From civil marriage to surrogacy: 6 laws UAE announced, enacted in 2023

From civil marriage to surrogacy: 6 laws UAE announced, enacted in 2023

The United Arab Emirates introduces and changes several laws each year to make life for residents and citizens easier.

In 2023, the nation announced multiple new regulations – and took a second look at some others – improving the quality of life of those living in the emirates in a bid to make the country the happiest in the world.

Here are the some of the key laws introduced in the UAE this year:

1. Corporate tax law

Starting from June 1, 2023 (the beginning of the financial year), a nine per cent corporate tax rate was levied on companies across the country.

In support of small and medium businesses, the law says that only companies above the threshold of Dh375,000 will be required to pay the tax.

The tax will only be imposed on profits accrued and not the total turnover of the business.

2. Bankruptcy

A new law on bankruptcy was published on October 31 this year and will come into effect on May 1, 2024.

The new law protects the rights and interests of debtors and creditors by avoiding separate enforcement proceedings for creditors. The court can impose a moratorium on creditors' actions against debtors until the restructuring plan is ratified without a specified time limitation.

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