With the goal of improving the business climate, strengthening the economy and drawing more foreign direct investment, the UAE’s Ministry of Finance will review and reform service fee structures across all ministries and federal organisations. The decision comes after the UAE revealed intentions to impose a federal corporate tax on company profits beginning on or after June 1, 2023. When compared to other financial centers and established economies throughout the world, the corporate tax rate is relatively lower.
The UAE has taken a number of steps to improve the ease of doing business in the nation, and the ministry will work with local governments in the UAE to further the objective of the fee revision and enhance the productivity of the UAE’s business landscape.
Proposed Corporate Tax from 2023
The UAE has long benefitted from its tax-free status to establish itself as a worldwide economic, energy, and tourist centre, attracting the world’s attention. Much of this tax-free environment is still in place, notably the absence of personal income tax.
In past years, the UAE has made considerable tax adjustments to streamline its tax structure and broaden its revenue, bringing it into accord with worldwide guidelines and principles. Besides the “extraction of natural resources,” which will continue to be taxed at the emirate level, the new tax rate will be imposed on all enterprises and business operations in the country.
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