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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 Microsoft sign at the entrance of the Dubai Microsoft campus, Dubai Internet City Dubai Maritime City, Dubai under construction in 2008. A free zone authority is a designated economic area governed by its own set of regulations, which differ from those applicable to businesses outside the zone.
Free-trade zones in Dubai, (FTZs) are special economic zones set up with the objective of offering tax concessions and customs duty benefits to expatriate investors. There are 26 Free Zones operating in Dubai. FTZs in Dubai and the UAE are governed pursuant to a special framework of rules and regulations. A Free Zone Authority offers business ...
United Arab Emirates: 0% (free zone companies, [229] as well as mainland companies with less than 375,000 AED a year in profit, [230] may need to fill out a tax return) 9% (for mainland companies with a net profit over AED 375,000 annually, taxation paid to other countries credited towards UAE taxation, tax return required) [230] 0% [231] 5% ...
United Arab Emirates: Federal Tax Authority: 9 Bangladesh: National Board of Revenue (NBR) 10 Egypt: Egyptian Tax Authority: 11 Iraq: General Authority for Taxes: 12 Malaysia: Lembaga Hasil Dalam Negeri Malaysia: 13 Pakistan: Federal Board of Revenue: 14 Senegal: Ministry of Finance: 15 Tunisia: Ministry of Finance: 16 Yemen: Department of Tax ...
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.
A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. [ 1 ] [ 2 ] Depending on the jurisdiction , revenue services may be charged with tax collection , investigation of tax evasion , or carrying out audits .
He is a board member of the Dubai Executive Council and the UAE Federal Tax Authority, [6] as well as the Investment Corporation of Dubai (the emirate's sovereign wealth fund) until 2009. [ 20 ] Recognition