UAE Corporate Tax Regime
On 31 January 2022, the UAE Ministry of Finance (‘UAE MoF’) announced introduction of federal Corporate Tax (‘CT’) on business profits effective for financial years starting on or after 1 June 2023.
In this regard, the UAE MoF has released a consultation paper on 28 April 2022 to provide insight on the potential CT regime. It is clearly stated in consultation paper that it does not reflect the final view of the UAE Government and is not intended to comprehensively address all the aspects of the proposed UAE CT regime. The said document has been released for the purposes of obtaining input from interested parties. Comments on this consultation document has been sought by 19 May 20221.