Doing business in UAE

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DOING BUSINESS IN UAE

The UAE has created a modern investment environment and set policies that facilitate and speed up the establishment of companies through digitised platforms and promoted its attractiveness by issuing amendments to the Companies Law and visa rules. These efforts resulted in maintaining an advanced position in the ‘Ease of Doing Business’ index, ranking.

VAT

VAT in UAE is a consumption tax that is charged on the sale of goods and services at 5%. It was introduced in 2018 to diversify the economy and provide high-quality public services. Certain sectors are VAT exempted and there are zero rate for VAT and exempted according to the nature of the transactions.

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TAXATION IN THE UAE

The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses was issued by the United Arab Emirates (“UAE”), on 09 December 2022.

The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax in the UAE and is effective for financial years starting on or after 1 June 2023.

The introduction of Corporate Tax is intended to help the UAE achieve its strategic objectives and accelerate its development and transformation. The certainty of a competitive Corporate Tax regime that adheres to international standards, together with the UAE’s extensive network of double tax treaties, will cement the UAE’s position as a leading jurisdiction for business and investment.