Story thread · 2 reports / 2 sources

UAE corporate tax reprieve gives 'breathing space' to small businesses

thenationalnews.com · 1dShare

The UAE’s decision to extend corporate tax relief for small businesses until 2029 will give entrepreneurs the ability to survive regional challenges and global headwinds, business owners and experts have said. The Ministry of Finance announced last week that small businesses with an annual revenue of up to Dh3 million ($816,880) can continue to claim relief until December 31, 2029. Marie-Claire Accordino, founder of The Accounts Dept, a company that handles about 20 clients, told The National : “As a small business-owner myself, advising small businesses and start-ups, I welcome the Ministry of Finance's decision.” “Essentially, start-ups are treated as having no taxable income for these periods, which signifies lower tax-compliance costs and liability, allowing them extra liquidity to focus on growing their business. This decision provides start-ups and small businesses with more cash during the critical early life-cycle of a business, allowing them to fund another hire, increase mark

First report: UAE extends Corporate Tax relief until 2029 for businesses earning up to $817,000 — arabianbusiness.com, 4d