Several businesses in the UAE, excluding small firms, are expected to pay a corporate tax of 9% starting next year.
The government has just issued Federal Decree Law No. 47 of 2022 on Taxation of Corporations and Businesses, otherwise called the Corporate Tax Law, state news agency WAM reported on Friday.
Under the decree, the government will levy a standard rate of 9% of companies’ taxable profits exceeding AED375,000 ($102,000). Companies will be subject to the new tax from the beginning of their first financial year that starts on or after June 1, 2023. —Zawya