UAE to Implement Corporate Tax to start in UAE - 9% on revenue effective from June 2023
UAE Ministry of Finance has announced that they will introduce Corporate Tax effective financial years starting on or after 1 June 2023.
As of now Corporate tax was applied to banks and insurance companies only. Individual Emirates has also implemented limited tax system for enterprises who is engaged in exploration and production of oil and gas.
Starting 1st June 2023 Corporate tax of 9% on taxable income will be applied to all Business who meets an Annual Revenue of more than AED 375,000 (around USD 100,000).
Below is the official notification from FTA website:
Is your business ready with International Accounting Standard?
If not, it is the right time for your business to consider implementing IFRS standard. This will help the business to transition with ease.