Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:
The Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Project approved these results on February 5.
This rating is part of the OECD’s comprehensive review of 322 taxation regimes worldwide under the BEPS Project to date. According to the findings, the UAE’s Free Zone Corporate Tax regime was evaluated and confirmed to align with the global initiative to prevent tax avoidance and harmful tax practices.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said: “The OECD rating of ‘non-harmful’ is a testament to the UAE’s commitment to transparency, non-harmful taxation, and the implementation of best practices in tax policy. This new status marks a significant milestone in the UAE’s journey towards solidifying its position as a leading global hub for business and investment. It not only enhances our competitiveness on the global stage but also affirms the international community’s confidence in our corporate tax system and provides certainty to investors.”
Al Hussaini added, “Our adherence to international tax standards, coupled with the OECD’s recognition, reinforces our dedication to fostering a sustainable and dynamic economic environment. The Ministry of Finance remains dedicated to further refining our nation’s tax framework, ensuring it supports the country’s vision of economic diversification and development.”
The UAE introduced its nationwide corporate tax regime in 2023 as a strategic move designed to accelerate the UAE’s development and transformation, aligning with its long-term strategic objectives to diversify its economy.
The corporate tax was designed to cement the UAE’s position as a leading global hub for business and investment, accelerate its development and transformation to achieve its strategic objectives, reaffirm its commitment to meeting international standards for tax transparency and preventing harmful tax practices.
As per the Ministry of Finance, corporate tax rates are 0 per cent for taxable income up to Dh375,000 (approximately USD100,000) and 9 per cent for taxable income above Dh375,000.
The Free Zone Corporate Tax regime offers a zero per cent Corporate Tax rate for qualifying businesses and reflects the continued significant role of free zones in the UAE’s economic diversification strategies and commitment to align with international taxation standards.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.