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UAE Finance Ministry to hold first public awareness session on upcoming corporate policy Tax on Monday.
The Ministry will be organizing a series of ‘UAE Corporate Tax Public Awareness Sessions’ across the UAE until February 20, in English and Arabic. The purpose of the meeting was to “interact with the public and the business community, raise taxes on corporations and outline the main features of the law,” the ministry said on its website.
The following three courses are still open for registration:
- Sharjah February 6 (English)
- Ras Al Khaimah, 13 February (English)
- February 20 in Fujairah (Arabic)
Registration for other sessions, including Monday’s session, has closed. According to the ministry, more meetings will be announced soon.
Why it matters: The UAE announced last year that it would begin 9% tax on business profits From June 2023.The move is part of a wider plan The trend of increasing taxes in the Gulf countries and reduce their dependence on oil and gas.
International companies have been exempt from such taxes in the UAE for decades. This approach has helped turn Dubai and Abu Dhabi into attractive business destinations.
The introduction of corporate tax may make the UAE less attractive for international business. However, UAE officials countered that the new tax regime would be more attractive to entrepreneurs as it also eliminated business expenses.
understand more: The Emirate of Dubai announced a $8 Trillion Economic Development Plan earlier this week.
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