It's Getting Worse - Dubai/UAE Tax Update
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UAE has been a long-term tax haven. This country attracted numerous 7 and 8-figure earners who wanted to escape the tax net of their home countries.
Unfortunately, due to massive international pressure UAE had to implement some changes to brush off the reputation of a tax haven.
This means introducing CIT, corporate income tax, at the rate of 9% on companies that make more than about $100k USD per year. This was announced last year and is coming into power in June of 2023.
This is a HUGE change, as there were no taxes on any companies in the UAE. New tax rules will change the way of doing business in this country and will occur more costs since from now on filings will be obligatory.
Until now you didn't have to register or file anything in the UAE, which was a huge relief.
On top of filing obligations, they are bringing substance requirements that can make your life more complicated.
Substance requirements, management and control rules, fair market rate for salaries and bonuses, filings and reporting, write offs, etc. are among many other things that we will have to worry about once the corporate tax rate has been intorudced in the UAE.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
@offshorecitizen
You can visit our websites for more information about us: https://offshorecitizen.net & https://www.offshorecapitalist.com
UAE has been a long-term tax haven. This country attracted numerous 7 and 8-figure earners who wanted to escape the tax net of their home countries.
Unfortunately, due to massive international pressure UAE had to implement some changes to brush off the reputation of a tax haven.
This means introducing CIT, corporate income tax, at the rate of 9% on companies that make more than about $100k USD per year. This was announced last year and is coming into power in June of 2023.
This is a HUGE change, as there were no taxes on any companies in the UAE. New tax rules will change the way of doing business in this country and will occur more costs since from now on filings will be obligatory.
Until now you didn't have to register or file anything in the UAE, which was a huge relief.
On top of filing obligations, they are bringing substance requirements that can make your life more complicated.
Substance requirements, management and control rules, fair market rate for salaries and bonuses, filings and reporting, write offs, etc. are among many other things that we will have to worry about once the corporate tax rate has been intorudced in the UAE.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
@offshorecitizen
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در تاریخ 1401/11/11 منتشر شده
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