§Passage 1
Cabinet Decision No. 142 of 2024 on the Imposition of Top-up Tax on Multinational Enterprises
The Cabinet:
- Having reviewed the Constitution,
- Federal Law No. 1 of 1972 on the Competencies of Ministries and Powers of the Ministers, and its amendments,
- Federal Decree-Law No. 28 of 2022 on Tax Procedures, and its amendments,
- Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, and its amendments,
- Pursuant to what was presented by the Minister of Finance and upon the approval of the Cabinet,
Decided:
Article One
The Imposition of Top-up Tax
The Top-up Tax shall be imposed on Multinational Enterprises in accordance with the cases, provisions, conditions, rules, controls, and procedures set out in the annexure.
Article Two
Application of the Decision to Fiscal Years
This Decision shall apply to Fiscal Years beginning on or after 1 January 2025.
Article Three
Publication and Application of the Decision
This Decision shall take effect on 1 January 2025 and shall be published in the Official Gazette.
Mohammed bin Rashid Al Maktoum
Prime Minister
Issued by us:
On: 30 / Jumada al-Akhir /1446
Corresponding to: 31 / December / 2024