As announced on 31 January 2022, the United Arab Emirates (UAE) will introduce a federal Corporate Tax on business profits that will be effective for financial years starting on or after 1 June 2023. On 28 April 2022, the United Arab Emirates Ministry of Finance released a public consultation document on the planned introduction of corporate tax in the UAE.
The public consultation document contains the main features of the planned Corporate Tax regime as well as the principles that were applied in the design of the Corporate Tax regime. Interested parties are invited to comment on the elements covered in the document, as well as on areas that are not covered by the document.
The MOF invites comments on the public consultation document to be submitted as per the prescribed online submission by 19 May 2022. Where possible, interested parties are encouraged to explain comments with examples, data or other information to support views on the design and implementation of the UAE Corporate Tax regime.
Note: It should be noted that, the public consultation document contains information on the proposed UAE Corporate Tax regime, and is released for the purposes of obtaining input from stakeholders. The document does not reflect the final view of the UAE Government, and is not intended to comprehensively address all possible aspects of the proposed UAE Corporate Tax regime.
Important Contents of the public consultation document in relation of the UAE Corporate Tax
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Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 22 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE