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UAE Issues Federal Decree-Law on 9% Corporate Tax for 2023
Dubai December 9, 2022:
The UAE has issued Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses (The Corporate Tax Law). This means businesses will be subject to UAE Corporate Tax from the beginning of their first financial year which starts on or after June 1, 2023.
The UAE’s Corporate Tax regime will levy a standard rate of 9% for taxable profits exceeding AED 375,000. Profits up to and including that threshold will be taxed at a 0% rate to support small businesses and start-ups.
The Ministry of Finance (MoF) confirmed the Federal Decree-Law on Taxation of Corporations and Businesses is an important milestone in building an integrated tax regime that supports the strategic objectives of the UAE and enhances its global economic competitiveness, as well as provides the national economy with sufficient flexibility to deal with and support international financial systems within the framework of the UAE’s established partnerships.View the MoF’s newly released Frequently Asked Questions that supplement your queries.