UAE’s Ministry of Finance (MoF) has launched the digital public consultation initiative on its website and the UAE Government portal, ahead of the official release of Corporate Tax relevant legislation.
The initiative intends to consult with the business community and other important stakeholders in order to obtain their perspectives and suggestions on corporate tax, as well as to improve and implement proposed UAE corporate tax legislation.
The digital public consultation initiative reflects MoF’s firm belief in the importance of consulting the business community.
According to the statement, “The new initiative is part of the MoF’s commitment to help the UAE achieve its strategic objectives, thereby cementing the country’s position as a leading hub for business and investment.”
Mr. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, noted that “the initiative will assist the MoF in further refining and implementing the proposed UAE Corporate Tax regulations, by bolstering means of communication with the business community and stakeholders, as they play a key role in drawing government financial policies.”
“The Ministry of Finance welcomes comments until 19th May by using the online Corporate Tax Submission Public Consultation Form, which can be found on the ministry’s website and the UAE Government portal. Since the announcement in January 2022, the Ministry of Finance continued working on the design and implementation of the UAE Corporate Tax regime to ensure that it incorporates best practices globally and minimizes the compliance burden for UAE businesses,” Mr. Al Khoori further added.
Last Month, MoF and a delegation from the Centre for Tax Policy and Administration (CTPA) at the Organization for Economic Cooperation and Development (OECD) explored areas of mutual interest, strategic relations, and ways to strengthen economic cooperation.