There Could Be More Taxes In UAE

Till last week, we really didn’t have to think about taxes, right?

Well, we do now.

The officials announced a new corporate tax last week, and the latest news is Federal Tax Authority (FTA) of UAE will issue more.

The possibility of upgrading existing procedures is being considered as well as a road map for tax implementation is being looked at.

The new strategy marks World Future Day, which started last week.

And it comes after the nine percent corporate tax on profits exceeding Dhs375,000 was introduced, alongside changes to the country’s VAT laws.

Seminars raising awareness of the FTA’s EmaraTax platform have been arranged in a bid to build and improve the UAE’s fiscal structure.

Here is everything to know about corporate tax implementation

Research specialist, Garner, is assessing the UAE’s tax systems on country’s technology impact.

“The Federal Tax Authority’s strategy for exploring the future of the tax sector primarily aims to identify the basic motives, scenarios, and proactive measures required for sustainably upgrading tax procedures in the UAE, and promoting a culture of future-mapping within, paving the way for it to become a world leader in the field,” said FTA Director General, Khalid Ali Al Bustani.

It is intended to support the strategic objectives of the UAE while enhancing the country’s global competitiveness.

The plan is for it to provide the flexibility to deal with and support international financial systems.