David Daly

It is important to manage information in the tax submission and keep proper records

There will be implications for companies that share a trade licence

From what constitutes revenue to counting the cost when supporting documentation is lost, the two taxes vary in certain aspects

Companies must proactively work on classifying their assets to avoid potential future liabilities

An entity that freely chooses to opt out of the free zone exemption for the tax cannot opt back in at a future time

It is important to be acquainted with the various different sources of information on the tax

The decree law allows for expenses, including remuneration packages, to be offset against qualifying revenue

Businesses must have an external audit conducted for the 12-month period before June 1, when the tax will be implemented

There is much detail within the decree law to be understood

Understand a company's revenue stream to know the beneficiary’s identity from a taxation perspective

Multinational companies, SMEs and Emirati family businesses face unique challenges in tax implementation

The new law will take effect from June 1