Personal income to remain tax free in UAE

  DUBAI - Personal income will remain tax free in the UAE, according to the Ministry of Finance as it announced a new corporate tax on business profits. While businesses earning more than Dh375,000 will be subject to 9 percent corporate tax starting on June 1, 2023, personal income will be exempt. According to the ministry, personal income from employment, real estate and other investments will not be subject to corporate tax. There will also be no corporate tax on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in the UAE. Foreign investors who do not carry on business in the UAE will not be subject to corporate tax. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, said the introduction of corporate tax reaffirms the UAE’s “commitment to meeting international standards for tax transparency and preventing harmful tax practices”. ICA/WAM/Expat Media
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