UAE offers relief to SME’s and Freelancers in the New Upcoming Corporate Tax
UAE offers relief to SME’s and Freelancers in the New Upcoming Corporate Tax The New recent announcement by UAE government offering flexibility to SME’s by offering a tax ceiling of 3 million is big relief and comes as a bonus to small and medium enterprises specially at times when cost of funds and operations are running high. Setting the revenue ceiling is not only a welcome news but also its good to know that the offered relief will remain effective until 31 dec 2026 . So any business which falls below a total annual revenue of 3 million AED in any financial year will be exempted from paying the new 9% corporate tax . But with this comes the condition to businesses who wish to be eligible for this relief need to comply fully with GAAR (General Anti Avoidance Rules). If a business fails to reach required score, they can run into risks. GAAR relates to actions taken by businesses purely to offset their real tax obligations. In these cases, it becomes more about tax avoidance. UAE Co...