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.



French PM Says EU-US Trade Deal an Act of ‘Submission’ and a Dark Day for Europe 

France's Prime Minister Francois Bayrou looks on at the Angers' castle during a visit in Angers, western France, on July 24, 2025. (AFP)
France's Prime Minister Francois Bayrou looks on at the Angers' castle during a visit in Angers, western France, on July 24, 2025. (AFP)
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French PM Says EU-US Trade Deal an Act of ‘Submission’ and a Dark Day for Europe 

France's Prime Minister Francois Bayrou looks on at the Angers' castle during a visit in Angers, western France, on July 24, 2025. (AFP)
France's Prime Minister Francois Bayrou looks on at the Angers' castle during a visit in Angers, western France, on July 24, 2025. (AFP)

France called a framework trade deal between the United States and European Union a "dark day" for Europe, saying the bloc had caved in to US President Donald Trump with an unbalanced deal that slaps a headline 15% tariff on EU goods while sparing US imports from any immediate European retaliation.

The criticism from Prime Minister Francois Bayrou followed months of French calls for EU negotiators to take a tougher stance against Trump by threatening reciprocal measures — a position that contrasted with the more conciliatory approaches of Germany and Italy.

"It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission," Bayrou wrote on X of what he called the "von der Leyen-Trump deal".

The high-level French criticism, and President Emmanuel Macron's silence since the deal was signed between Trump and European Commission President Ursula von der Leyen, stood in contrast with the more benign reaction from Berlin and Rome.

French government ministers acknowledged the agreement had some benefits, including exemptions for sectors such as spirits and aerospace, but said it remained fundamentally unbalanced.

"This state of affairs is not satisfactory and cannot be sustained," French European Affairs Minister Benjamin Haddad said on X, urging the EU to activate its so-called anti-coercion instrument, which would allow for non-tariff retaliation.

Trade Minister Laurent Saint-Martin criticized the EU's handling of the negotiations, saying the bloc should not have refrained from hitting back in what he described as a power struggle initiated by Trump.

"Donald Trump only understands force," he told France Inter radio. "It would have been better to respond by showing our capacity to retaliate earlier. And the deal could have probably looked different," he added.

Macron had said that the EU should respond in kind if the United States slapped tariffs on EU goods, and apply equivalent measures on US imports into the bloc, in particular on services, in which the US enjoys a surplus with the EU.

But the softer line advocated by German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni, whose countries are more dependent than France on exports to the US, prevailed.