The Emirati Ministry of Finance May 10 posted online Ministerial Decision No. 115/2023, on the taxation of private pension funds and private social security funds. The decision explains: 1) conditions under which private pension funds and private social security funds can apply for an exemption from corporate taxation; 2) permissible sources of income for specified funds; 3) rules allowing employers to deduct their contributions to private pension funds, up to a maximum of 15 percent of total deductible remuneration paid in a tax period; 4) administrative rules for the approval and withdrawal of exemptions; and 5) relevant definitions.

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