Real Estate

A Guide about upcoming Corporate Tax in Dubai

The Ministry of Finance of the UAE announced on January 31, 2022, that they would introduce a corporate tax system in the UAE for the first time as the name suggests that the corporate income tax only applies to the corporate offices but not to residential areas like Six Senses Dubai. A corporate income tax law is expected to be enacted soon and implement regulations (CT Law).

The information contained in this alert is based on the Department’s currently available instructions and will remain subject to the provisions of the CT Act once published.

The corporate income tax will become effective on or after June 1, 2023, and will apply to profits generated in fiscal years beginning or after June 1, 2023. The UAE Federal Tax Agency is responsible for managing, collecting, and imposing corporate tax following the rules and regulations provided by the Ministry. This might look a risky new for businesses but UAE government will have better business and strategic plans for companies based in UAE.

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