Ministry Of Finance Launches Digital Public Consultation On Potential Implementation Of R&D Tax Incentive

(MENAFN- Dubai PR Network) Abu Dhabi, UAE: 19 April 2024 – The UAE Ministry of Finance today announced the launch of a digital public consultation to gather the views of relevant stakeholders on the potential implementation of a Research & Development (R&D) Tax Incentive under the UAE Corporate Tax law. The consultation will be open from 19 April to 14 May 2024, and accessible via the Ministry's website and the UAE's Government portal.

The digital public consultation reflects the Ministry's belief in the importance of consulting with all stakeholders including businesses operating in the UAE, advisors, service providers, institutions and investors.

The purpose of the consultation is to understand the scope of potential R&D activities undertaken by businesses and corporations in the UAE, what activities an R&D Tax Incentive may cover, and the potential implementation and administration of an R&D Tax Incentive.

Given a R&D Tax Incentive would be a new concept in the UAE and to familiarise stakeholders with the concept of R&D, a Guidance Paper is also provided as part of this consultation, which will provide stakeholders with an understanding of activities that may be defined as R&D, in line with the definition of R&D provided in the Organisation for Economic Co-operation and Development's (OECD) Frascati Manual.

The UAE Ministry of Finance welcomes clear and concise comments with, where possible, examples, data, or other information to support views being put forward in the response to this consultation. The responses must be received by 14 May 2024, and will remain confidential and will not be published.

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