Fincasa Capital, the global financial services & Tax advisory firm, expressed its support to the UAE’s new law imposing a 9% corporate tax on business profits in 2023, saying it sees no let-up in investments into the country despite the new taxation structure.
The government recently introduced a new law that will levy a corporate tax on company profits above AED375,000 starting June next year. Small businesses with profits below the amount are not covered by the new law.
The announcement was the latest in a series of recent government reforms enacted to align the UAE with the global tax regime. The move was also in keeping with the UAE’s economic diversification efforts as well as its commitment to enhance the local business and investment landscapes and attract the best talents from across the world.
Varis Sayed, Founder of Fincasa Capital, said: “The 9% corporate tax will be a boon for the UAE economy in that it will provide the government with a new source of revenue and, in effect, help reduce its heavy reliance on oil receipts. We expect that it will strengthen the confidence of investors in the national economy’s growth prospects, seeing the government’s willingness to implement changes vital to globalize the local business culture and making the country internationally pioneering.”
Sayed continued: “The law will not only help make the UAE more prepared for a post-oil world, but it will also enable the country to move closer to its goal to become the top nation in the next 50 years. At Fincasa Capital, we will extend all the support to entice more international investors to come to the UAE shores and take advantage of the many opportunities here.”
Fincasa Capital offers a range of services right from Foreign Direct Investment, Multi Family office, Tax Advisory, Corporate Structuring, Guidance and Business Advisory Services to exploring varied investment opportunities as well as customized and personalized advisory services.