UAE declares 9 percent tax on business to take effect on new fiscal year
(MENAFN) The UAE has declared a new 9 percent corporation tax that is going to be charged on companies from June 1 2023.
Taxes are going to be imposed on businesses from the start of their first fiscal year that begins on or after June 2023. A 9 percent rate is going to take effect on revenues that are higher than 375,000 dirhams (USD102,096).
According to Younis Haji Al Khoori, undersecretary of the Ministry of Finance statement, “as a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally.”
The official also added “the certainty of a competitive and best in class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment.”
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