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HomeNewsFirst, UAE Changed Weekends To Sat-Sun. Now, A Big New Rule

First, UAE Changed Weekends To Sat-Sun. Now, A Big New Rule


First, UAE Changed Weekends To Sat-Sun. Now, A Big New Rule

UAE company tax: 9 % is on the decrease finish of company taxes worldwide. (Representational)

Dubai:

The United Arab Emirates will introduce a company tax from mid-2023, the finance ministry mentioned Monday, in a significant change in fact because the nation seeks to diversify its revenue.

The Gulf monetary centre, lengthy referred to as a tax haven and the regional headquarters for a swathe of multinationals, will tax enterprise earnings over 375,000 AED ($102,000) at 9.0 % from June subsequent yr, a press release mentioned.

The announcement is the most recent important transfer by the UAE, which switched from Friday-Saturday weekends to Saturdays and Sundays this yr to align nearer with world markets.

“The UAE company tax regime will likely be amongst probably the most aggressive on the planet,” mentioned a press release carried by the official WAM information company. 9 % is on the decrease finish of company taxes worldwide.

There aren’t any plans to introduce private revenue tax or capital positive aspects tax from actual property or different investments, the ministry mentioned.

The UAE, a significant oil exporter but additionally a giant participant in enterprise, commerce, transport and tourism, is diversifying to scale back its reliance on crude.

It’s also dealing with rising competitors from neighbouring Saudi Arabia, the world’s largest oil exporter, which is pursuing its personal drive to diversify its financial system and entice overseas companies.

“With the introduction of company tax, the UAE reaffirms its dedication to assembly worldwide requirements for tax transparency and stopping dangerous tax practices,” Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, mentioned within the assertion.

Tax incentives within the UAE’s free-trade zones will stay in place, it added.

(Apart from the headline, this story has not been edited by wantpassport employees and is printed from a syndicated feed.)

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