Corporate tax in the UAE will come into effect for financial years starting on or after June 1, 2023. The implementation will vary based on the start and end dates of the financial years of different businesses.
– *Businesses with a financial year starting on July 1, 2023, and ending on June 30, 2024*: Corporate tax will be applicable from July 1, 2023.
– *Businesses with a financial year starting on January 1, 2023, and ending on December 31, 2023*: Corporate tax will be applicable from January 1, 2024.
Corporate tax is a form of direct tax levied on the net income of companies and other businesses. It aims to ensure tax equity and enhance the financial sustainability of the state. By implementing this tax, the UAE seeks to provide a balanced economic environment that supports sustainable growth and ensures the necessary resources to improve infrastructure and public services.
