R&D Tax Incentives in the United Arab Emirates:
Public Consultation by the Ministry of Finance
The Ministry of Finance has launched a public consultation on its website.
And also on the UAE government portal to gather feedback and suggestions from stakeholders regarding the potential implementation of new tax incentives for research and development (R&D) activities within the corporate tax law of the United Arab Emirates.
This public consultation is open from April 19 to May 14, 2024.
Through this initiative, the ministry aims to achieve several objectives:
- Understand the scope of R&D activities undertaken by companies and institutions in the UAE.
- Identify activities that can be covered under the potential R&D tax incentive program.
- Gather insights on the best approaches for implementing and managing these tax incentives.
Collaboration and Consultation
This initiative reflects the Ministry of Finance’s belief in the importance of collaboration and consultation with all stakeholders.
Including companies operating in the UAE, consultants, service providers, institutions, and investors.
The ministry will include a guidance paper within the public consultation.
To ensure a comprehensive understanding of the R&D concept and related tax incentives,
This paper aims to define the activities that qualify as R&D, aligned with the definition adopted by the Organisation for Economic Co-operation and Development (OECD) in the Frascati Manual.
The Ministry of Finance encourages all interested parties to participate in this public consultation.
This is by submitting their constructive feedback and suggestions through their website.
It also emphasizes the importance of providing examples, data, or information that strengthens the submitted opinions.
All responses will be kept confidential and not published.
Head of State: The #UAE continues its consistent approach in building bridges of cooperation with countries of the world to stimulate trade and investment exchange. pic.twitter.com/7rUhzUdAes
— UAE Voice (@uae_voiceeng) April 18, 2024
The deadline for submitting responses is May 14, 2024.
To participate in the public consultation, please visit the Ministry of Finance website or the UAE government portal.
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