The UAE will not introduce an employee income tax, Thani Al Zeyoudi, Minister of State for Foreign Trade, said on Monday.
“It is not at the table at all now,” Mr Al Zeyoudi told Bloomberg TV.
The UAE will introduce a 9 per cent federal corporate tax on the profit of businesses from the financial year starting on or after June 1, 2023, the Ministry of Finance said on January 31.
The corporate tax regime will be among the most competitive and will be in line with World Trade Organisation rules, the ministry said.
There will be no tax on personal income “from employment, real estate and other investments, or on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in the UAE”, the ministry said at the time.
The UAE’s new corporate tax has been received in a “very positive manner by businesses in general”, Mr Al Zeyoudi said.
“We have to comply with international directions. The Organisation of Economic Co-operation and Development announced last year that most of the world is going to apply it [corporate tax].
“We are connected to the world with all the reforms we have done lately.”
Last October, the OECD said 136 countries had agreed to a global deal to ensure big companies pay a minimum tax rate of 15 per cent from 2023.
Under the worldwide accord, countries will collect about $150 billion in new tax revenue annually, while $125bn in multinationals' profits will be reallocated to the countries in which they operate, the OECD said.
The new minimum tax rate will apply to companies with revenue of more than €750 million ($868m).
The levy is set to replace “most of the fees” companies currently pay and is one of the lowest in the world, Mr Al Zeyoudi said.
The Ministry of Finance is expected to announce more details about how the corporate tax will be imposed in the next few weeks, he said.
The minister also ruled out that the corporate tax levy would have an effect on inflation in the UAE.
Corporate tax is levied by governments on a business’s profits, which are the difference between a company’s revenue and costs.
The UAE's move to introduce corporate tax complies with the initiative on a global minimum tax, Egyptian investment bank EFG Hermes said.
The initiative reflects efforts by global economies to reduce worldwide tax evasion, especially by companies, it said.
In countries that have personal taxation, people pay income tax on their earnings, said Keren Bobker, an independent financial adviser and senior partner with Holborn Assets in Dubai.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
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FORSPOKEN
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Marvel's%20Spider-Man%202
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Assassin's%20Creed%20Mirage
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Starfield
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Meydan racecard:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
7.05pm: Handicap | $135,000 (Turf) | 1,200m
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
8.15pm: UAE Oaks | Group 3 | $250,000 (D) | 1,900m
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
9.20pm: Handicap | $135,000 (T) | 1,600m
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
RUGBY CHAMPIONSHIP FIXTURES
September 30
South Africa v Australia
Argentina v New Zealand
October 7
South Africa v New Zealand
Argentina v Australia
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
