The United Arab Emirates’ Ministry of Finance released on Monday information on exemptions to its corporate tax. The list includes businesses working in natural resources and follows an announcement on tax relief for small businesses.
Background: The UAE announced last year its first-ever tax on business profits. The 9% tax on companies and freelancers earning more than 375,000 Emirati dirhams ($102,000) will take effect in June. Entities in the UAE previously did not need to pay taxes, instead paying business fees to the Emirati state.
