Latest news with #MoF
Al Etihad
18 hours ago
- Business
- Al Etihad
Corporate tax: Unincorporated partnerships can benefit if they opt to be taxed
1 June 2025 15:57 A. SREENIVASA REDDY (ABU DHABI)The Ministry of Finance (MoF) has issued a Cabinet Decision that grants unincorporated partnerships the option, subject to Federal Tax Authority (FTA) approval, to be treated as taxable persons for corporate tax purposes in the new provision allows such partnerships to choose between remaining tax-transparent entities or opting to be taxed in their own right—marking a step forward in enhancing tax clarity and improving the ease of doing business. To understand the implications of this move, Aletihad spoke with tax practitioners to seek clarity on the issue. What is unincorporated partnership?"An unincorporated partnership is an entity that hasn't been registered as a legal entity separate from its owner. Two or more individuals, companies and other legal entities may join with others to form a partnership and decide on key terms of partnership," said Dhaval Jasani, Founder & CEO of ZTI Global, a corporate services firm. Crucially, such partnerships do not possess a separate legal personality. "Each partner is treated as if the partner is conducting business, holding assets and being a party to an arrangement where the partnership is concerned," Jasani outlined in a WAM report, unincorporated partnerships are typically treated as tax-transparent structures—meaning the partnership itself is not taxed. Instead, each partner is individually liable to tax on their share of the income. "Corporate tax compliance is dealt with by the partners in their individual capacity," Jasani Cabinet Decision introduces a notable shift by giving unincorporated partnerships the option to be taxed as a standalone entity. "The law gives them an option to be taxed as a separate person. If they don't choose this, then they remain tax transparent—meaning each partner must still pay tax on their portion of the profits," explained Krishnan Narayanan Venkat, Chairman of the ICAI Abu Dhabi Chapter and Partner at Andersen UAE."A tax-transparent entity is one that passes through its income to the owners, who then pay tax individually. The entity itself doesn't pay tax. Under the UAE CT Law, unincorporated partnerships and certain trusts can be treated this way," Narayanan Venkat are practical advantages to choosing separate taxation, particularly in complex ownership structures. "This can simplify tax filings—especially when there are many partners or when some are based outside the UAE. The partnership files one tax return and pays tax centrally," said Narayanan further explained, "If an unincorporated partnership opts to be taxed as a separate entity, it will be treated just like a company—meaning: it will file its own corporate tax return. It will calculate its taxable income based on the same accounting and tax rules as a company. It can claim allowable expenses, carry forward losses, etc.""With this choice of taxation, unincorporated partnerships can benefit from the exemptions and reliefs available to legal persons under the Corporate Tax Law, such as interest deduction and carry forward of losses," Jasani added. He noted that taxing the unincorporated partnership eases the burden of reporting at the individual partner's level, as the taxable income is calculated centrally at the partnership level. The MoF's latest decision is part of the ongoing evolution of the UAE's corporate tax framework, and it provides greater flexibility for partnerships operating under non-corporate structures, particularly in cross-border or multi-partner scenarios. Source: Aletihad - Abu Dhabi
Express Tribune
4 days ago
- Business
- Express Tribune
Budget 2025–26 to be presented on June 10, reaffirms advisor to FM
Listen to article Advisor to the Finance Minister Khurram Schehzad has clarified that budget 2025–26 will be presented on June 10 as scheduled, dismissing media reports suggesting a delay due to Eidul Azha holidays. According to reports from several media outlets, the budget—initially expected to be presented on June 2—was reportedly rescheduled to June 12 because of Eidul Azha holidays, which is to fall on June 7. However, Schehzad reaffirmed via a post on X that no such decision has been made to delay or reschedule the budget. 'As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025,' he wrote. 'Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.' As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025. Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.@Financegovpk @PakPMO#PakistanBudget #EconomicSurvey #MoF — Khurram Schehzad (@kschehzad) May 29, 2025 Additionally, Finance Secretary Imdadullah Bosal confirmed that the budget will indeed be presented on June 10. Speaking to the media on Thursday, Bosal mentioned that while the date for the Annual Plan Coordination Committee (APCC) meeting has not yet been finalised, and the date of the National Economic Council (NEC) meeting may still change, the budget schedule itself is firm. Read more: Zil Hajj moon not sighted in Pakistan, Eidul Azha to be observed on June 7 The Central Ruet-e-Hilal Committee announced on Tuesday that the Zil Hajj moon was not sighted in the country, and Eidul Azha will therefore be celebrated on June 7. Government usually declares at least three days of public holidays for Eidul Azha, during which Muslims perform religious rituals, including the sacrifice of animals. This year, the third day of Eid will fall on June 9 — the same day the government plans to release the Economic Survey.
