What is Corporate Tax?
The United Arab Emirates is all set to introduce a federal Corporate Tax on businesses. It is expected to start from June 1, 2023, as per the notifications from the Finance Ministry. However, it is expected to keep a low base for maintaining the attractiveness of business opportunities.
The statement which was carried out by the state news agency WAM said the tax will be levied on all corporations and commercial activities in the country. However the extraction of natural resources will be subjected to taxation at the emirates level. Preparation for Federal Corporate Tax which is scheduled to happen from 1st June 2023 needs to begin now. The core reason behind it is the records and filings which will take long duration to be prepared.
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