TAX HAVEN UAE TO INTRODUCE LEVY ON CORPORATE PROFITS

On 31 January, the Wall Street Journal reported that the UAE is to introduce a tax on corporate profits, as it juggles the need to remain attractive for international business with its agreement to support global tax transparency.  A new 9% tax rate will apply from 1 June 2023, and will help it meet, “international standards for tax transparency”, the country’s finance ministry is reported as having said.

https://www.wsj.com/articles/tax-haven-u-a-e-to-introduce-levy-on-corporate-profits-11643647029

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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