Gulf Today
4 days ago
- Business
- Gulf Today
Ministry of Finance to boost public-private collaboration
The Ministry of Finance (MoF) has launched a specialised training programme aimed at strengthening partnerships between federal entities and the private sector, as part of its ongoing efforts to boost government efficiency and enhance collaboration mechanisms. The programme involved 26 representatives from various federal entities. It seeks to equip national cadres with the skills needed to analyse and manage partnership projects in line with international best practices. Developed in partnership with an APMG International-accredited training institute, the programme concludes with awarding participants the Certified Public-Private Partnerships Professional (CP3P) credential, endorsed by major global financial institutions including the World Bank Group, Islamic Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Rashid Al-Yateem, Assistant Undersecretary of the Resource and Budget Sector, emphasised that the ministry will spare no effort to develop qualified national talent capable of leading public-private partnership projects. 'We are committed to providing an advanced training environment that not only sharpens the skills of federal cadres but also enhances their understanding of partnership models,' he said. 'This programme represents another significant step toward establishing a culture of effective partnership and broadening collaboration with the private sector to advance the UAE's sustainable development goals.' Participants received comprehensive training covering the design, implementation, and management of partnership projects. The programme concluded with a professional examination, awarding certificates that reflect the federal government's commitment to high standards in workforce development and its role in driving economic growth aligned with the UAE's strategic vision. Earlier the Ministry of Finance, in collaboration with the International Monetary Fund (IMF), organised a specialised workshop titled 'Preparing the Government Balance Sheet According to the GFSM 2014 Guidelines' in Dubai. The event brought together representatives from the Ministry of Finance, the Central Bank of the UAE, the Federal Competitiveness and Statistics Centre, and financial departments nationwide. Delivered over four days by IMF experts, the workshop aimed to strengthen the technical competencies of government staff and enhance their ability to accurately collect, process, and publish government financial data. It also aimed to support the institutional cooperation and coordination among relevant authorities and benefit from the IMF expertise to enhance the quality of financial data and boost transparency as well as competitiveness at both regional and international levels. Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector at the Ministry of Finance, stated that organising the workshop reaffirms the UAE's commitment to constantly developing public financial statistics by not only adopting international standards but also providing a specialised training environment to enhance government entities' readiness for accurate and transparent balance sheet reporting. 'The balance sheet…offers a comprehensive view of government assets and liabilities, thereby improving financial planning efficiency and enabling the effective and sustainable allocation of resources,' Al Yateem said. WAM
Mid East Info
5 days ago
- Business
- Mid East Info
Ministry of Finance launches training programme to build the capacity of federal personnel in managing public-private partnerships
The programme features participants from multiple federal entities across the country. Graduates receive a certification endorsed by leading international financial institutions. The Ministry of Finance (MoF) has launched a specialised training programme aimed at strengthening partnerships between federal entities and the private sector, as part of its ongoing efforts to boost government efficiency and enhance collaboration mechanisms. The programme involved 26 representatives from various federal entities. It seeks to equip national cadres with the skills needed to analyse and manage partnership projects in line with international best practices. Developed in partnership with an APMG International–accredited training institute, the programme concludes with awarding participants the Certified Public-Private Partnerships Professional (CP3P) credential, endorsed by major global financial institutions including the World Bank Group, Islamic Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Bank. Establishing a culture of effective partnership: H.E. Saeed Rashid Al-Yateem, Assistant Under Secretary of the Resource and Budget Sector, emphasised that the ministry will spare no effort to develop qualified national talent capable of leading public-private partnership projects. 'We are committed to providing an advanced training environment that not only sharpens the skills of federal cadres but also enhances their understanding of partnership models,' he said. 'This programme represents another significant step toward establishing a culture of effective partnership and broadening collaboration with the private sector to advance the UAE's sustainable development goals.' Participants received comprehensive training covering the design, implementation, and management of partnership projects. The programme concluded with a professional examination, awarding certificates that reflect the federal government's commitment to high standards in workforce development and its role in driving economic growth aligned with the UAE's strategic vision.
Al Etihad
5 days ago
- Business
- Al Etihad
MoF launches training programme to build capacity of federal personnel in managing public-private partnerships
28 May 2025 17:08 DUBAI (WAM) The Ministry of Finance (MoF) has launched a specialised training programme aimed at strengthening partnerships between federal entities and the private sector, as part of its ongoing efforts to boost government efficiency and enhance collaboration programme involved 26 representatives from various federal entities seeking to equip national cadres with the skills needed to analyse and manage partnership projects in line with international best in partnership with an APMG International–accredited training institute, the programme concludes with awarding participants the Certified Public-Private Partnerships Professional (CP3P) credential, endorsed by major global financial institutions including the World Bank Group, Islamic Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Undersecretary of the Resource and Budget Sector, Saeed Rashid Al-Yateem, emphasised that the ministry will spare no effort to develop qualified national talent capable of leading public-private partnership projects.'We are committed to providing an advanced training environment that not only sharpens the skills of federal cadres but also enhances their understanding of partnership models,' he said.'This programme represents another significant step toward establishing a culture of effective partnership and broadening collaboration with the private sector to advance the UAE's sustainable development goals.'Participants received comprehensive training covering the design, implementation, and management of partnership projects. The programme concluded with a professional examination, awarding certificates that reflect the federal government's commitment to high standards in workforce development and its role in driving economic growth aligned with the UAE's strategic vision.
