UAE will introduce corporate tax from June 2023
Recommended for Middle Grades
UAE will introduce corporate tax from June 2023.
UAE(United Arab Emirates) have recently changed their weekend from Friday-Saturday to Saturday- Sunday. They changed this to come closer to the global market.
What is global market?
Global market is the market in which the goods and services of one country are sold to and purchased from the other country.
The UAE has made a new announcement that the country will introduce a corporate tax from mid-2023. This announcement is made as the country wants to expand its income.
Introduction of corporate tax
The finance ministry has taken the decision to put the corporate tax on the businesses which earn a profit of over 375,000 UAE Dirham(UAE currency) at the rate of 9% .
Though the finance ministry has said that there are no plans to introduce income tax from real estate or transport and tourism.
The strategy of corporate taxes
The UAE corporate tax strategy will be the most competitive in the world. The country is facing competition from neighbours Saudi Arabia which is planning to expand its economy and attract foreign businesses.
Similarly, UAE is also trying to reduce its dependency on crude. This is its way to diversify its economy.
Younis Haji Al Khoori, the secretary of the Ministry of Finance said that as the corporate tax will be introduced, UAE will be on its way to meeting the international standards for tax transparency and preventing tax practices that are harmful to its economy.
Isn’t it promising and interesting? All of us need to keep trying, try to be competitive with ourselves and with others. Until next time, stay curious and keep learning.
There are so many interesting and exciting things happening in the world today. To keep yourself updated do not miss out on reading Curious Times – a news website for children. We engage and educate kids through news, information and trivia. There are also a lot of exciting activities for children to engage in and express themselves. You can share your comments and views; participate in our regular quizzes and various creative challenges.
Over 500,000 children are benefitting from Curious Times today! We continue to seek your valuable feedback to serve you better. Feel free to write to us at hello@curioustimes.in.You can also follow us on WhatsApp, Instagram, Facebook Youtube, Twitter, LinkedIn.
0 (Please login to give a Curious Clap to your friend.)