Do you know about new taxation law in UAE?
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To strengthen UAE’s position in the global business arena, the government of UAE in a historic move announced a ‘federal corporate tax’ for some selective businesses operating in this gulf country. This tax regime will come into force from 01st June 2023. Keeping in mind the best practice followed in other developed countries, a statutory tax rate of 9% will be levied on the companies. In this article, we are going to discuss this new corporate tax regime with the help of our best taxation lawyers of UAE . Relief for small and medium-sized enterprises In the opinion of our top taxation lawyers of Dubai , this new taxation scheme is specially dedicated to protecting the interest of small and medium-sized enterprises. It is highlighted that there will be a zero-tax rate for taxable profits up to AED 375,000. The tax rate exceeding the minimum profit level is not disclosed by the ministry yet. No personal income tax The Ministry of Finance clarified that there will be no tax on person