UAE
UAE
The UAE Ministry of Finance has announced the implementation of a 9% federal corporate tax on business profits with a threshold of AED 375,000, starting from June 1, 2023. This makes the UAE's corporate tax rate one of the most competitive globally and the lowest in the GCC.
The tax regime will follow best global practices and have easy compliance requirements. It will be applicable to UAE businesses based on their reported profits in audited financial statements prepared according to international accounting standards.
The extraction of natural resources and entities operating in Free Zones will have certain exceptions and exemptions. Concerns about the global minimum 15% income tax will likely be addressed, with no withholding taxes imposed and the allowance of Foreign Tax credit.
There will be no corporate tax on capital gains and dividends, encouraging holding company structures. Group tax registrations and consideration of inter-company losses in taxable profits will be allowed. Transfer pricing and documentation requirements based on OECD guidelines will apply.
Businesses operating in the UAE need to plan for corporate tax compliance and ensure a smooth transition.
A V Savla offers expertise to navigate this new landscape and facilitate a seamless transition. Early preparation is crucial to avoid higher implementation costs and reduce internal pressure.
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