The UAE’s transition into being a well sought out business hub has been simultaneously met with its continuing pursuit to meet international standards of tax transparency with the issuance of the Federal Decree Law No. 47 of 2022.  The UAE Ministry of Finance (MoF) has announced that effective from 1 June 2023 the UAE will introduce a Federal Corporate Income Tax (CIT) on business profits. This would require business with an accounting profit exceeding AED 3,75,000 to pay corporate Income Tax of 9% headline rate.

Federal Decree-Law No. 34/2021 on Combating Rumours and Cybercrimes took effect on 2 January 2022. The ever-increasing digitisation of businesses has led to a soaring increase in such crimes over the past decade. As a result, “Cyber Law”, which refers to any form of law, legislation or regulation that applies to the internet and its related technologies, has become one of the most important and rapidly growing areas of the law. According to the National Cyber Security Strategy published by the UAE Telecommunications Regulatory Authority in June 2019, the number of global Cyber security incidents doubled between 2016 and 2017. Each incident costs an average of USD 3.9 million, thereby leading to an annual global cost of USD 608 billion.