Atik Munshi commented to Gulf News on the introduction of corporate tax in the UAE
"With the tax rate below 10 per cent and an exemption limit of Dh375,000 (about $100,000) profit, the UAE is a very attractive place to do business. The business community will take this in their stride and be part of the UAE success story," said Atik Munshi, Managing Partner at FinExpertiza UAE, to Gulf News.
The fact that the UAE’s corporate tax regime will come into effect from June 1, 2023 gives businesses - and all concerned - ample time to prepare. "There is usually a surprise element when most governments plan on introducing any kind of tax. So, a window of a year should actually be sufficient for business houses to plan," noted Atik Munshi.
The UAE introduces a federal corporate tax on business profits for the first time, the rate is 9%.