Economic substance Regulation and its implications in UAE
BACKGROUND OF ESR Why has the UAE introduced Economic Substance Regulations (ESR)? UAE introduced Economic Substance Regulations (‘ESR’) under its commitment as a member of the Organization of Economic Cooperation and Development (‘OECD’)’s Framework on Base Erosion and Profit Shifting (‘BEPS’). To this effect, the Cabinet Decision 31 of 2019 was introduced with the UAE Govt formally […]
Corporate Tax FAQs: 15 Top Answers
Corporate Tax in the UAE is a form of direct tax imposed on net income or business profit. The UAE introduced this tax with the aim of strengthening the country’s position as a leading global center for business and investment, in addition to accelerating the country’s development and transformation to achieve its strategic goals and renewing […]
UAE Introduces Federal Corporate Tax for Business Entities
The UAE’s ministry of finance on 31st January 2022, through a press release, announced that it will start imposing federal Corporate Taxes on profits from business entities within the territories starting June 1st, 2023. As stated by the ministry, this will be a move to help minimize the compliance burden imposed on UAE businesses. This will be […]
