Pillar one, UAE’s new federal corporate tax regime, and the Indian government’s Union Budget are among the recent developments examined by Tim Sarson (KPMG).
UAE announces new corporate income tax regime
On 31 January 2022 the United Arab Emirates (UAE) announced a new federal corporate income tax (CIT) effective for financial years commencing on or after 1 June 2023.
The UAE has been through a series of tax reforms in the last few years to align itself with international markets and diversify its revenue beginning with the implementation of a VAT regime in January 2018 followed by the introduction of economic substance rules and country by country (CbC) reporting regulations in April 2019.
Scope of the CIT
The CIT proposals introduce a new three-tier tax rate system of 0% or 9% for most businesses whilst multinational enterprises (MNEs) in the scope of BEPS 2.0...
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Pillar one, UAE’s new federal corporate tax regime, and the Indian government’s Union Budget are among the recent developments examined by Tim Sarson (KPMG).
UAE announces new corporate income tax regime
On 31 January 2022 the United Arab Emirates (UAE) announced a new federal corporate income tax (CIT) effective for financial years commencing on or after 1 June 2023.
The UAE has been through a series of tax reforms in the last few years to align itself with international markets and diversify its revenue beginning with the implementation of a VAT regime in January 2018 followed by the introduction of economic substance rules and country by country (CbC) reporting regulations in April 2019.
Scope of the CIT
The CIT proposals introduce a new three-tier tax rate system of 0% or 9% for most businesses whilst multinational enterprises (MNEs) in the scope of BEPS 2.0...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
