The implementation of corporate taxes in the UAE has been scheduled for June 23rd. The law mandates that starting with their first financial year beginning on or after June 1, 2023, taxable individuals and businesses would be subject to a 9% corporate tax. Businesses and tax experts have been talking about it since it was announced. With this declaration, the UAE is on track to pass the GCC's...

Businesses frequently suffer losses as a result of adverse market conditions, poor business decisions, or other factors. Small businesses are frequently the victims of adverse conditions, which would end up resulting in Corporate Tax losses in the UAE. Fortunately, the proposed UAE Corporate Tax allows businesses to offset a loss in one period against future taxable income. Consultation with...