On April 28th, the UAE Ministry of Finance (“MoF”) released a consultation paper to provide insight on the potential corporate tax (“CT”) regime. As noted in the consultation, the information shared should not be considered final but this public consultation supports the UAE’s commitment to transparency and recognizes the importance of input from respective stakeholders.
The timeframe of the consultation will be from 28 April 2022 till 19 May 2022, which indicates a short turnaround, but we highly encourage businesses to seize the opportunity and provide the MoF with valuable insight from a commercial perspective on the proposed CT law. The MoF has asked businesses to focus their feedback on recommendations that may help reduce compliance cost and complexity but also on topics not included in the consultation from a completeness perspective.
In this document we have summarized the key highlights and top five takeaways for businesses to prepare for the implementation of the CT.