The UAE Ministry of Finance has announced the introduction of a corporate tax regime that will apply to businesses. It will become effective for financial years starting on or after 1 June 2023. The headlines are that the tax rate will be 0% for taxable income up to AED 375k and 9% on taxable income above AED 375k. Large businesses (expected to be those with revenue above EUR 750m) may be subject to a different tax rate (potentially 15%) in line with the Pillar Two OECD BEPS project.