The UAE Corporate Income Tax Law has been published today, and it is available on the new digital tax administration platform, EmaraTax.
It is now confirmed that the businesses will become subject to UAE Corporate Tax from the beginning of their first financial year, which starts on or after 1 June 2023. The UAE’s Corporate Tax regime will levy a standard rate of 9 percent for taxable profits exceeding AED375,000. Profits lower than that amount will be taxed at a 0 percent rate to support small businesses and start-ups.
UAE’s introduction of Corporate Tax is meant to help it achieve its strategic objectives and accelerate its development and transformation. Given the position of the UAE as an international business hub and global financial centre, the UAE Corporate Tax regime builds from best practices globally and incorporates principles that are internationally known and accepted.
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