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New UAE corporate tax: 9 key features you must know
Tax rate for taxable income up to Dh375,000 to support small businesses and startups
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UAE Corporate Tax will apply to all UAE businesses, except for the extraction of natural resources, which will remain subject to Emirate level corporate taxation. Foreign entities and individuals will be subject to Corporate Tax only if they conduct a trade or business in the UAE in an ongoing or regular manner
UAE Corporate Tax will apply equally to all categories of profits and other (net) income reported in the financial statements prepared in accordance with internationally acceptable accounting standards
Objectives
— Cementing the UAE’s position as a world-leading hub for business and investment
— Meeting international standards for tax transparency and preventing harmful tax practices
— Accelerating the UAE’s development and transformation to achieve its strategic objectives
Tax rates
0%
Tax rate for taxable income up to Dh375,000 to support small businesses and startups
9%
Headline corporate tax rate for taxable income exceeding Dh375,000
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Key features of corporate tax
— Individuals will not be subject to corporate tax from employment, real estate, investment in shares or other personal income not related to a UAE trade or business
— No corporate tax will apply on foreign investors who do not carry on business in the UAE
— Corporate tax will apply on the adjusted accounting net profit of the business
— Free zone businesses that meet all necessary requirements can continue to benefit from corporate tax incentives
— The extraction of natural resources will remain subject to Emirate level corporate taxation
— No withholding tax will apply on capital gains and dividends received by a UAE business from its qualifying shareholdings
— No corporate tax will apply on qualifying intragroup transactions and restructuring
— Foreign tax will be allowed to be credited against UAE corporate tax payable
— Generous loss transfer utilisation rules will be available to businesses
Source: Federal Tax Authority
muzaffarrizvi@khaleejtimes.com
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