The Institute of Chartered Accountants of India (ICAI) Dubai chapter presented the “Impact of Corporate Tax – Is it Free for Free Zones,” which was held in Dubai and gave participants important insights into the intricate realm of the recently implemented corporate tax in the United Arab Emirates (UAE). The purpose of the event was to shed light on how corporate tax policies in the UAE affect free zones and how they affect investments, company dynamics, and economic growth.
The conference gave participants insightful information on navigating the complex web of business tax laws in the UAE’s free zones, assisting them in making well-informed decisions and developing long-term plans to maximise their operations in the area. Corporate tax was introduced in the UAE on June 1st, 2023.
The UAE, which is well-known for its business-friendly environment, has drawn foreign investors looking for tax-friendly jurisdictions. The implementation of excise taxes in 2017 and corporate taxes in 2023 was a turning point in the economic development of the country. The UAE’s unique tax system made it an appealing location for investment, with a corporation tax rate of 9% that is significantly lower than the global average of 23%.