UAE introduces fresh tax regulations
A new ministerial order from the UAE Ministry of Finance allows companies with annual revenues of AED 3 million or less to apply for a "Small Business Relief." In response to a tweet from UAEBARQ, the authority declared that "taxable people that are resident persons can claim Small Business Relief when their revenue in the current tax period and preceding tax years is below AED 3 million for each tax period." Nevertheless, the Small Business Relief will no longer be accessible once the revenue level is reached. For tax periods beginning on or after June 1, 2023, the AED3 million revenue threshold will be in effect. However, only subsequent tax periods that conclusion prior to or on December 31, 2026, will be covered by it. According to the statement, the income can be calculated using the relevant accounting principles recognized in the Emirates. According to a statement sent via email by the Ministry of Finance, this decision was made in accordance with Article ...