The UAE government and the Ministry of Finance launched a new corporate tax update. The new updates come as a review by the Federal Tax Authority on businesses' net profit. The UAE government seeks to achieve strategic economic goals by creating a fast-paced transformation in the legislative regulations. The corporate
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The introduction of a new law regarding the tax on corporate and commercial earnings marks a new economic milestone in the UAE's period of financial sector developments. According to Federal Decree No. 47 of 2022, the new law is set to take effect on or after June 1, 2023.
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Corporate tax is the tax levied on a company's net profits by the government. There has been a stir in the UAE business sector about this tax and whether it will affect the country's position as a global business center. Continue reading for in-depth detail on this new taxation law.
