UAE Says it Seeks to Commit to Int’l Standards, Prevent Malicious Practices via Corporate Tax

The agreement of the UAE and Kuwait aims to encourage and facilitate cooperation in data and legislative regulations with the aim of enhancing the financial acumen of investors in both countries.  Asharq Al-Awsat
The agreement of the UAE and Kuwait aims to encourage and facilitate cooperation in data and legislative regulations with the aim of enhancing the financial acumen of investors in both countries. Asharq Al-Awsat
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UAE Says it Seeks to Commit to Int’l Standards, Prevent Malicious Practices via Corporate Tax

The agreement of the UAE and Kuwait aims to encourage and facilitate cooperation in data and legislative regulations with the aim of enhancing the financial acumen of investors in both countries.  Asharq Al-Awsat
The agreement of the UAE and Kuwait aims to encourage and facilitate cooperation in data and legislative regulations with the aim of enhancing the financial acumen of investors in both countries. Asharq Al-Awsat

Deputy Secretary of the Ministry of Finance Younis Al-Khoori said that the use of federal tax on companies as of June 2023 strengthens the UAE’s commitment to meet international standards for tax transparency and the prevention of harmful tax practices.

It is also an integral part in encouraging economic growth, attracting investment, and supporting fifty projects.

The total revenue collected from fees for services provided by the central government last year was 26 billion dirhams ($7 billion), while the value of revenues and amounts collected through e-dirham for 2021 was more than 14.33 billion dirhams ($3.9 billion), according to the Emirati official.

Commenting on the announcement of the introduction of the Central Corporate Tax, he explained that the announcement was a result of the Government strategy led by the Ministry of Finance to strengthen the state.

The purpose of the strategy is to reinforce the state’s commitment to meet international standards for tax transparency and the prevention of malicious tax practices, he continued.

Corporate taxation is based on international best practices that aim to strengthen the UAE’s position as a leading global hub for trade and investment, and to accelerate the country’s growth and strategic goals’ achievement.

In support of the state’s direction in improving and diversifying non-oil revenue sources, the corporate tax policy aims to diversify the state government’s revenue resources needed to create jobs, finance public spending, and improve capital infrastructure projects and the infrastructure for social services.

Al-Khoori added that corporate tax is an integral part of economic policies that support economic growth and attract investment, leading to the promotion of the country’s economic growth and support for fifty projects and other strategic goals.

He pointed out that the Finance Ministry had announced at the end of January 2022 that it would introduce a federal tax on business profits for the fiscal years beginning on or after June 1, 2023.

The corporate tax system used in the country is one of the most competitive in the world.

There the tax will be levied at a base rate of 9 percent and a profit of zero percent on taxable profits not exceeding 375,000 dirhams ($100,000) to support the SMEs.

Moreover, Boursa Kuwait and Kuwait Clearing Company signed a joint agreement of understanding with Abu Dhabi Securities Exchange (ADX) to standardize and define operational, administrative, and technical procedures.

The MoU also seeks to achieve effective cooperation with regards to listing, trading and joint central depository operations.

Under the terms of the agreement, the parties agreed to take necessary measures to encourage and facilitate cooperation in the areas of data exchange, the standardization of legislative regulations, and enhancing the financial acumen of investors in both countries.



UAE, Palestine Sign Agreement to Boost Anti-Money Laundering Efforts, Strengthen Regulatory Systems

Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)
Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)
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UAE, Palestine Sign Agreement to Boost Anti-Money Laundering Efforts, Strengthen Regulatory Systems

Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)
Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)

The United Arab Emirates and the Palestinian Authority signed on Friday a cooperation agreement aimed at strengthening joint efforts to combat money laundering and enhance economic and regulatory frameworks.

The agreement was reached during a bilateral meeting between Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the National Anti-Money Laundering Committee.

Held at the Ministry of Economy’s headquarters in Dubai, the meeting explored ways to deepen cooperation and exchange expertise in supervisory and regulatory policies. Discussions also covered global trends in financial crime and their impact on the stability of economic systems.

According to the Emirates News Agency (WAM), both sides stressed the importance of aligning with international best practices and launching joint training initiatives to build specialized capacity. The goal is to enhance institutional readiness to address evolving financial crime threats and to reinforce investor confidence and financial integrity.

Al Marri highlighted the UAE’s strides in modernizing its legal and regulatory architecture to meet international anti-money laundering standards.

He pointed to the country’s recent achievements, including its removal from the Financial Action Task Force (FATF) grey list and the European Parliament’s list of high-risk jurisdictions.

The minister reaffirmed the UAE’s commitment to sharing its experience with the Palestinian Authority to help bolster its economic security and advance its financial oversight systems.

The meeting also showcased the UAE’s National Economic Register project, known as “Namo,” which provides a unified, reliable digital database of all commercial licenses across the country.

Officials discussed efforts to standardize procedures for identifying beneficial ownership and to boost oversight of designated non-financial businesses and professions, including real estate brokers, precious metals dealers, accountants, and corporate service providers.

Both parties agreed to continue coordination and knowledge-sharing in this critical sector, emphasizing the importance of building sustainable economic systems and fostering stronger bilateral cooperation in transparency, governance, and financial integration.