BENIAL DWC LLC, considered as one of the leading full-fledged company formation and offshore incorporation agencies in Dubai, welcomes the new corporate tax on business profits coming into effect next year.
The UAE, of which Dubai is a part, last week set out plans to levy a 9 percent corporate tax from June 2023. The tax won’t apply on personal income from employment, real estate and other investments, and incentives for free zones will continue.
To offset some of the higher expenses, Dubai’s government has already said it will consider cutting costs for businesses operating in the Middle East’s commercial hub. “The UAE continues to be a very, very attractive market,” says our Operations Director Zak Gibbin, ''as its economy is still more competitive than some regional neighbours and global tax standards''.
