The introduction of corporate tax in the UAE, effective from the financial years starting on or after 1 June 2023, marks a significant milestone in the country’s fiscal landscape. With the introduction of VAT in 2018, businesses and tax professionals anticipated future changes to be primarily related to rate adjustments, similar to the changes that had been observed in other GCC countries. However, the implementation of corporate tax, a mere five years after VAT, brings about a new and dynamic chapter for the country.This article aims to highlight some of the key differences between the implementation phases of VAT and corporate tax in the UAE.
Source: gccfintax.com
