CT in UAE Part-2: Detailed laws awaited for key issues on Free Zones

CT in UAE Part-2: Detailed laws awaited for key issues on Free Zones

Ministry of Finance (MoF) has stated that further information on CT will be provided towards the middle of 2022 and businesses will have ample time to prepare for CT. — Reuters

Ever since the announcement of UAE Corporate Tax (CT), businesses and individuals alike also have a natural curiosity to understand its implications.

By Pankaj S. Jain Published: Sat 12 Feb 2022, 11:14 PM Last updated: Sat 12 Feb 2022, 11:17 PM

Very rarely one gets to witness an actual “paradigm shift”. For tax professionals, otherwise used to frequent tax reforms, to witness the introduction of a taxation regime is perhaps a life time opportunity.

Ever since the announcement of UAE Corporate Tax (CT), businesses and individuals alike also have a natural curiosity to understand its implications. But businesses should avoid treating CT as a Y2K hysteria and wait for the detailed laws and regulations.

Limited information (press release and 47 Frequently Asked Questions (FAQs)) is currently available in the public domain. Ministry of Finance (MoF) has stated that further information on CT will be provided towards the middle of 2022 and businesses will have ample time to prepare for CT. Our ‘Tax Conversation’ series will focus on key issues that will be faced by