UAE to introduce corporate tax next year: finance ministry
-
S.African activists push back on data centre rush
-
Billionaire Ambani's Jio jumps 21% in market debut after record India IPO
-
Billionaire Ambani's Jio to debut after record India IPO
-
Sri Lanka's Tamil farmers fight to reclaim land after civil war
-
UK set for cautious budget as borrowing costs climb
-
'They don't care about us': Trump food aid cuts leave Americans struggling and angry
-
US Fed expected to hold rates steady ahead of key midterm elections
-
Palestinian activist Khalil returns to Columbia after US detention
-
AI chip giant SK hynix says quarterly operating profit soars 630%
-
Youths testify about 'despair' in unprecedented Canadian climate trial
-
Charles tackles thorny legacy of slavery on Caribbean trip
-
Storied Paris department store seeks bankruptcy protection
-
UN nuclear watchdog chief urges Iran to grant access
-
Boeing shares tumble after it releases cautious growth forecast
-
Boeing releases cautious growth plan as shares fall sharply
-
Boeing reports smaller loss as it aims for stable output growth
-
Tech firms gain on Anthropic IPO optimism; HSBC slumps in London
-
Dangote, Nigeria's oil tycoon rewriting Africa's story
-
Tech firms track Wall St rally on mixed day for stock markets
-
Kane says Ballon d'Or win 'feels like a dream' as tributes pour in
-
HSBC profit jumps on higher rates, lower costs
-
Mercedes-Benz cuts 2026 profit outlook on tough China market
-
Reparations calls follow Charles on tough Caribbean trip
-
Wall Street faces earnings and Fed tests after turbulent technology-led week
-
China brands drop Mbappe for 'offending national sentiments'
-
Delhi grants minimum monthly pay and DA to about 4,000 MCD health workers
-
Critical coal inventories affect nearly half of India’s domestic power plants
-
FCNR(B) deposit drive puts sharper margin pressure on private banks
-
Gold ETF flows turn negative after 13 weeks as bullion loses 4%
UAE to introduce corporate tax next year: finance ministry
The United Arab Emirates will introduce a corporate tax from mid-2023, the finance ministry said Monday, in a major change of course as the country seeks to diversify its income.
The Gulf financial centre, long known as a tax haven and the regional headquarters for a swathe of multinationals, will tax business profits over 375,000 AED ($102,000) at 9.0 percent from June next year, a statement said.
The announcement is the latest significant move by the UAE, which switched from Friday-Saturday weekends to Saturdays and Sundays this year to align closer with global markets.
"The UAE corporate tax regime will be amongst the most competitive in the world," said a statement carried by the official WAM news agency. Nine percent is at the lower end of corporate taxes worldwide.
There are no plans to introduce personal income tax or capital gains tax from real estate or other investments, the ministry said.
The UAE, a major oil exporter but also a big player in business, trade, transport and tourism, is diversifying to reduce its reliance on crude.
It is also facing rising competition from neighbouring Saudi Arabia, the world's biggest oil exporter, which is pursuing its own drive to diversify its economy and attract foreign businesses.
"With the introduction of corporate tax, the UAE reaffirms its commitment to meeting international standards for tax transparency and preventing harmful tax practices," Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, said in the statement.
Tax incentives in the UAE's free-trade zones will remain in place, it added.
O.Ignatyev--CPN
