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09 December 2022 UAE Ministry of Finance releases Corporate Tax Law On 9 December 2022, the United Arab Emirates (UAE) Ministry of Finance (MoF) published Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law). The Corporate Tax Law provides the legislative framework for a federal corporate tax in the UAE on the net profits of corporations and other businesses. It is supplemented by 158 Frequently Asked Questions to initially provide further detail on specific matters pending publication of further formal guidance. The Corporate Tax Law will be effective for financial periods starting on or after 1 June 2023. A more detailed Alert regarding the technical and administrative features of the Corporate Tax Law will follow in due course. Rajan Parmar, UAE Tax Market Segment Leader | rajan.parmar@ae.ey.com Wadih Abounasr, MENA Business Tax Services Leader | wadih.abounasr@ae.ey.com Chris Lord, MENA Tax Markets Leader | chris.lord@ae.ey.com Guy Taylor, MENA Transfer Pricing Leader | guy.taylor@ae.ey.com Adil Rao, International Tax and Transaction Services | adil.rao@ae.ey.com Barry Magill, International Tax and Transaction Services | barry.magill1@ae.ey.com Mina Al-Khudairi, International Tax and Transaction Services | mina.alkhudairi@ae.ey.com\ Hannah Shipley, Business Tax Advisory | hannah.shipley@ae.ey.com Mohamed Araji, Business Tax Advisory | mohamed.araji@ae.ey.com Koen Desloover, Global Compliance and Reporting | koen.desloover@ae.ey.com Mohammed El Swefy, Business Tax Advisory | mohamed.el.swefy@ae.ey.com Neil Allmark, International Tax and Transaction Services | neil.allmark@ae.ey.com Brandon George, International Tax and Transaction Services | brandon.george@ae.ey.com
Document ID: 2022-6188 |