UAE tax

It also set out details of a Cabinet decision regarding investment funds' exemption from the tariff

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A standard statutory rate of 9 per cent will apply starting from the financial year beginning on or after June 1

Decisions clarify basis of preparing financial statements and exemptions for private regulated pension funds and social security funds

Personal income from employment, investments and real estate will not be taxed

The decree law allows for expenses, including remuneration packages, to be offset against qualifying revenue

Organisations can register through the EmaraTax digital tax services platform

The decision clarifies procedures for companies undergoing liquidation or termination

Ministerial decision aims to prevent tax avoidance and double non-taxation

There is much detail within the decree law to be understood

Scheme not available to qualifying free zone persons or members of multinational enterprises groups, Ministry of Finance says

Understand a company's revenue stream to know the beneficiary’s identity from a taxation perspective

Multinational companies, SMEs and Emirati family businesses face unique challenges in tax implementation

The new law will take effect from June 1

Ministerial decision brings the Emirates in line with other countries that have similar legislation

The tax will have a positive impact on government revenue and help modernise the economy, Younis Al Khouri says

Payment and compliance deadline allows taxpayers up to 21 months from June 1, when the tax regime comes into effect, the Ministry of Finance says

Corporate tax rate of 9% means the country is well placed to attract corporates, chartered accountant says