The United Arab Emirates announces it is introducing for the first time a federal corporate tax on business earnings.
FILE - The sun reflects on buildings at the Marina and Jumeirah Lake Towers districts in Dubai, United Arab Emirates, Feb. 27, 2021. The United Arab Emirates announced Monday, Jan 31, 2022, that it is introducing for the first time a corporate tax on business earnings. It's the latest measure to bring the country in line with many governments worldwide but one that also chips away at its competitive advantage.
Businesses across various sectors in the UAE are still reeling from the effects of the coronavirus pandemic. Untold numbers of foreigners, who comprise around 90% of the UAE's population, lost their jobs amid the pandemic and salaries were slashed in key industries such as tourism, real estate and the construction sector.
The UAE's Ministry of Finance said the new federal tax of 9% on profits would be effective starting June 1, 2023. The corporate tax will not apply to personal income from employment, real estate and other investments, or to income earned from a business licensed outside the UAE.
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