Article 47

1. For FY 22-23 corporate tax payable is 10Lacs AED. Foreign Tax Credit (FY22-23) is available is 4 Lacs AED. Calculate net tax payable.

Net Corporate tax to be paid is 6 Lacs AED i.e. 10 Lacs AED- 4 Lacs AED.

2. For FY 22-23 corporate tax payable is 10Lacs AED. Foreign Tax Credit (FY22-23) is available is 14 Lacs AED. Calculate net tax payable.

As per article 3, net Corporate Tax to be paid is NIL. And Balance 4 Lacs AED for Foreign tax credit cannot be carried forward.