How UAE businesses have prepared for corporate tax – The National
- Date: 31-May-2023
- Source: The National
- Sector:Financial Services
- Country:UAE
How UAE businesses have prepared for corporate tax – The National
Businesses across the UAE are preparing for the introduction of the federal corporate tax, which takes effect from June 1.
It will be the most significant tax after the UAE introduced the 5 per cent value added tax in 2018 on a majority of goods and services as part of its plans to diversify the economy and reduce its dependence on hydrocarbons.
The new corporate tax will be enacted at a standard statutory rate of 9 per cent for companies whose financial year begins on or after June 1.
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