UAE Ministry of Finance invites online feedback from businesses on new Corporate Tax

Dubai: The UAE Ministry of Finance has opened an online public consultation with the local business community to get their views on the country’s recently announced Corporate Tax. The tax will be implemented in June 2023.

Other stakeholders with thoughts on the subject can also provide feedback, on the Ministry’s website or the UAE Government portal. Submissions need to be made by May 19. “Since the announcement in January, the Ministry of Finance continued working on the design and implementation of the UAE Corporate Tax regime to ensure that it incorporates best practices globally and minimises the compliance burden for UAE businesses," said Younis Haji Al Khoori, Undersecretary at Ministry of Finance.

Businesses should send in their comments to www.mof.gov.ae/en/resourcesandbudget/pages/corporate-tax-submission-public-consultation.aspx

The Ministry will want ‘clear and concise comments’ on the public consultation document, focusing on aspects of the proposed tax regime that could help reduce compliance costs and any complexities involved. This will ‘improve certainty for both tax administration and taxpayers alike’. “Comments on areas that are otherwise not covered in the document are also welcomed,” the Ministry added.