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The UAE federal tax system is administered by the Federal Tax Authority (FTA), which was founded ahead of the 2018 implementation of a federal value added tax (VAT). The current standard VAT rate in the country is 5%. [2] [3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [4]
The authorities speculate that the region will triple in size by 2024. [3] Others include the Dubai Airport Freezone (DAFZA; the Dubai internet City; and the Dubai Media city. [4] In April 2021 Dubai CommerCity launched, a free zone dedicated to e-Commerce. [5]
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
A value-added tax (VAT or goods and ... In 2024, a law aimed at reducing the national debt featured return to two rates: a standard rate of 21% and a reduced rate of ...
Some free zones (including ADGM, JAFZA, DMCC, RAK FTZ) allow for inward redomiciliation of foreign companies, which means a transfer of a corporate seat of an existing company from abroad to the UAE free zone. [3] There are a few Free Zones in UAE that offer Dual Business License [4] for investors. [5]
The establishment of designated freezones in the United Arab Emirates (UAE) traces its roots to the nation's strategic vision for economic diversification.In the late 20th century, recognizing the need to reduce reliance on oil revenue, the UAE embarked on a deliberate initiative to create economic zones that would attract foreign investment, promote international trade, and foster innovation.
6 November – UAE and Australia sign a Comprehensive Economic Partnership Agreement (CEPA). [24] 17 November – Stocks listed in the United Arab Emirates top $1 trillion USD for the first time. [25] 24 November – Zvi Kogan, an Israeli-Moldovan rabbi working for Chabad, is found killed after being reported missing in Dubai on 21 November.
The UAE recognized Israel in August 2020, reaching a historic Israel–United Arab Emirates peace agreement and leading towards full normalization of relations between the two countries. [143] [144] [145] UAE is the 53rd most peaceful country in the world, according to the 2024 Global Peace Index. [146]