Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.
The corporate tax will apply to all businesses and commercial activities alike, except for the extraction of natural resources which will remain subject to Emirate level corporate taxation.
With a standard statutory tax rate of 9 percent and a 0 percent tax rate for taxable profits up to AED375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.
No corporate tax will apply on personal income from employment, real estate and other investments, or on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in the UAE.
As an international headquarter location, a UAE business will be exempt from paying tax on capital gains and dividends received from its qualifying shareholdings, and foreign taxes will be allowed to be credited against UAE corporate tax payable.
The UAE corporate tax regime will have generous loss utilisation rules and will allow UAE groups to be taxed as a single entity or to apply group relief in respect of losses and intragroup transactions and restructurings.
from msn.com
...and the holiday is over...time for more revenue for the emirates.
ReplyDeleteThey all trying to recoup their Covid expenditure one way or another.
DeleteIt won't stop people from doing business
ReplyDeleteWhen it comes to tax remitance government tends to talk rubish I mean absolutely rubish. Did anyone understand all that grammer above?
ReplyDelete