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The implementation of corporate taxes in the UAE
has been scheduled for June 23rd. The law mandates that starting with their
first financial year beginning on or after June 1, 2023, taxable individuals
and businesses would be subject to a 9% corporate tax.
Businesses and tax experts have been talking about it since
it was announced. With this declaration, the UAE is on track to pass the GCC's other
three nations to become the fourth to enact a federal corporate tax.
In the UAE, what is corporate tax?
The net
income or profit of corporations and other commercial entities is subject to corporate
tax, a type of direct tax. 'Corporate Income Tax' or 'Business Profits Tax'
are other names for it that are frequently used.
It is, in
essence, a tax imposed on the net profit realized by the companies. It mandates
that businesses pay taxes on a certain portion of their profits.
Read More: https://www.reyson.ae/corporate-tax
Also Read
Now: Corporate Tax Implementation In The UAE: An Impact Study : https://www.reyson.ae/corporate-tax-details/corporate-tax-impact-study-in-uae
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