Taxation In The United Arab Emirates
The United Arab Emirates is a federation of seven Emirates, with autonomous federal and local governments. An income tax decree has been enacted by each Emirate, but in practice, the enforcement of these decrees is restricted to foreign banks and oil companies. The UAE government implemented value added tax (VAT) in the country from January 1, 2018 at a standard rate of 5%. In January 2022, the UAE government announced the introduction of a federal corporate tax. The standard corporate tax rate will be 9% for businesses that have a net annual profit of or over AED 375,000 and a rate of 0% for businesses with net annual profits under AED 375,000. The announcement included a corporate tax rate of 15% for multinational companies with profits over 750 million Euros a year, which is in line with the Global minimum corporate tax rate agreement. Freezone businesses can get exempt from corporate tax as long as they do not do business with the UAE mainland and follow other UAE guidelines. ...
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United Arab Emirates
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia ( The Middle East). It is located at the eastern end of the Arabian Peninsula and shares borders with Oman and Saudi Arabia, while having maritime borders in the Persian Gulf with Qatar and Iran. Abu Dhabi is the nation's capital, while Dubai, the most populous city, is an international hub. The United Arab Emirates is an elective monarchy formed from a federation of seven emirates, consisting of Abu Dhabi (the capital), Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain. Each emirate is governed by an emir and together the emirs form the Federal Supreme Council. The members of the Federal Supreme Council elect a president and vice president from among their members. In practice, the emir of Abu Dhabi serves as president while the ruler of Dubai is vice pre ...
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