Corporate Tax in UAE is a form of direct tax levied on the net income or profit of corporations and other businesses. Going forward, licensees operating in UAE will be required to assess the impact of the upcoming regulations to their business and undertake the necessary compliance.
The United Arab Emirates (“UAE”) announced to implement the OECD’s Two-Pillar approach to reform its International Tax Framework and to implement a minimum Corporate Tax rate starting 2023.
At JRB, our team of experts can help you in assessing the challenges and opportunities that the introduction of a Corporate Tax will bring.
Transfer Pricing rules and documentation requirements will now be aligned with the OECD Transfer Pricing Guidelines. Documentation will require groups of companies to perform benchmarking searches to justify their pricing policies of inter-company transactions. We wait for further details/clarifications on potential exemptions for qualified intra-group transactions and other compliance requirements that may be introduced.
Although the press release and FAQ provided relevant information regarding some of the most relevant changes brought forward by the introduction of a UAE Corporate Tax, its technical aspects and specifics will only be known once official legislation is passed. Nevertheless, the current announcement by the UAE Ministry of Finance will change the tax landscape of the UAE Significantly and international groups with businesses in the UAE are advised to evaluate the impact of such development. At JRB, our team of experts can help you in assessing the challenges and opportunities that the introduction of a Corporate Tax will bring.
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