The corporate taxation public consultation document has been released by the Ministry of Finance. This document will have details that will show us what direction the Corporate Tax regulations are headed. This can be used to prepare ourselves for the upcoming Corporate Tax Regulations. After VAT this is the next tax that is being implemented in the UAE. This is a direct taxation system that will tax the taxable income directly.
9% Corporate Tax is an added compliance requirement in the UAE and will change the way business is done here. Businesses must update their systems and processes to accommodate this new regulation. Although the law is not published yet, we can use the public consultation document to get an idea of where the regulation is headed.