UAE Govt Announces corporate Tax from 1st June 2023; Read to know the Tax Rate and More
CA Pratibha Goyal | Dec 9, 2022 |
UAE Govt Announces Corporate Tax from 1st June 2023; Read to know the Tax Rate and More
We all thought that Dubai was a Tax Heaven. But wait, now UAE Govt has announced corporate Tax to Regularize Bussiness Sector. Let’s know the basics of that through this piece of writing.
As per the Federal Decree-law, the corporate Tax rate will be 9% for Taxable business Profits Exceeding AED 375,000 (Rs. 84,22,986 Appx).
This Tax Rate is Applicable from 1st June 2023.
Profits up to and including that threshold will be taxed at a zero percent rate to support small businesses and startups. Also these Tax Rates are not applicable on Salary, interest or other personal Income. Also Income from saving programmes and investment in real estate by individuals in personal capacity is not subject to Tax.
Government entities, pension funds, investment funds and public benefit organisations are also Exempt from this Tax.
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