Taxation

With the exception of foreign banks and oil companies, there is no income tax or consumption tax in the United Arab Emirates. Foreign banks pay a 20 per cent tax on their profits and foreign oil companies pay taxes and royalties on their proceeds.

Austrade works in conjunction with the Australian Taxation Office (ATO) to administer the income tax exemption available under section 23AF of the Income Tax Assessment Act 1936 (Tax Act).

Section 23AF should assist the international competitiveness of Australian companies and governmental organisations competing to win international tenders. Tax exemptions for approved overseas projects.