Page 15 - ICAI UAE TAX UPDATE_JULY 2024

3. Deductions for Pensioners:
o The deduction on family pension for pensioners has been enhanced from ₹15,000 to ₹25,000

Corporate Tax:

1. Reduced Corporate Tax Rate:
o The corporate tax rate for foreign companies has been reduced from 40% to 35%
2. Angel Tax Abolishment:
o The angel tax for all classes of investors has been abolished to support the startup ecosystem

Customs Duties:

1. Precious Metals:
o Customs duties on gold and silver have been reduced to 6%, and on platinum to 6.4%
2. Electronics and Chemicals:
o Basic Customs Duty (BCD) has been removed or reduced on various electronic components and
chemicals to promote domestic manufacturing.

Capital Gains Taxation:
1. Revised Tax Rates:
o Changes in the taxation of capital gains are aimed at ensuring a more balanced and fair approach.

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UA E TAX UPD ATE NEWSLET TER ISSUE 04 - July 2024 ISSUE 04 - July 2024 UA E TAX UPD ATE NEWSLET TER