The UAE currently has no system of federal income taxation. Instead, most of the emirates – including Dubai – enacted their own corporate tax decrees in the late 1960s. These emirate-level corporate tax decrees are of general application and remain in force as amended.
Near-term sentiment is on the rise among Dubai’s business leaders, with the IMF forecasting a healthy GDP growth rate of 4.2% in 2019 for the emirate. While not as exposed as some of its regional neighbours to the effects of fluctuating commodities prices in recent times, Dubai nevertheless stands to benefit from the knock-on effects of higher prices over the last year.
What is your assessment of the fiscal environment?
The 2019 Finance Law was published in the Official Bulletin No. 6736 bis on December 21, 2018, and promulgated by Dahir (royal decree) No. 1-18-104 of December 20, 2018. The law introduces a number of tax developments, including changes to income tax for corporations and self-employed individuals, real estate investment and tax...
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