The United Arab Emirates (UAE) has recently announced a new law that exempts public and community welfare entities from corporate taxes. This move is aimed at supporting the non-profit sector and encouraging charitable organizations to further contribute to the country’s social and economic development.
The law, which was issued by UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, will apply to all entities that meet the definition of public or community welfare in the country. This includes organizations that provide educational, healthcare, social, and cultural services, as well as those that promote scientific research, environmental protection, and other charitable activities.
According to the announcement made by the UAE government, the new law aims to provide a supportive and enabling environment for the non-profit sector to achieve its goals and objectives. By exempting these entities from corporate taxes, they will have more resources to allocate towards their programs and initiatives, which will in turn have a positive impact on the community and the economy.
This announcement has been well-received by the non-profit sector in the UAE, with many organizations expressing their gratitude towards the government for recognizing their contributions to society. The move is expected to encourage more investment in the non-profit sector and attract more organizations to establish themselves in the UAE.
As a leading accounting and business service provider in the UAE, Adam Global Auditing & Accounting welcomes this initiative by the government. We believe that it will not only benefit the non-profit sector but also contribute to the country’s overall economic growth. We encourage all eligible entities to take advantage of this exemption and utilize the additional resources towards their charitable activities.
In conclusion, the UAE’s decision to exempt public and community welfare entities from corporate taxes is a positive step towards supporting the non-profit sector and promoting charitable activities in the country. We at Adam Global are committed to supporting the non-profit sector and helping organizations achieve their goals and objectives.
Therefore, Adam Global Auditing & Accounting is here to help you if you own a company that is similar to that or if someone you know does, and you need to understand the additional formalities to get it applied for your business with various other accounting services. Our team of experts is always aware of the most recent changes and the formalities that need to be implemented for that with all the efficient accounting services that can undoubtedly benefit your company.
Contact us now to Get consultation from a certified corporate tax advisor for updated information and guidance on the UAE corporate tax system.