The United Arab Emirates has issued its first federal “Corporate Tax Law”

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    His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, has released the federal decree law No. 47 of 2022 on the taxation of corporations and businesses, referred to as the “corporate tax law.” A federal corporate tax will be implemented in the UAE on the basis of the corporate tax law, and it will go into effect for fiscal years beginning on or after June 1, 2023.

    For the first time ever in the history of the UAE, corporate tax is being put into effect. The corporate tax will be applicable to all UAE businesses and legal entities or individuals conducting business in all emirates. Corporate tax management, collection, and administration shall be handled by the UAE Federal Tax Authority in conformity with the rules and regulations. The implementation of a corporate tax supports the nation’s goal of expanding its revenue sources and lowering its reliance on oil, which has traditionally served as the foundation of the economy.

    Getting ready for and adhering to the new federal corporate tax will be a challenging path through uncharted territory for many UAE enterprises. HLB HAMT can provide you with a clear picture of what to anticipate from the law and what it will entail for the management and operation of your whole company. With our expertise by your side, you won’t have to worry since we have an in-depth understanding of UAE accounting, tax, and free zone operations, allowing us to offer our clients the best answers to the challenges.

     

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