The United Arab Emirates will be introducing a federal corporate tax on business profits for the first time, the Ministry of Finance announced Monday, January 31st, 2022.
The news represents a significant shift for a country that’s long attracted businesses from around the world thanks to its status as a tax-free commerce hub. Businesses will be subject to the tax from June 1, 2023.
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Minimise job losses… and the disruption to the economy that comes with lots of redundancies happening at the same time.
This is what the UAE Government has set out to do on a priority basis in its response to the COVID-19 outbreak and to lessen its impact on the economy. The announcement by Dubai Free Zones Council on Saturday gives an indication of that strategy.
According to Hamad Obaid Al Mansouri, Director General of Telecommunications Regulatory Authority (TRA), the process for setting up businesses will be quick and easy and will override any cumbersome procedures without any paperwork.
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