Which country known as a tax haven, has introduced ‘Federal Corporate Tax’ for the first time?

  • A. Marshall Islands
  • B. Mauritius
  • C. UAE
  • D. Switzerland

Correct Answer: C. UAE

The United Arab Emirates (UAE) on Monday said it would introduce a federal corporate tax on business profits for the first time starting from June 1, 2023, although it kept the rate low, at 9 percent, to maintain its attractiveness for businesses. The Gulf Arab oil exporter, a magnet for the globe’s ultra-rich, has long benefited from its tax-free status to carve out a role as an international commercial, energy, and tourism hub.

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