Organisations that qualify for the exemption include entities that focus on activities such as philanthropy, community services and corporate social responsibility
The Ministry of Finance said government entities, government-controlled entities as well as extractive businesses are exempted from corporate tax
The tax relief seeks to support startups and other small businesses by reducing their corporate tax burden and compliance costs
The evolving landscape will require chartered accountants to steer the ship, bring clarity to the process and ensure compliance with regulations and policies
The programme will feature a series of sessions to raise awareness of the corporate tax law amongst the business community and its implications for the national economy
The country’s corporate tax regime will levy a standard rate of 9 per cent on taxable profits exceeding Dhs375,000
A more solid, practical, and transparent fiscal system, combined with a new approach to alternative revenues, is helping the UAE strengthen its position as an attractive and competitive hub for international business and investment
The UAE will likely continue to attract highly qualified individuals into the country
Overall, the tax rate will be a big win for the region’s businesses
The Ministry of Finance has set a rate of 9 per cent for taxable income exceeding Dhs375,000