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UAE Corporate Income Tax: Considerations beyond tax

The Federal Tax Authority has issued the Federal Decree-Law No. 47 of 2022 on “Taxation of Corporations and Business” (the “CIT Law”), which levies a form of direct tax on corporations and business profits from the beginning of their first financial year commencing on or after 1 June 2023. For example, the first tax period will begin in January 2024 for the companies that follow January to December as their financial year. The Corporate Income Tax (“CIT”) Law, read with the Cabinet Decision No. 116 of 2022, provides that a taxable person’s taxable income exceeding AED 375.000 shall be subject to a 9% CIT rate in the relevant tax period. In the case of a qualifying free zone person, qualifying income will be taxed at 0%, and taxable income other than qualifying income will be taxed at 9%.

This publication aims to assist companies as they evaluate the impact of CIT law on their businesses. It highlights crucial aspects to be considered for a holistic CIT impact assessment across areas beyond tax accounting and reporting, IT systems, people processes, and wider business.

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