- Partner, Ahuja Valecha & Associates LLP
- Partner, Insight Accountants, UAE
- Deputy Manager, Ahuja Valecha & Associates LLP
In the past when there was a need to address the demand for the water due to industrialization and population growth, the UAE Government had introduced the cloud seeding technology to increase water security as well as renewability to combat water and food scarcity.
Now, with the need to establish it as a global hub for business as well as with its commitment for meeting the International Standards of Tax Transparency and prevent harmful tax practices, on 31 January 2022, the Ministry of Finance (MoF) made a breakthrough announcement that a new federal corporate tax (CT) system will be implemented in the UAE, effective financial years commencing on or after 1 June 2023. Subsequently, a Public Consultation Document (“PCD”) was issued in April 2022 throwing a broader discussion on various aspect of the proposed regime, which has been discussed later in this document.
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