Saturday, July 13, 2024

UAE to Collect 9% Corporate Tax from Companies

The United Arab Emirates has issued a decree-law imposing a corporate tax at a 9 percent rate for taxable business income exceeding AED 375,000 ($102,000), the official news agency WAM said on Friday.

Profits up to and including the $102,000 threshold will be taxed at a 0 percent rate to support small businesses and start-ups.

The ministry said that the Corporate Tax “has been designed in line with global best practice to both promote investment and ensure the principles included in the law are widely accepted and understood”, WAM reported.

Corporate tax on businesses is levied in almost every country in order to diversify the revenues of the governments.

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