AEThe United Arab Emirates has extended its corporate tax relief program for small businesses until December 31, 2029. This measure applies to businesses with annual revenues of up to Dh3 million, allowing them to maintain simplified tax compliance procedures. The initiative aims to strengthen the business environment, support startups and entrepreneurs, and reinforce the UAE's status as a top global investment destination. Small and medium-sized enterprises (SMEs) constitute over 94% of UAE businesses and contribute more than 60% to the nation's non-oil GDP. The corporate tax reform, which began in the financial year starting June 1, 2023, includes a standard rate of 9%, but businesses with income below Dh375,000 are exempt from taxation.
Bias read (Center): The article presents a straightforward announcement of a government policy change without overtly favoring any particular political stance. It focuses on the economic implications and stated objectives of the policy, using neutral language and citing the Ministry of Finance's official statements.
