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Tax law in Ras al-Khaimah, and the wider UAE, is a rapidly developing field following the introduction of Value Added Tax (VAT) in 2018. Despite being generally considered a tax-free haven, the 5% VAT applies to a good number of goods and services, with exemptions for some specific areas. Corporate and income taxes do not apply to most businesses and individuals in Ras al-Khaimah, except oil companies and foreign banks.
Engaging a tax lawyer may be necessary when starting a business, purchasing property, or importing goods into Ras al-Khaimah. Lawyers can guide you through the VAT application process, assist with tax compliance, and represent you in case of any disputes with the Federal Tax Authority (FTA). A tax lawyer would also be helpful to navigate through double taxation agreements UAE has with various countries to prevent paying tax on the same income in two countries.
Local tax laws in Ras al-Khaimah revolve around VAT regulations, which are enforced by the FTA. The standard rate is 5%, but exceptions exist. Certain supplies of goods and services, particularly in healthcare, education, and international transport are zero-rated. Exported goods, certain financial services, and residential properties are exempt from VAT. It is important to understand these local laws to ensure compliance and to make sure you are not overpaying or underpaying VAT.
No, there is no personal income tax in Ras al-Khaimah or anywhere else in the UAE.
Businesses that are registered for VAT are required to file tax returns on a regular basis, generally every three months.
Most companies in Ras al-Khaimah are not subject to corporate tax, with the exception of oil companies and foreign banks.
The standard VAT rate in the UAE, which includes Ras al-Khaimah, is 5%.
Some goods and services, mainly in healthcare, education, and international transport, are zero-rated. Other goods and services, such as exported goods, certain financial services, and residential properties are exempt from VAT.
Further resources for information on tax law in Ras al-Khaimah include the Federal Tax Authority (FTA) which oversees the implementation of VAT and other indirect taxes in the UAE. Another potential resource is the Department of Economic Development in Ras al-Khaimah, which can provide guidance on starting and running a business in the emirate.
If you find that you require legal assistance with tax laws in Ras al-Khaimah, your first step should be to consult a reputable tax lawyer or law firm with expertise in UAE tax law. They can provide in-depth advice tailored to your specific situation. Be prepared with all relevant documents related to the case to facilitate a thorough analysis of your situation.
