Public consultation for Corporate Tax to be launched on 28 April 2022 has been saved
Public consultation for Corporate Tax to be launched on 28 April 2022
28 April 2022 - On 31 January 2022, the Ministry of Finance (MoF) of the United Arab Emirates (UAE) announced the introduction of a federal Corporate Tax (CT) on business profits effective for financial years starting on or after 1 June 2023. The introduction of CT is intended to help the UAE achieve its strategic objectives and accelerate its development and transformation.
The certainty of a competitive regime, together with the UAE’s extensive network of double tax treaties, will cement the UAE’s position as a leading hub for businesses and investments.
Since the announcement in January 2022, work has continued on the design and implementation of the CT regime to ensure that it incorporates best practices globally and minimizes the compliance burden for UAE businesses. Recognizing the importance of consultation with the business comunity and other interested stakeholders, the MoF is launching this initiative ahead of the official release of the relevant legislation. Input received will be carefully considered and will assist the MoF in further refining and implementing the proposed CT regulations.
Consultation period and access
Based on the information released on the MoF’s website, the consultation period will commence on 28 April 2022 and end on 19 May 2022. The MoF welcomes comments on this consultation document by using the online submission form which can be found on the website.
In particular, the MoF would appreciate clear and concise comments, focusing on aspects of the proposed CT regime that may help to reduce compliance cost and complexity, as well as improve certainty for both the tax administration and taxpayers alike. In addition, comments on areas that are not covered in this document are also welcomed.
Once the consultation document has been released, Deloitte will issue a summary of the consultation document. In the meantime, we continue to support our clients on their CT implementation journey as well as commenting on the public consultation document.