The United Arab Emirates’ Finance Ministry has announced the introduction of a federal tax on business profits starting from June 1, 2023, state news agency WAM said on Monday.
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“With a standard statutory tax rate of 9 percent and a 0 percent tax rate for taxable profits up to AED375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world,” the UAE government said on its official Twitter account.
The government also confirmed that no corporate tax will be applied to “personal income from employment, real estate and other investments, or on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in UAE.”
With Reuters
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