Insights & Research
Adv Hashim Wafa
Corporate Lawyer & IP Attorney
In a significant development, the United Arab Emirates (UAE) has officially launched a regional tax for corporations, marking a historic milestone for the country. Effective from June 1, 2023, the new tax regime implemented by the Federal Tax Authority and Ministry of Finance brings a 9% corporation tax for eligible businesses. This article aims to provide a concise overview of the eligibility criteria for this tax, helping UAE business owners navigate the changes and understand their obligations.
The implementation of a 9% corporation tax in the UAE marks a significant step towards fiscal reform. UAE business owners, regardless of their Free Zone or onshore status, must adhere to the new tax regulations and ensure proper compliance. It is recommended that all companies familiarize themselves with the specific details of the tax regime, including tax rates, deductions, and compliance requirements. By staying informed and adapting to these changes, businesses can navigate the tax landscape with confidence and avoid potential penalties.
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