UAE: Nearly 520,000 Businesses Registered For Corporate Tax, Says Sheikh Mohammed

The number of companies registered for corporate tax in the UAE has reached 520,000 while those under value-added tax amount to 470,000, a Cabinet statement quoted Sheikh Mohammed bin Rashid Vice-President and Prime Minister of UAE and Ruler of Dubai as saying on Monday.

During a Cabinet meeting held at Qasr Al Watan, Abu Dhabi, Sheikh Mohammed added:“We discussed the progress of the UAE's tax system, which supports financial sustainability and strengthens our global competitiveness. The UAE ranks fifth globally in tax policy efficiency and second in combating tax evasion, according to the annual report by the International Institute for Management Development (IMD) in Switzerland."

The meeting also saw announcing that a new office for regulatory legislative intelligence will be established within the UAE Cabinet to develop a comprehensive legislative map that encompasses all federal and local legislation in the country.

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"This office will work on creating a comprehensive legislative plan that brings together all federal and local laws in the UAE, connecting them through artificial intelligence with judicial rulings, executive procedures, and public services. The new system will allow us to track the daily impact of laws on our people and economy using large-scale data, and it will regularly suggest updates to our legislation."

It will also be linked to global research centres to monitor how the best global policies can be utilised in the UAE.

"This new legislative system, powered by artificial intelligence, will change how we create laws, making the process faster and more precise," Sheikh Mohammed added.

The meeting also reviewed how the Ministry of Industry and Advanced Technology is preparing to host the "Make it in the Emirates" Forum which supports progress of the UAE industrial sector.

"Our industrial sector contributes Dh210 billion to our gross domestic product and has witnessed a growth of 59 per cent over the past four years," Sheikh Mohammed said.

The Cabinet has also approved the launch of the Global Alliance for Energy Efficiency, which was announced during the UAE's hosting of COP28 in 2023.
The alliance aims to enhance international cooperation, exchange expertise, and develop global policies and initiatives to double energy efficiency across all sectors by the year 2030.

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