Office 904, ParkLane Tower - Business Bay - Dubai
Office 904, ParkLane Tower - Business Bay - Dubai
In a landmark decision on June 1, the UAE introduced corporate tax businesses operating in the country. The move is a significant step in the UAE’s efforts to diversify the government’s sources of income, as it seeks to move away from a hydrocarbon-based economy.
Free zones are a key component of the UAE economy’s diversification efforts, and the zones have been serparately mentioned under specific provisions of the law. Khaleej Times talks to Dr Nabeel Ahmed, partner at DVS Management Consultancy and Siddharth Kohli, founder and CEO of Indigenesis Consulting, to get a clear idea of what the free zones need to do to comply with the UAE’s corporate tax rules. Excerpts from the interview: