December 9, 2022
UAE Ministry of Finance releases Corporate Tax Law
On 9 December 2022, the United Arab Emirates (UAE) Ministry of Finance (MoF) published Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law).
The Corporate Tax Law provides the legislative framework for a federal corporate tax in the UAE on the net profits of corporations and other businesses. It is supplemented by 158 Frequently Asked Questions to initially provide further detail on specific matters pending publication of further formal guidance. The Corporate Tax Law will be effective for financial periods starting on or after 1 June 2023.
A more detailed Alert regarding the technical and administrative features of the Corporate Tax Law will follow in due course.
For additional information with respect to this Alert, please contact the following:
EY Consulting LLC, Dubai
Ernst & Young LLP (United States), Middle East Tax Desk, New York