[ad_1]
Abu Dhabi: On Sunday, the Ministry of Finance published a new UAE Cabinet decision that grants exemption from corporate tax laws to entities that meet certain criteria and contribute to the welfare of the UAE public and society.
The ministry said it has passed Cabinet Decision No. (37) of 2023 on Federal Decree No. 47 of 2022 on Qualified Public Benefit Entities for Taxation of Companies and Enterprises.
It aims to ensure that entities that exist and operate in the wider public interest qualify for tax exemption.
Eligible public benefit entities are established for the benefit of the public and society, with an emphasis on activities that contribute to the structure of the UAE. Often, this focuses on the public interest, promoting philanthropy, community service, or corporate and social responsibility. The implementation decision is intended to reflect the significant role of these entities in the UAE, which often includes religious, charitable, scientific, educational or cultural values.
To qualify for the CT exemption, these entities must meet the conditions set out in section (9) of the Corporations Tax Act and must continue to comply with all relevant federal and local laws and notify the Treasury Department of any changes to these entities that affect them as qualifying public benefit entities status.
[ad_2]
Source link