Show Me the Money! UAE's New Corporate Tax 💰😎

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Have you heard the big news out of the United Arab Emirates (UAE)?

Something big is brewing, and we're not talking about a fresh pot of coffee. No, no - the UAE introduced a new Corporate Tax regime, set to come into effect on June 1st, 2023.

So what does that mean for you and your business? Will it break the bank or give you a break?

Don't worry, because we're here to break down all the juicy details!

1️⃣ It's all about profits from selling goods and services, folks. If you're making a bank in the UAE, you gotta pay up.

2️⃣ But don't worry, some income is exempt, and you can reduce your UAE Corporate Tax liability on foreign profits.

3️⃣ This Federal Corporate Tax applies to ALL businesses and commercial activities (except for those in the Free Trade Zone).

4️⃣ And the best part? The tax rate is only 9% on taxable income, making it the lowest corporate tax rate in the GCC region (we're looking at you, Bahrain).

5️⃣ If you're an individual carrying on a business or profession in the UAE, you might be liable for the corporate tax at a rate of 9% if you exceed AED 375,000. So watch out!

6️⃣ The tax revenue collected will be shared between the Federal and Emirati Government, so you're supporting the community and the country while paying your dues.

7️⃣ The Federal Tax Authority will handle the administration, collection, and enforcement of UAE CT, and the Ministry of Finance will be the go-to authority for bilateral/multilateral agreements and international exchange of information.

So there you have it, tax squad! The UAE Corporate Tax is here to stay, but with a low tax rate and some exemptions, it's not all bad news. Pay your taxes, support your community, and keep on thriving! 🤑

If you're looking to get even more in-depth information about the UAE's new Corporate Tax regime, be sure to check out our video where we delve into all the nitty-gritty details with expert analysis and insights.

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