UAE Ministry of Finance will introduce a corporate tax on business profits on financial years starting on or after June 1, 2023. The Ministry also confirmed that there will be no tax on profits of up to Dh375,000, in a move that will help small businesses.
According to His Excellency Younis Haji Al Khoori Undersecretary of Ministry of Finance said:
The new corporate tax regime takes the UAE several steps in meeting international standards on ‘tax transparency’ and prevent ‘harmful’ practices.
With the regulations and policy for Corporate TAX now being announced. It is important for businesses to make the right decisions. Increasingly, tax functions understand and utilizing the value of leveraging technology to drive greater efficiency, improve tax processes and manage risk. Federal Tax Authority’s new system ‘EmaraTax’ aligns with the UAE Digital Government Strategy 2025 and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to leverage emerging technologies and build a solid digital infrastructure that serves the people and business community of the UAE.
We are pleased to bring you the “3rd UAE Corporate TAX Technology & Compliance Forum” which will bring together senior decision makers and tax experts from entities such as Government Regulatory Bodies, Banks, Law Firms and Tax Authority Associations to help businesses in UAE understand the fundamentals of the “UAE Corporate Tax” and its inferences in the region. Most importantly this event will help understand the application of technology and compliance in your system to simplify tax processes.
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