As the private sector waits for the issuance of the UAE Federal Corporate Tax Law, Dubai-based CS Events has undertaken the initiative to organize back-to-back conferences to spread the awareness on Corporate Tax. The next edition of UAE Corporate Tax Forum will be held in February 2023

The UAE has more than 650,000 registered businesses. About 85 percent of them belong to Micro, Small and Medium Enterprises (MSME) categories;

Majority of the businesses registered in the UAE do not maintain proper accounting system and paperwork, especially those who are under the Dh375,000 Value-Added Tax (VAT) threshold;

In 2020, revenue from taxes and social contributions decreased by EUR 215 billion in the European Union compared with 2019, to stand at EUR5.53 trillion;

Revenue from corporate income tax in the United States amounted to US$372 billion in 2021. The forecast predicts an increase in corporate income tax revenue up to US$505 billion in 2032.

The UAE’s business community is waiting for the new UAE Federal Corporate Tax Law which will help the companies to start preparing for the new corporate tax regime, officials said at the UAE Corporate Tax Forum organised by Cogent Solutions Events Management (CS Events) at Dusit Thani Hotel on September 15, 2022.

The UAE Government in January this year said, it will introduce 9 percent corporate tax on businesses with net profits of more than Dh375,000 starting from June, 2023, about five-and-a-half years after the introduction of the 5 percent Value-Added Tax (VAT) in January 2018. This requires companies to make provision for proper accounting system and issue annual financial audit reports, based on which the Corporate Tax will be calculated. Companies will then have to file the audited financial report for corporate tax with the UAE Federal Tax Authority (FTA).

source : https://www.zawya.com/