Business Corruption

The MENA-OECD Investment Programme 2006 reports that the UAE has made significant efforts to enhance auditing standards and thereby transparency of commercial transactions. The government has in fact sought to align domestic practices to the International Auditing Standards (IAS).

There is no consumption and personal income tax in the UAE. Foreign banks pay a 20% tax on their profits, while foreign oil companies with equity concessions pay taxes and royalties on their earnings. Companies located in the multiple free trade zones, known as 'free zones', are exempt from import and export taxes, commercial levies and 100% of capital and profits can be repatriated. In the free zones foreigners are allowed to own 100% of the equity in an enterprise, according to the US Department of State 2011.

Frequency

The World Bank & IFC: Doing Business 2011:
- A listed medium-sized company operating in the UAE must on average make 14 payments to the tax authorities every year and spend 12 hours preparing, filing, and paying taxes at a total tax rate of 14.1% of profits.