Corporate Tax UAE

In January 2022, the Ministry of Finance said that the UAE government would start a new tax called Corporate Tax (CT) on business profits. This tax in the UAE started on June 1, 2023. Corporate Tax, also known as Corporate Income Tax or Business Profits Tax, depends on when the business starts its financial year. From that date, all businesses in the UAE, except a few special ones, must pay this tax. Corporate tax is a type of tax taken from the money a business earns. Right now, the UAE has the lowest tax rate of 9% compared to other GCC countries. In 2021, the G7 countries had a meeting and said there should be a 15% global minimum tax. But the UAE chose 9% to make it easier for business owners. This tax is only for companies, not for people earning money on their own without a business license. Mubarak Al Ketbi helps businesses understand and follow this new tax rule.