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New UAE corporate tax: Ministry to review, reduce service fees for businesses

Review aims to reduce the financial burden on the business community

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The UAE Ministry of Finance will review service fees in all ministries and federal entities in a bid to reduce them.

The review comes weeks after the ministry announced a federal corporate tax on business profits that will be effective for financial years starting on or after June 1, 2023.

The review aims to reduce the financial burden on the business community in the country, the ministry said.

With a standard statutory tax rate of 9 percent and a 0 per cent tax rate for taxable profits up to Dh375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.

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