UAE to introduce federal corporate tax from June 2023

Jan 31, 2022 AlShorts Web Desk

UAE will introduce a federal corporate tax on the profit of businesses from the financial year starting on or after June 1, 2023, the Ministry of Finance said on Monday. A standard statutory tax rate of 9% will be applicable for companies. Foreign taxes paid will be credited against any payable UAE corporate tax, ensuring there will be no double taxation.