14 Feb 2017
South Africa (“SA”) and the United Arab Emirates (“UAE”) had entered into a Double Taxation Agreement (“DTA”) on 23 November 2016. The provisions of the DTA are applicable from 1 January 2017.
Generally, there are no taxes levied by the federal government in the UAE on the income or wealth of individuals and companies, except for oil and gas exploration companies, production companies and branches of foreign banks. In this regard, the tax rate in respect of oil and gas exploration companies varies between 55% and 85%.