The United Arab Emirates announced for the first time today a tax on business profits.
The UAE Ministry of Finance said the "federal corporate tax on business profits” will come into effect for fiscal years after June 2023. Profits will be taxed at a rate of 9%. However, the tax rate will be 0% for profits below 375,000 Emirati dirhams ($102,000). The latter rate aims to “support small businesses and startups,” the ministry said in a press release.
