Worldwide Tax Summaries--UNITED ARAB EMIRATES(1999-2000)(part1)

Worldwide Tax Summaries--UNITED ARAB EMIRATES(1999-2000)(part1)

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CORPORATE TAXES   
SIGNIFICANT DEVELOPMENTS
There have been no significant tax or regulatory developments in the past year.
TAXES ON CORPORATE INCOME
Although there are income tax decrees in most Emirates (including Abu Dhabi Dubai and Sharjah), these decrees have not been enforced.
Corporate taxation is limited to oil-producing companies and branches of foreign banks.
Oil-producing companies are taxed at rates set by the ruler of each Emirate. Rates vary between Emirates and between companies, depending on the terms of the individual production concession agreements.
Foreign-owned banks are subject to tax, depending on the type of license under which they operate in the Emirates of Abu Dhabi, Dubai and Sharjah. The applicable rate of tax is 20% of the profit earned in the respective Emirate, a shown by the audited accounts adjusted, in the case of the Emirate of Dubai, to restrict (1) head office and regional office expenses to a maximum of 2.5% of gross income and (2) allowances for loan losses to specific doubtful items. General provision for loan losses is not a tax deductible expense (this applies in the case of the emirate of Sharjah as well).
There are restrictions on the carryforward of losses for the branches of foreign banks. In Dubai and Sharjah, tax losses can be carried forward for only two years. In Abu Dhabi, losses can be carried forward and utilized against profits for one year in every five.
NOTE
Exchange rate of the dirham at December 31,1998: U$1-AED3.673    来源:CFTInet, Beijing      

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北京中立诚会计师事务所简介下载
地 址:北京朝阳区北苑路13号领地OFFICE大厦B座7层701室
电 话:(010)- 52086638 51095615
传 真:(010)- 52086636
邮 编:100107
E-mail:supercpa@163.com