The UAE Ministry of Finance (‘MoF’) announced the introduction of Corporate Income Tax (CIT) on business profits in the UAE that will be effective for financial years starting on or after 1 June 2023.

Corporate Tax will be charged on the annual taxable income of a business as follows:

0%, for taxable income not exceeding AED 375,000;

9%, for taxable income exceeding AED 375,000; and.

a different tax rate (not yet specified) for large multinationals that meet specific criteria set with reference to Pillar II of the OECD BEPS.

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