UAE Ministry of Finance will introduce a corporate tax on business profits on financial years starting on or after June 1, 2023. The Ministry also confirmed that there will be no tax on profits of up to Dh375,000, in a move that will help small businesses.
No corporate tax will apply on personal income from employment, real estate and other investments, or any other income earned by individuals that do not arise from business or other forms of commercial activity, licensed or otherwise.
According to His Excellency Younis Haji Al Khoori Undersecretary of Ministry of Finance said:
The new corporate tax regime takes the UAE several steps in meeting international standards on ‘tax transparency’ and prevent ‘harmful’ practices.
It is no longer a secret, nor is there any doubt: Corporate Tax will arrive in the UAE from June 2023. As a result, tax experts are urging businesses to take action now in order to be ready by tax due date!
We’re pleased to bring you The “UAE Corporate TAX Forum” which will bring together senior decision makers and tax experts from entities such as Government Regulatory Bodies, Banks, Law Firms and Tax Authority Associations to help businesses in UAE understand the fundamentals of the “UAE Corporate Tax” and its inferences in the region. Most importantly this event will help create understand UAE Corporate TAX across your business and how to plan for it.
International Business Magazine is the media partner for the event
