10 Highlights on the Updates to the UAE VAT Executive Regulations Effective 15 November 2024
On Friday, October 4, 2024, the Federal Tax Authority (FTA) released the English version of Cabinet Decision No.
On Friday, October 4, 2024, the Federal Tax Authority (FTA) released the English version of Cabinet Decision No.
Starting from financial years on or after June 1, 2023, the United Arab Emirates (UAE) has implemented a Corporate Tax (CIT) as a strategic move to help the nation’s development as well as consolidate its position as a leading jurisdiction for business and investment.
Starting June 2023, businesses in the UAE are subject to Corporate Income Tax (CIT). UAE CIT applies at the rate of 9% or 0% on Qualifying Income if businesses are Qualifying Free Zone Persons (QFZPs) and provided other criteria relating to the activity carried out are fulfilled. A UAE business may also be liable to a Top-up Tax if it qualifies as a Multinational Enterprise (MNE) under the OECD Pillar 2 Solution once a Cabinet Decision is issued to confirm the entry of force in the UAE of the GloBE rules (the Ministry of Finance (MoF) launched a Public Consultation on Implementation of Global Minimum Tax in the UAE in March-April 2024).
Ramadan is regarded as a time of piety, charity, and blessings. Charities and foundations are noticeably more active during the Holy Month, providing assistance to those in need. In a spirit of generosity, meals are provided at mosques, malls, and other public places.
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