Article 21 – Small Business Relief[1]
- A Taxable Person that is a Resident Person may elect to be treated as not having derived any Taxable Income for a Tax Period where:
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- the Revenue of the Taxable Person for the relevant Tax Period and previous Tax Periods does not exceed a threshold to be set by the Minister; and
- The Taxable Person meets all other conditions prescribed by the Minister.
- Where Clause 1 of this Article applies to a Taxable Person, the following provisions of this Decree-Law shall not apply:
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- Exempt Income as specified in Chapter Seven of this Decree-
- Reliefs as specified in Chapter Eight of this Decree-Law.
- Deductions as specified in Chapter Nine of this Decree-Law.
- Tax Loss relief as specified in Chapter Eleven of this Decree-
- Article 55 of this Decree-Law.
- The Authority may take the necessary measures to verify the compliance with the conditions of Clause 1 of this Article, and may request any relevant information or records from the Taxable Person within the timeline prescribed by the Authority.
[1]Ministerial Decision No. 73 of 2023 on Small Business Relief for the Purposes of Federal Decree- Law No. 47 of 2022 on the Taxation of Corporations and Businesses