Who will be subject to UAE Corporate Tax (CT)?
On 31 January 2022, the Ministry of Finance announced that the United Arab Emirates (UAE) will introduce a federal Corporate Tax (CT) on business profits effective for financial years starting on or after 1 June 2023. Since the announcement, work has continued on the finalization of the UAE CT regime to ensure that it incorporates best practices globally and minimizes the compliance burden for businesses.
Recognizing the importance of consultation with the business community and other interested stakeholders, the Ministry of Finance is launching this initiative ahead of the official release of the UAE CT legislation.
Making a submission
The Ministry of Finance welcomes comments on this consultation document by 19th May 2022, using the online submission form FORM LINK.
The Ministry of Finance would appreciate clear and concise comments with, where possible, examples, data, or other information to support views on the main features and implementation of the UAE CT regime.
Interested parties are encouraged to focus their comments on aspects of the proposed CT regime that may help to reduce compliance cost and complexity, and improve certainty for both businesses and the tax administration. Interested parties can also provide comments on other areas
Any comments received after 19th May 2022 or that are submitted in any manner other than by using the prescribed online submission form will not be considered.
Submissions will remain confidential and will not be published or shared with any other Government department.
Who will be subject to UAE CT?
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News Courtesy: Public Consultation Document UAE Corporate Tax