UAE private sector gets ready for new Corporate Tax, say officials at CS Events’ UAE Corporate Tax Forum

UAE private sector gets ready for new Corporate Tax, say officials at CS Events’ UAE Corporate Tax Forum

The total revenue distributed at the state level in the UAE for VAT has amounted to over Dh95.4 billion (US$26 billion), since its implementation in 2018 till October 2021.

Nizam Deen, Founder and Chief Executive Officer of CS Events.

Published: Thu 22 Sep 2022, 1:43 PM

The UAE’s business community is waiting for the new UAE Federal Corporate Tax Law which will help the companies to start preparing for the new corporate tax regime, officials said at the UAE Corporate Tax Forum organised by Cogent Solutions Events Management (CS Events) at Dusit Thani Hotel recently.

The UAE Government in January this year said, it will introduce 9 per cent corporate tax on businesses with net profits of more than Dh375,000 starting from June, 2023, about five-and-a-half years after the introduction of the 5 percent Value-Added Tax (VAT) in January 2018. This requires companies to make provision for proper accounting system and issue annual financial audit reports, based on which the Corporate Tax will be calculated. Companies will then have to file the audited financial report for corporate tax with the UAE Federal Tax Authority (FTA).

The total revenue distributed at the state level in the UAE for VAT has amounted to over Dh95.4 billion (US$26