Picture for illustrative purposes only. ARCHIVE

The Ministry of Finance has warned against spreading rumours or false information about the upcoming corporate tax, urging the public to rely only on official publications from the ministry and the Federal Tax Authority. According to the ministry, a number of posts circulating on social media by private individuals “contain inaccurate and unreliable interpretations and analyses of Corporate Tax”. “Analyses that are not based on official publications by MoF and FTA; or have not been commissioned by them, are unreliable and may contain misleading interpretations of the law,” according to the Ministry of Finance. The ministry warned that publishing or republishing “misleading and unfounded analysis of the Corporate Tax Law” is considered a crime under the UAE law. The ministry’s warning came after an influx of social media users posting personal analysis and commentaries on the Corporate Tax scheme in the UAE. The UAE is set to impose a 9 percent Corporate Tax starting in June. While it will apply to businesses with an income of more than Dh375,000, the tax will not affect individual salaries. ICA/Expat Media ALSO READ: UAE to impose corporate tax starting June 2023 
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