UAE's Ministry of Finance has announced that Federal Corporate Tax (CT) will be implemented in the UAE from the financial years starting on or after 01 June 2023.
Businesses and commercial activities will be subject to CT, except for the extraction of natural resources, which falls under the jurisdiction of individual Emirates.
In general, CT will be due on the profits of UAE-based businesses, as reported in the Financial Statements prepared according to internationally accepted accounting standards with minimal adjustments.
The Federal Tax Authority (FTA) has updated its website and published Frequently Asked Questions (FAQ) on CT - we have identified certain key impact areas of your businesses that may need attention.
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KEY CONTACTS
ASHISH ATHAVALE
Partner - Tax Advisory Services
MUFADDAL SAFDARI
Senior Manager - Tax Advisory Services & BDO Israel Desk
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