Corporate tax (CT) is a direct tax imposed on the net income or profit of corporations and other entities engaged in business activities. In the UAE, the Federal Decree-Law No. 47 of 2022 on taxation of corporations and businesses, also known as the Corporate Tax Law, mandates that businesses will be subject to corporate tax starting from their first financial year commencing on or after June 1, 2023. The introduction of corporate tax in the UAE serves several objectives, including solidifying its position as a global business and investment hub, expediting its development and transformation, and adhering to international tax transparency standards while combating harmful tax practices.
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