On 9 December 2022 the UAE Government issued Federal Decree Law no 47 of 2022 on the Taxation of Corporations and Businesses. Corporate Tax will be applied in respect of financial years ending after 1 June 2023. Rates are 0% on income of up to AED 375,000 and of 9% for income exceeding AED 375,000. Other specific rates are applicable to multinationals. Several exemptions will be made available for certain strategic sectors.