future tax periods.

⚠️ Anti-abuse rules: The Ministerial Decision says that if you try to artificially separate business activities to qualify for Small Business Relief, it'll be considered an arrangement to obtain a Corporate Tax advantage under Clause (1) of Article 50 regarding the general anti-abuse rules of the Corporate Tax Law.

For a comprehensive understanding of Corporate Tax in the UAE, be sure to watch the video below.

Hope this helps you get a better idea of what's going on. Stay in the loop and make sure you're following the new regulations to keep your small business growing strong.

If you're still confused about how to do it, don't hesitate to book a free consultation with us. We'll be happy to help you navigate the process and ensure your business is on the right track.

Also, don't forget to check out our latest eBook, designed to help finance leaders like you navigate the complex world of finance and stay ahead of the competition.

Are you a small or medium-sized business owner struggling to maintain financial stability and looking to take your company to the next level? If so, we have great news for you! Check out our latest blog post on 10 essential tips for maintaining financial hygiene in SMEs! Visit our website now to read the full post and start achieving financial stability and success!