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Did you know? The UAE government has passed the Federal Decree Law No. (47) of 2022 on the Taxation of Corporations and Businesses on December 9, 2022. This is the first time in UAE’s history that a direct tax is being introduced for businesses. Corporate tax is a form of direct tax levied on the net income or profit of corporations and other entities from their business. The tax will become applicable either on 1 July 2023 or on 1 January 2024, based on the financial year followed by the business. It will be applicable across all the emirates. With the introduction of this tax, the UAE government plans to accelerate its development and transformation to achieve its strategic objectives and restrict harmful tax practices.
Polestar Advisory Services can provide you valuable advice on the latest developments in corporate tax. We have a team of taxation experts with years of experience who specialize in VAT filing, accounting, and bookkeeping. Get in touch with us to know more about our tax filing services.