Certain resident juridical persons are exempt from corporate tax
A new Cabinet decision outlines additional conditions for investment funds' exemptions from the UAE's corporate tax, the Ministry of Finance (MoF) announced on Saturday.
According to the Cabinet decision, these exemption conditions for investment funds, other than Real Estate Investment Trusts (REITs), include:
To ensure the flexibility of the corporate tax system, the diversity of ownership criteria for investment funds other than REITs will be non-binding for the first two financial years of the fund's establishment, provided that the intent to diversify its ownership after the first two financial years is substantiated, the ministry said.
Regarding REITs, the exemption conditions include:
Younis Haji Al Khoori, undersecretary of the MoF, said: "The additional conditions set forth through this new Cabinet Decision are clear and simple to apply, and serves the UAE to retain its position as a leading investment hub."
All Cabinet and ministerial decisions and more information relating to the Corporate Tax Law can be viewed at https://mof.gov.ae/tax-legislation/.
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