On 3 November 2023, the Ministry of Finance (MoF) of the United Arab Emirates (UAE) published Cabinet Decision No. 100 of 2023 on ‘Determining Qualifying income for Qualifying Free Zone Person for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses’ and Ministerial Decision No. 265 of 2023 ‘Regarding Qualifying Activities and Excluded Activities for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses’.
Although published later, these decisions are stipulated to take effect from 1 June 2023. They revoke the previously issued Cabinet Decision No. 55 of 2023 and Ministerial Decision No. 139 of 2023, respectively. The updated decisions provide clarity in key areas of the Qualified Free Zone regime, expand the list of 'Qualifying Activities', and provide other important changes for taxpayers seeking to become a Qualifying Free Zone Person.
In light of this, our Corporate Tax team held a 60-minute webinar where they discussed the key highlights of the Cabinet and Ministerial Decisions issued, as well as their direct impact on free zone businesses. They also shared insights on the major changes brought about by these Decisions.
Speaker
Basel Arafe
Basel is a UAE Corporate Tax Partner with a commitment to assisting entities in navigating the challenges and complexities arising from the introduction of corporate taxation in the region and the constantly evolving tax landscape. He has over 15 years of experience in primarily serving Canadian-based multinational corporations with Canadian and US tax related matters. Previously, he was a Partner in the US Tax practice at the Deloitte Montreal office, with a focus on assisting clients with US domestic corporate tax issues, relating to both federal and state level compliance and planning to ensure integration with an overall global tax-effective strategy. His knowledge and expertise also expand to income tax accounting, FATCA related matters, income tax withholding, credits and incentives, US tax reform, and taxation of pass-through entities. While he has advised clients across a variety of industries and sectors, he has extensive experience with companies in the technology, media, and telecommunication sector. Basel has completed the Canadian Institute of Chartered Accountants (CICA) In-Depth Canadian Tax Course and is an admitted member of CPA Canada (i.e., Chartered Professionals Accountants of Canada) and the American Institute of Certified Public Accountants (AICPA).
