On 31 January 2022, the United Arab Emirates, UAE, announced that a new federal corporate tax (CT) system will be implemented in the UAE, effective financial years commencing on or after 1 June 2023. The UAE has introduced the lowest corporate income tax rate within the GCC region at a standard rate of 9%. Corporate tax (CT) is a form of direct tax levied on the net income or profit of corporations. Corporate Tax is sometimes also referred to as “Corporate Income Tax (CIT)” or “Business Profits Tax”. This new tax means that we will witness a major change in the tax and compliance costs of most UAE businesses. Entities must be compliant with the new tax regime; this is where we fit in. Our highly skilled tax team at Effective Solutions will provide the required assistance and clear your queries on corporate tax