The corporate tax rule confirms nine percent (9%) tax to be implied from June 1, 2023, in UAE. It will be most competitive among others in the world and this tax will be subjected to the corporate firms on business returns of more than Dh375,000 ($102,110). Its main purpose is to...
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“Looking to the medium term, we welcome the planned fiscal reforms, including the expected introduction of a corporate income tax and gradual phasing out of business fee structures” – Mr Ali Al-Eyd of the IMF, speaking following his Article IV Consultation with UAE authorities, held from 2...
The UAE’s Corporate Tax regime will levy a standard rate of 9 percent for taxable profits exceeding $1,02,094. Profits upto and including that threshold will be taxed at a 0 percent rate to support small businesses and startups. The Ministry of Finance (MoF) confirmed the Feder...
On March 7, Law No. (1) of 2024 (“Law”) on taxation of foreign banks operating in Dubai was issued by the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. This decision is effective from the date of its publication in the official...
Oliver Wyman partner,Ibrahim Ghoul, recently shared his insights on UAE fiscal policy with Fast Company Middle East and, as he pointed out, “Such moves have the potential to be huge for GCC economies; leading to a professionalization of up-to-date data that will help drive and inform decisi...
Will corporate tax apply to turnover or profit? Corporate tax will be levied on the profit, not on the total turnover, of the company. Will UAE residents getting a salary of over Dh375,000 have to pay tax? No. It will not be applicable to the salary. ...
Corporate Tax regulations with VATBOX Tax Agency! Discover insights on Tax rates, Compliance, and Expert guidance for UAE businesses.
UAE corporate tax registration application for resident taxpayers Resident taxpayers are required to register by specific deadlines determined by the month of trade licence issuance. This is irrespective of the year the licence was issued. As an example, if the issuance date falls in March or April...
The UAE’s decision to exempt investment funds from its new corporate tax regime will be welcomed by businesses, but important questions over its implementation remain unanswered, according to one legal expert. It comes after the government unveiled Federal Decree-Law No. 47 of 2022 (56 pages ...