Firms in the UAE no longer need to notify the Federal Tax Authority (FTA) within 20 business days of company changes, such as new partners joining or existing partners leaving, under revised law, Ministry of Finance announced on Monday. This announcement came after the Ministerial Decision No. (261) of 2024 aimed at streamlining tax regulations for unincorporated partnerships, foreign partnerships, and family foundations have been updated. These updates are in line with Federal Decree Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its subsequent amendments. Effective for tax periods starting on or after June 1, 2023, the revised law also allows foreign partnerships to be recognised as “tax transparent” in the UAE if they are treated as such in their home jurisdictions. This eliminates the need for individual partners to verify their tax status with the FTA, simplifying procedures for international businesses. The amendments also allow an individual that holds a family foundation assets in the UAE to apply for tax-transparent status. This development provides additional tax advantages to family foundations, aligning their benefits with the UAE’s Corporate Tax framework and further strengthening their role in wealth management. Commenting on the reforms, Younis Haji AlKhoori, […]