Abu Dhabi (WAM)
The total revenue collected from fees for services provided by the central government last year was 26 billion dirhams, while the value of revenues and amounts collected through e-dirham for 2021 was more than 14.33 billion dirhams. According to Younis Al Ghuri, Deputy Secretary of the Ministry of Finance.
He pointed out that the use of federal tax on companies as of June 2023 strengthens the United Arab Emirates’ commitment to meet international standards for tax transparency and the prevention of harmful tax practices. Encourage economic growth, attract investment and support fifty projects.
Commenting on the announcement of the introduction of the Central Corporate Tax, the Under Secretary, Ministry of Finance explained that the announcement of the introduction of the Central Corporate Tax was a result of the Government strategy led by the Ministry of Finance to strengthen the state. The commitment to meet international standards for tax transparency and the prevention of malicious tax practices and corporate taxation is based on international best practices that aim to strengthen the UAE’s position as a leading global hub for trade and investment, and accelerate the country’s growth. And change to achieve its strategic goals.
In support of the state’s direction in improving and diversifying non – oil revenue sources, the corporate tax policy aims to diversify the state government’s revenue resources needed to create jobs, finance public spending and improve capital infrastructure projects. And improving the infrastructure for social services. Corporate tax is an integral part of economic policies that support economic growth and attract investment, leading to the promotion of the country’s economic growth and support for fifty projects and other strategic goals.
He pointed out that the Finance Ministry had announced at the end of January 2022 that it would introduce a federal tax on business profits for the fiscal years beginning on or after June 1, 2023, the ministry said at the time. The corporate tax system used in the country is one of the most competitive in the world. There the tax will be levied at a base rate of 9% and a profit of 0% on taxable profits not exceeding 375,000 dirhams ($ 100,000). Support for start-ups and small businesses.
With regard to the objectives of the Ministry in the current year, the Fourth Strategic Session of the Ministry of Finance Younis Al-Quri identified six strategic objectives and several efforts were made to ensure its full implementation for each strategic objective. He said this would include strengthening the fiscal planning of the central government and enhancing the stability of public funds, enhancing the efficiency and effectiveness of budget implementation, managing the fiscal position and cash flow of the central government, and serving the financial and economic interests of the country. Improving the competitiveness of the country in the international, financial and economic spheres.
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