The corporate tax is a direct tax levied on a company’s net income or profit. A corporation has a legal obligation to the government. Tax standards fluctuate from country to country, based on the consent of the country’s government. Depending on the jurisdiction, a corporate tax is sometimes known as a business profit tax or a corporate income tax.Following this development, the UAE Ministry of Finance announced on 31 January 2022 the implementation of a Federal Corporate Tax system on corporate profits, effective for Financial Years beginning on or after 1 June 2023. Corporate tax is a type of direct tax paid on corporations and other enterprises’ net revenue or profit. Corporate Tax is also known as “Corporate Income Tax” or “Business Profits Tax” in various countries. A competitive Corporate Tax regime based on international best practices would solidify the UAE’s position as a major global center for business and investment, as well as expedite the UAE’s development and transformation to accomplish its strategic goals.

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