The Ministry of Finance (MoF) issued The Federal Decree-Law No. 47 of 2022 on October 2022, on the Taxation of Corporations and Businesses (CT Law) which introduced the TP Regulations in United Arab Emirates (UAE). These TP regulations are effective for Financial Years (FYs) beginning on or after 1 June 2023 and thus the tax year ending 2024 would mark as the first year of TP compliances for entities in UAE. Since the introduction of the CT law, entities in UAE are taking steps to align themselves with the country’s new tax regime.