Taxation of Foreign Source Income - NEW CORPORATE TAX GUIDE PUBLISHED

This guide is designed to provide general guidance to taxpayers on the taxation of foreign source income under the Corporate Tax Law.

The guide explains the following:

• Relevance of foreign source income under the Corporate Tax Law;

• What is considered foreign source income for Taxable Persons under the Corporate Tax Law?

• Which Taxable Persons are subject to tax on foreign source income? • When is foreign source income taxable?

• Determining Taxable Income and Exempt Income in respect of foreign source income; and

• What is a Foreign Tax Credit, and how is it computed?

Who should read this guide?
The guide should be read by a Taxable Person who receives or derives income from sources outside the UAE, including a Qualifying Free Zone Person. It is intended to be read in conjunction with the Corporate Tax Law, the implementing decisions and other relevant guidance published by the FTA.

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