Ministerial Decision No. 126 of 2023 of General Interest Deduction Limitation Rule for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses

The Minister of State for Financial Affairs: 

- Having reviewed the Constitution,

- Federal Law No. 1 of 1972 on the Competencies of Ministries and Powers of the Ministers, and its amendments, 

- Federal Decree-Law No. 13 of 2016 on the Establishment of the Federal Tax Authority, and its amendments, 

- Federal Decree-Law No. 28 of 2022 on Tax Procedures, 

- Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses,

Decided:

Article 1 — Definitions 

The terms and expressions in this Decision shall have the same meanings specified in the Federal Decree-Law No. 47 of 2022 referred to above (“Corporate Tax Law”), and the following terms and expressions shall have the meanings assigned against each, unless the context otherwise requires: 

Accounting Standards: The accounting standards specified in a Decision issued by the Minister for the purposes of the Corporate Tax Law.

Islamic Financial Instrument: A financial instrument which is in compliance with Sharia principles and is ...