UAE Provides Corporate Tax Small Business Relief

The UAE Ministry of Finance has announced the issuance of Ministerial Decision No. 73 of 2023 on Small Business Relief for the purposes of the country's new corporate tax regime that will take effect for tax periods beginning on or after 1 June 2023. The Small Business Relief provides that a taxpayer may elect to be treated as not having derived any taxable income for a tax period if their revenue in the relevant tax period and previous tax periods is below AED 3 million for each tax period,…