UAE extends corporate tax relief for small businesses until 2029

The UAE has extended its small business relief programme for corporate tax purposes until December 31, 2029, according to The National UAE. The Ministry of Finance announced that Ministerial Decision No. 131 amends existing corporate tax rules to allow eligible businesses to continue claiming the relief for tax periods ending on or before the specified date.

This extension is aimed at strengthening the business environment in the UAE, supporting the growth of small businesses and start-ups, and reinforcing the country’s position as a leading global investment destination. SMEs make up more than 94 per cent of the UAE’s businesses and contribute more than 60 per cent to the country’s non-oil gross domestic product.

The UAE introduced the federal corporate tax with a standard statutory rate of 9 per cent starting from the financial year beginning on or after June 1, 2023.

Brief written by urgent.news from The National UAE's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.