UAE issued its federal corporate tax law
It will charge a headline 9 per cent rate on taxable income surpassing Dh 375,000
Salaries or other personal income from employment are exempted from this
This is applicable to the Government, Semi-Government, and Private Sectors
The tax regime incorporates Internationally-accepted principles
Some businesses that contribute to the economy are exempted from the tax
Businesses involved in natural resource extraction are an example
However, they will be subject to local emirate-level taxation
Government entities, Pension funds, and Investment funds are also exempted
The UAE corporate tax will be effective from or after June 1, 2023
