Cabinet Decision No. 142/2024 On the Imposition of Top-up Tax on Multinational Enterprises
The Cabinet:
Having reviewed the Constitution,
Federal Law No. 1/1972 on the Competencies of Ministries and Powers of the Ministers, and its amendments,
Federal Decree-Law No. 28/2022 on Tax Procedures, and its amendments,
Federal Decree-Law No. 47/2022 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 1 - 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 2 - Application of the Decision to Fiscal Years
This Decision shall apply to Fiscal Years beginning on or after 1 January 2025.
Article 3 - Publication and Application of the Decision
This Decision shall take effect on 1 January 2025 and shall be published in the Official Gazette.
Issued by us:
On: 30/Jumada al-Akhir/1446
Corresponding to: 31/December /2024