UAE CORPORATE TAX: ALL YOU NEED TO KNOW
The UAE is a major business hub in the Middle East, and many companies choose to locate their operations in this country due to its favorable tax environment.
As a business owner, accountant, or financial professional, it’s important to understand the corporate tax landscape in the UAE in order to ensure compliance with local tax laws and maximize your company’s profitability.
According to the Ministry of Finance, The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE and is effective for financial years starting on or after 1 June 2023.
The introduction of Corporate Tax is intended to help the UAE achieve its strategic objectives and accelerate its development and transformation. The certainty of a competitive Corporate Tax regime that adheres to international standards, together with the UAE’s extensive network of double tax treaties, will cement the UAE’s position as a leading jurisdiction for business and investment.
Given the position of the UAE as an international business hub and global financial centre, the UAE Corporate Tax regime builds from best practices globally and incorporates principles that are internationally known and accepted. This ensures that the UAE Corporate Tax regime will be readily understood and is clear in its implications.
Consultycs can help business owners with corporate tax by providing expert advice and guidance on the framework of the corporate tax landscape in the UAE. This can include information on different taxes, rates and exemptions that apply to different types of businesses in the UAE.
We guide business owners with local tax laws and regulations, ensuring that their business is operating in accordance with all relevant laws and requirements. This can include bookkeeping services that can help you properly calculate and pay corporate taxes. Overall, we provide valuable support and assistance to business owners – helping them to stay in compliance with local laws and maximize the profitability of their business.
