Indian Finance Minister Nirmala Sitharaman announced a slew of measures on Friday to revive sagging investment in Asia's third largest economy including a cut in corporate taxes.
The Federal Reserve has raised interest rates on Wednesday by 75 basis points, taking the interest rate to between 1.5 and 1.75 per cent, which is still quite low. But it is expected that interest rates could be as high as 3.4 per cent by the end of 2022 even as inflation is expected to hover round 5.2 in the year.
With a standard statutory tax rate of 9 percent and a 0 percent tax rate for taxable profits up to Dhs375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.
The Federal Tax Authority (FTA) has launched the ‘Tax Support’ initiative to raise tax awareness among business sectors in the UAE through direct and sustained contact, as a means to enhance compliance with tax laws and regulations. The first workshop for 2023 under the initiative was held on Jan.24 and 25 as a collaboration
In a move that could raise hundreds of billions of dollars to help governments cope with the aftermath of COVID-19, the Group of Seven (G7) large advanced economies agreed to back a minimum global corporate tax rate of at least 15%.
Ministerial Decision No. 73 of 2023 specifies that businesses with revenues of Dhs3 million or less can benefit from Small Business Relief and the conditions for Small Business Relief election
This is according to Cabinet Resolution No. (37) of 2023 regarding public benefit entities that are eligible for the purposes of Federal Decree-Law No. 47 of 2022 regarding corporate and business tax.
The UAE Ministry of Finance has announced three new Ministerial Decisions for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses.
Firms undergoing liquidation or termination are eligible for a corporate tax exemption provided a notification has been submitted to the Federal Tax Authority (“FTA”) within 20 business days from the date of the beginning of the liquidation or termination procedure.