Ministry of Finance launches Digital Public Consultation on free zone regulations for Corporate Tax

The Ministry of Finance (MoF) today announced the launch of a digital public consultation on its website as part of the UAE Corporate Tax’s Free Zone regulations. The consultation will be open from 19th July to 2nd August 2023.

This initiative reflects the significant contribution of free zones to the local economy and their integral role in stimulating growth and economic transformation locally and internationally.

The digital public consultation also reflects the Ministry’s belief in the importance of consulting with the business community and relevant stakeholders to achieve the UAE’s strategic goals and consolidate the country’s position as an international business and investment hub.

Given the diverse nature of companies established in the UAE’s free zones, ensuring that their activities match the list of qualifying and excluded business activities is important. Hence, the Ministry of Finance aims to gather feedback from free zone-based companies and other relevant parties before issuing further clarifications or executive decisions detailing the scope of these activities.

The Ministry of Finance welcomes clear and concise comments, with examples and data (where possible) or other information to support the views expressed in the responses to this consultation. The responses must be received by 2nd August 2023 and will remain confidential, and will not be published.

News Source: Emirates News Agency