Corporate Tax Anticipated to Become a Reality in the UAE: Baker McKenzie

Reputed local lawyer, Habib Al Mulla, Chairman of Baker McKenzie in the United Arab Emirates (UAE), expressed his views about the introduction of corporate tax in the country. According to Al Mulla, corporate tax is ‘unavoidable’ as the Government of the UAE seeks to diversify its revenue sources away from primarily oil and generate more steady sources of income.

Al Mulla also anticipates that the COVID-19 pandemic will accelerate the process as the UAE currently has a high government fee system, which authorities are likely seeking to replace.

Although avoiding speculation as to when exactly the corporate tax is likely to come into effect, Al Mulla states that it would...