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Corporate tax is a direct tax levied on the net income or profit of corporations and other entities from their business. Applying corporate tax in UAE is considered to be a competitive advantage to attract foreign investments to UAE. Paying corporate taxes can be more beneficial for business owners than paying additional individual income tax.
According to the UAE Ministry of Finance announcement, Corporate Tax in UAE will apply to:
In January 2022, the UAE Ministry of Finance announced that it would introduce federal Corporate tax on the net profits of businesses. The corporate will be implemented from 1stJuly,2023. However, depending upon the financial year followed by the business, the effective applicable date may change.
Federal Tax Authority (FTA) will be responsible for the administration, collection, and enforcement of corporate tax.
The Corporate Tax will become effective in UAE for businesses' financial years starting on or after 1 June 2023. Given that businesses follow different financial year start date, the authorities have announced the concept of the effective date of corporate tax applicability.
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We offer our business management software that can manage the growing needs of your business. It includes full support for UAE VAT, from generating tax invoices to filing accurate VAT returns and many other features such as:
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