Two new decisions announced relating to Corporate Tax for UAE Free Zones

Two new decisions announced relating to Corporate Tax for UAE Free Zones

The UAE Ministry of Finance has released two new decisions that specify the main features of the Corporate Tax regime as it applies to juridical persons operating out of free zones in the UAE. Cabinet Decision No. 55 of 2023 focuses on Determining Qualifying Income, while Ministerial Decision No 139 of 2023 is on Qualifying Activities and Excluded Activities.

His Excellency Younis Haji Al-Khoori, Undersecretary of the Ministry of Finance, addressed the most important aspects of the Corporate Tax legislative phase, which was marked by the issuance of Federal Decree-law on Taxation of Corporations and Businesses, followed by relevant Cabinet and Ministerial Decisions. His Excellency stressed the strategic importance of Corporate Tax in supporting the financial and economic sectors in the country.