Understanding the Impact of Corporate Tax on SMEs within the UAE (2024)
The advent of corporate tax within the United Arab Emirates (UAE) marks a massive shift within the country's monetary landscape, especially for small and medium enterprises (SMEs) that form the backbone of the economy. Effective June 1, 2023, Federal Decree-Law No.47 of 2022 installed a corporate tax rate of 9% on income exceeding AED 375,000, with a 0% fee relevant to income below this threshold. This blog will explore the role of corporate tax consultant Dubai in understanding the consequences of this new tax regime on SMEs, studying both the demanding situations and possibilities it presents. Overview of Corporate Tax…