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UAE: With Corporate Tax on cards, Ministry plans to Reduce Services Fees for Businesses
Dubai- April 4, 2022:
The UAE Ministry of Finance (MoF) announced on 31 January 2022 that it will introduce a federal corporate tax regime in the region, which will come into effect on 1 June 2023 and will apply to net profits generated during financial years starting on or after 1 June 2023.
In lieu of this, the MoF plans to review the services fees in all ministries and federal entities. The review aims to reduce the fees in order to lessen the financial burden on the business community in the country.