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The tax is being introduced to accelerate the country’s development and transformation

The federal tax on corporations and business profits will come into effect for financial years starting on or after June 1, 2023.

The UAE last year announced that it would levy a nine per cent corporate tax on companies with a profit of Dh375,000 and above, hence, requiring them to enrol for tax registration. The UAE’s corporate tax will be one of the lowest in the world. Below is a complete detail that companies and individuals need to know about the tax. However, some laws will require further explanation and clarification, hence, companies and individuals need to consult experts on those topics.

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