Browsing: Corporate Tax

United Arab Emirates will impose a 15 per cent Domestic Minimum Top-up Tax (DMTT) on large multinational corporations starting January, as per the Ministry of Finance announcement. This step aligns with the OECD’s global tax framework, supported by 136 countries, including the UAE, to ensure major corporations pay at least 15 per cent in taxes and reduce tax avoidance.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice President and Prime minister of the UAE, issues Law No. (1) of 2024 introducing a new tax on foreign banks operating in Dubai.