The Government of UAE announced on 31st January 2022 that UAE would be promulgating legislation for levying federal Corporate Tax (C T) on business profits and the same shall be effective for the tax period commencing on or after 1st June, 2023. For years UAE has been considered as a.
Economic Substance Regulation in the UAE is basically derived from the inclusive framework on BEPS Action 5 of OECD which requires that Enterprises should not be allowed to park their profits in a jurisdiction with No or low tax regime without core functions of the enterprise being carried out in.
