Overview of the Federal Corporate Tax in UAE
Federal Decree-Law No introduces Corporate Tax in UAE . (47) of 2022 on December 9, 2022. The announcement clears that corporate tax law would be implied on UAE taxable income on or after June 1, 2023. The authority's announcement states that UAE Corporate Tax law would cover all businesses and commercial activities. Still, a few moves, such as natural resource extraction, would be treated differently at the emirate level corporate tax rule. After the announcement of starting the UAE corporate tax 2023 has created chaos among business owners and tax specialists. Although UAE is not the first GCC country to introduce the federal corporate tax, now Bahrain is the only GCC country without any corporate tax rate. As corporate tax law in the UAE is a new announcement, businesses must understand it clearly. Here we have tried to simplify answers to some commonly asked questions about UAE corporate tax. What is Corporate Income tax in UAE? UAE Corporate tax is a direct excise applica