On 9 December 2022, the Ministry of Finance of the UAE published the Law on Taxation of Corporation and Businesses (“CT Law”) which provides the legislative basis for implementing a Federal Corporate Tax (“CT”) in the UAE. It is expected that the introduction of CT in the UAE will cement its...

When a new business is established, it normally requires a certain time to generate earnings through sales of goods and rendering services. In the meantime, a business continues to incur expenses to rent an office, pay utility bills, purchase goods and services to run daily operations as well as exp...