April 26, 2022
In a first, UAE to lift tax-free status, brings new rules on corporate earning
The government’s set to introduce a 9% federal corporate tax on business profits from June 2023, state-run WAM news agency announced.
The United Arab Emirates plans to introduce a federal tax on corporate earnings for the first time next year, in its latest step toward dismantling a levy-free regime that helped make it a magnet for businesses from across the world.
The government’s set to introduce a 9% federal corporate tax on business profits from June 2023, state-run WAM news agency said Monday. Corporate tax won’t apply on personal income from employment, real estate and other investments, and incentives for free-zone companies that don’t do business with the mainland will continue.
“Introducing a CT regime reaffirms the UAE’s commitment to meeting international standards for tax transparency and preventing harmful tax practices,” the UAE ministry of finance said on its website.
source : https://www.hindustantimes.com/
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