Hundreds of distress calls: UAE's tow truck drivers work non-stop to recover cars from flooded areas
Submerged vehicles on streets and parking areas must be retrieved soon before water damages other components, say recovery specialists
The Ministry of Finance (MoF) in the UAE has set the taxable income threshold for corporate tax under the new law.
The decision follows the issuance of Federal Decree Law on the Taxation of Corporations and Business (the "Corporate Tax Law") in December 2022.
Businesses will be subject to UAE Corporate Tax from the beginning of their first financial year starting on or after June 1, 2023.
The rate has been set at 9 per cent and is applicable to taxable income above Dh375,000. A zero per cent rate will apply to taxable income that does not exceed Dh375,000 during the same tax period, regardless of the number of businesses or business activities the taxable person is engaged in during that period.
Younis Haji Al Khoori, Undersecretary of MoF, said, "The Cabinet Decision on Applicable Taxable Income Threshold for Corporate Tax confirms the tax rates that were previously announced. The rates and the threshold have been carefully decided and reflect the fairness and competitiveness of the UAE's Corporate Tax regime."
"A zero percent threshold for taxable profits up to and including Dh375,000 is a significant indication of our ongoing support for start-ups and small businesses in recognition of their vital contribution to the UAE's economic growth. In addition, the 9 per cent rate for taxable income above that threshold is highly competitive compared to other jurisdictions and provides taxpayers with certainty, thus cementing the UAE as a leading jurisdiction for business and investment."
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The Cabinet Decision defines a "Business" as "an activity conducted regularly, on an ongoing and independent basis by any Person and in any location, such as industrial, commercial, agricultural, vocational, professional, service or excavation activities or any other activity related to the use of tangible or intangible properties", while it defines a "Business activity" as "any transaction or activity, or series of transactions or series of activities conducted by any natural or juridical person in the course of its business."
A copy of the Cabinet Decision on the Applicable Taxable Income Threshold for Corporate Tax can be found on the Ministry's official website: www.mof.gov.ae
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