The UAE Ministry of Finance has published Ministerial Decision No. 116 of 2023, which regulates the rules for the participation exemption under Article 23 of the new Corporate Tax Law. The decision covers the types of instruments that qualify as an ownership interest for participation exemption purposes, the aggregation of ownership interests in the same juridical person to determine whether a taxable person has a qualifying participating interest, the treatment of qualifying transfers of ownership interests as the same continuous ownership interest, and various other issues concerning the participation exemption. One notable point concerns Clause 11 of Article 23 of...