MoF launches 'digital public consultation' on R&D tax relief
COMMERCIAL NEWS
The UAE Ministry of Finance (MoF) has launched a digital public consultation to gather the views of stakeholders on the potential implementation of a Research & Development (R&D) Tax Incentive under the UAE Corporate Tax law.
The consultation will be open from April 19 to May 14, 2024 with the aim to understand the scope of potential R&D activities undertaken by businesses and corporations in the UAE, what activities an R&D Tax Incentive may cover, and the potential implementation and administration of an R&D Tax Incentive, a WAM report said.
The digital public consultation reflects the Ministry’s belief in the importance of consulting with all stakeholders including businesses operating in the UAE, advisors, service providers, institutions and investors.
New concept
Given a R&D Tax Incentive would be a new concept in the UAE and to familiarise stakeholders with the concept of R&D, a Guidance Paper is also provided as part of this consultation, which will provide stakeholders with an understanding of activities that may be defined as R&D, in line with the definition of R&D provided in the Organisation for Economic Co-operation and Development’s (OECD) Frascati Manual.
MoF welcomes clear and concise comments with, where possible, examples, data, or other information to support views being put forward in the response to this consultation. The responses must be received by May 14, 2024, and will remain confidential and will not be published.--TradeArabia News Service
