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UAE’s Ministry of Finance issues a consultation paper on potential R&D tax incentives
20/04/2024The UAE Ministry of Finance (MoF) has recently issued a digital public consultation paper on the potential introduction of tax incentives for carrying out Research and Development (R&D) activities in the UAE. The Consultation Paper constitutes the consultation questionnaire and guidance paper.
The consultation paper is open for public comments till 14 May 2024. The MoF is keen on seeking inputs from stakeholders into the design process of the potential R&D Tax Incentive.
The public consultation has been released pursuant to the UAE Government’s recognition of the importance of the wider benefits created by R&D in driving innovation and growing its knowledge base as part of creating a vibrant and diverse economy. Consequently, the UAE Government is exploring the possibility of implementing an R&D Tax Incentive within the Corporate Tax Law that would have widespread impact throughout the economy.
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