PHOTO
The UAE’s new corporate tax will stay at 9% for the foreseeable future as businesses prepare to start the process of self-assessment ahead of its launch in June. A government official told The National that the rate had been agreed at 9% and would remain so.
The tax was announce in January 2021, with those companies who have income exceeding AED 375,000 ($102,000) required to pay it as of June 2023.
No corporate tax is to apply to salaries, or other personal income from employment, whether in the government, semi-government or private sector.
Younis Al Khouri, undersecretary of the Ministry of Finance, said any reviews of the level of tax payable would be announced at a later date if they were to take place.
The tax will be paid by businesses on a self-assessment basis.
Certain entities are except, including those involved in natural resource extraction.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
