UAE: Finance Ministry Issues Regulatory Decisions

United Arab Emirates News developments

UAE: Finance Ministry Issues Regulatory Decisions

Emaratalyoum, 23 May 2023: The Ministry of Finance in the UAE has released three regulatory decisions in line with Federal Decree-Law No. 47/2022 On the Taxation of Corporations and Businesses.

These decisions include Ministerial Decision No. 114/2023 on Accounting Standards and Methods, Ministerial Decision No. 115/2023 on the Fund for Pensions and Social Insurance, and Decision No. 116/2023 on exemptions from participation.

The Undersecretary of the Finance Ministry has stated the purpose of these three decisions is to enhance the flexibility of the Companies Tax system in the country and create a supportive environment for businesses.

Regarding the Pensions and Social Insurance Fund, specific conditions need to be fulfilled by the funds in order to qualify for exemption from this tax.

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Tanya Jain