{"id":543449,"date":"2022-02-01T04:01:08","date_gmt":"2022-02-01T04:01:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/the-uaes-days-as-a-corporate-tax-haven-are-coming-to-an-end-sort-of\/"},"modified":"2022-02-01T04:01:08","modified_gmt":"2022-02-01T04:01:08","slug":"the-uaes-days-as-a-corporate-tax-haven-are-coming-to-an-end-sort-of","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/the-uaes-days-as-a-corporate-tax-haven-are-coming-to-an-end-sort-of\/","title":{"rendered":"The UAE\u2019s days as a corporate tax haven are coming to an end (sort of)"},"content":{"rendered":"

<\/a> Businesses are going to start paying tax in the UAE for the first time ever next <\/strong>year<\/strong> after the government yesterday announced<\/a> it would introduce a federal corporate tax from 1 June, 2023.<\/p>\n

It\u2019s not going to be a lot, though:<\/strong> Businesses will pay a 9% tax on profits, one of the lowest corporate tax rates in the world.<\/p>\n

And the rest of the zero-tax regime will remain:<\/strong> Companies that do business in freezones will not be subject to the new tax provided they don\u2019t trade with the mainland, and individuals will continue to pay no income tax.<\/p>\n

The rationale:<\/strong> The government says it\u2019s introducing a corporate tax to align with international standards and crack down on tax avoidance \u2014 and that the move would pave the way for a different, global rate to be applied to big multinationals. The UAE has signed on to the OECD\u2019s plan to institute a global minimum corporate tax<\/a> of 15%<\/p>\n

Citigroup is hiring as it vies for Gulf listings: <\/strong>Citigroup is increasing its presence in GCC countries ahead of what it predicts will be another record year for IPOs in the region, Bloomberg<\/a> reports. The bank is boosting its existing Saudi and Dubai offices and \u201cadding resources all across the region,\u201d joining Goldman Sachs<\/a> and others looking to capitalize on strong Gulf IPO pipelines as listings elsewhere drop off.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,490<\/p>\n<\/td>\n

\n

+0.3% (YTD: -3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,272<\/p>\n<\/td>\n

\n

+0.1% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,704<\/p>\n<\/td>\n

\n

-0.7% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,203<\/p>\n<\/td>\n

\n

-0.5% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,516<\/p>\n<\/td>\n

\n

+1.9% (YTD: -5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,464<\/p>\n<\/td>\n

\n

-0.0% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 91.21<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.94<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,798<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 38,474<\/p>\n<\/td>\n

\n

+1.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 647 mn (41.5% below the 90-day average). Foreign investors were net sellers. The index is down 3.8% YTD.<\/p>\n

In the green: <\/strong>TMG Holding (+8.6%), Qalaa Holdings (+5.2%) and Madinet Nasr Holding (+4.0%).<\/p>\n

In the red: <\/strong>CIRA (-3.6%), Fawry (-1.8%) and CIB (-1.0%).<\/p>\n

Major Asian benchmarks are solidly in the green this morning <\/strong>with just Shanghai slipping into the red. All major European benchmarks look set to follow suit later today. The story is a bit different across the pond, where futures suggest Wall Street will see the S&P, Nasdaq and Dow all open in the red at the opening bell.<\/p>\n","protected":false},"excerpt":{"rendered":"

Businesses are going to start paying tax in the UAE for the first time ever next year after the government yesterday announced it would introduce a federal corporate tax from 1 June, 2023. It\u2019s not going to be a lot, though: Businesses will pay a 9% tax on profits, one of the lowest corporate tax […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[294,72,119,78,122,69,773,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543449","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-citigroup","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-planet-finance","tag-tax","tag-tax-avoidance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"138efa1a-8db5-4ecb-adc3-92a7e30ff806","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543426],"teaser":"","voice_url":""},"yoast_head":"\nThe UAE\u2019s days as a corporate tax haven are coming to an end (sort of) - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/the-uaes-days-as-a-corporate-tax-haven-are-coming-to-an-end-sort-of\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The UAE\u2019s days as a corporate tax haven are coming to an end (sort of)\" \/>\n<meta property=\"og:description\" content=\"Businesses are going to start paying tax in the UAE for the first time ever next year after the government yesterday announced it would introduce a federal corporate tax from 1 June, 2023. 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The kingdom\u2019s largest retail pharmacy chain, AlNahdi Medical, hopes to raise USD 1.3 bn in its Tadawul debut \u2014 which would make it the KSA\u2019s largest listing since Aramco\u2019s bumper USD 30 bn IPO in 2019, Bloomberg reports, citing unnamed sources. The 30% stake sale, which\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595118,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/17\/egypt-mulls-amending-corporate-healthcare-tithe-to-impose-egp-10k-cap-across-the-board\/","url_meta":{"origin":543449,"position":2},"title":"Egypt mulls amending corporate healthcare tithe to impose EGP 10k cap across the board","author":"enterpriseam admin","date":"17 September 2019","format":false,"excerpt":"EXCLUSIVE- FinMin mulls amending corporate healthcare tithe to impose across-the-board cap at EGP 10k: The Finance Ministry is considering introducing amendments to the Universal Healthcare Act that would set an across-the-board limit on the healthcare tithe paid by businesses to fund the new universal healthcare system, two government sources tell\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563423,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/backlash-on-the-global-corporate-tax-pact\/","url_meta":{"origin":543449,"position":3},"title":"Backlash on the global corporate tax pact","author":"enterpriseam admin","date":"30 June 2021","format":false,"excerpt":"A possible backlash against the global corporate tax pact: Global tax negotiators are struggling to get holdout states on board to sign up to the global corporate tax pact agreed by G7 nations earlier this month, the Financial Times reports. China, India, eastern European nations and developing countries have all\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570762,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/egypts-cabinet-to-determine-which-industries-are-eligible-for-income-tax-relief-program\/","url_meta":{"origin":543449,"position":4},"title":"Egypt\u2019s Cabinet to determine which industries are eligible for income tax relief program","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"EXCLUSIVE- Businesses will find out before month\u2019s end whether they are eligible for corporate income tax relief: The Madbouly Cabinet will issue a decision as early as next week on which industries are and are not eligible for the income tax relief program ordered by President Abdel Fattah El Sisi,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/124.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568517,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/egypt-submits-ratification-of-anti-tax-avoidance-agreement-to-oecd\/","url_meta":{"origin":543449,"position":5},"title":"Egypt submits ratification of anti-tax avoidance agreement to OECD","author":"enterpriseam admin","date":"1 November 2020","format":false,"excerpt":"Egypt has submitted its ratification of an international agreement to crack down on tax avoidance to the Organization for Economic Cooperation and Development, a Finance Ministry statement said on Saturday. The agreement comes into effect in Egypt in January and helps to prevent companies from using loopholes in double taxation\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543449"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543449\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543426"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543449"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543449"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}