Tax Updates, United Arab Emirates – May 2022

Comprehensive Economic Partnership Agreement between India and the United Arab Emirates [UAE] has Entered into Force

The UAE-India CEPA was signed on 18 February 2022 and entered into force officially on 1 May 2022. The immediate benefits will include:

Simpler customs procedures – the process will be much smoother and near-frictionless

Clear and transparent rules on trade
Lower tariffs
Enhanced market access
Government procurement opportunities
Greater information and guidance for SMEs
UAE exporters can now benefit from greater market access through preferential tariff rates. Some products will be subject to zero tariffs from day one - others will see them reduced over time. The Ministry of Economy website lists the tariff classification (based on HS code of the product), This is help business to determine the preferential tariff rate for their product and estimate the charges.

Corporate Tax