【Cross-Border Tax】UAE: Legislation Progress on Corporation Tax and Virtual Assets Regulations

1. Public consultation begins on corporate tax framework

The Ministry of Finance of the United Arab Emirates (UAE) has opened a public consultation on its proposed 9 per cent federal corporate income tax for financial years starting 1 June 2023. Limited partnerships, general partnerships and other unincorporated vehicles are to be treated as transparent for corporation tax purposes, but limited liability partnerships and other types of partnerships will be subject to corporation tax. Free zone entities are expected to be granted zero tax status, provided they maintain adequate substance and comply with the regulatory requirements. However, they will be disqualified if they also trade with the UAE mainland other than receiving passive income. The consultation closes on 19 May 2022....

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