Thani Bin Ahmed Al Zeyoudi, UAE Minister for Foreign Trade. ARCHIVE

DUBAI – Imposing income tax in the UAE is not part of current plans, the UAE Minister for Foreign Trade clarified on Monday (February 21). “It is not at the table at all now,” Thani Bin Ahmed Al Zeyoudi told Bloomberg TV in an interview. Al Zeyoudi’s statement comes after the UAE announced it will be introducing a 9 percent federal corporate tax starting on June 1, 2023. The corporate tax will apply to all business and commercial activities, except for the extraction of natural resources, which will remain subject to emirate-level corporate tax. The standard corporate tax will apply to businesses earning profits of more than Dh375,000. Businesses earning below this will be exempted from the 9 percent corporate tax. The Ministry of Finance is expected to announce more details clarifying how the corporate tax will be imposed. ICA/Expat Media
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