GTL Summary:

Article 2 is the cornerstone of the UAE Corporate Tax Law, formally establishing the imposition of corporate tax. It mandates that a tax will be levied on the 'Taxable Income' of businesses and corporations. The article specifies that the rates applied will be those determined within the Decree-Law itself. Furthermore, it clarifies that the collection and administration of this tax fall under the jurisdiction of the Federal Tax Authority (Authority), referencing the Tax Procedures Law for the governing processes. This provision provides the fundamental legal basis for the state's authority to tax corporate profits.