UAE/Dubai Corporate Tax Update

Today we are bringing you an update regarding UAE corporate taxes, that are to be introduced in June of 2023. Corporate tax rate in the UAE is going to be 9%.
Lots of companies moved to the UAE because this country is a tax haven. How will this recent change affect those companies, and what can free zones expect? Are there going to be any exemptions for the free zone companies?

Here are the latest updates:
-Freelancers and contractors in the UAE will be required to register for corporate tax, just like companies
-The amount of income of up to approximately $100 000 USD will be tax exempt
-Qualified free zones and qualified income will be tax free - but it is not yet certain what those are
-Small business relief - this is to encourage startups and support small businesses, meaning $818 800 USD per year in revenue can be tax free

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