A Step-by-Step Guide to Calculating a DCF in the UAE
Some numbers tell the past. DCF tells the future.
For businesses in Dubai or across the UAE, knowing the future value of cash flows isn’t just nice to have — it’s essential. Whether you’re raising capital, planning a merger, or attracting investors, a solid DCF model shows what your company is really worth.
Investors and regulators want more than a story in today’s market, especially after the 2025 corporate tax reforms. They want proof. That’s why business valuation services in Dubai and across the UAE have turned the Discounted Cash Flow method into a go-to tool for serious decision-makers.
A robust DCF analysis isn’t just a finance exercise for companies navigating these changes. It’s a tool to plan smarter, manage risk, and stay competitive under the new tax laws. That’s why demand for business valuation services in the UAE has never been higher.
Here’s where expertise matters.
ADEPTS has built a reputation as a trusted partner for business valuation in the UAE. It helps founders, CFOs, and investors build dependable models. The team blends global standards with a deep understanding of local regulations, making it a top choice among business valuation consultants in the region.
This guide breaks DCF into clear steps, so you can understand how it works and why it’s become the backbone of business valuation services in Dubai and beyond.
Understanding Discounted Cash Flow (DCF)
Before diving into the steps, let’s clarify what DCF really means.
At its core, the Discounted Cash Flow (DCF) method asks a simple question:
“How much are tomorrow’s cash flows worth today?”
DCF is the backbone of many business valuation services in Dubai and the UAE. It strips away hype and focuses on the real, measurable value a business can generate over time.
For founders, investors, and CFOs, it’s the most transparent lens to judge whether a project, a startup, or an acquisition is worth the money.
The Time Value of Money — Made Simple
Here’s the core principle: a dirham today is worth more than a dirham tomorrow.
Why? Because today’s dirham can be invested, earning returns or beating inflation.
This idea isn’t theoretical for UAE businesses operating under the 2025 tax reforms. The cost of capital, access to funding, and future tax outflows all affect how much today’s cash is worth. That’s why business valuation in the UAE increasingly relies on DCF as a standard approach — it reflects both opportunity and risk in a dynamic market.
The Three Building Blocks of DCF
Every strong DCF model, whether created by in-house analysts or professional business valuation consultants, rests on three key components:
- Free Cash Flow (FCF)
FCF is the lifeblood of valuation. It shows the available company’s cash after covering operating costs and capital spending. Investors focus on it because it reveals how much money is truly available for reinvestment or dividends. - Discount Rate
This reflects the risk of the investment. Higher risk means a higher discount rate. In the UAE, factors like market volatility, borrowing costs, and sector-specific challenges all feed into this number. This is why many companies turn to experienced business valuation services in the UAE to set it right. - Terminal Value
Businesses don’t stop after five or ten years, so Terminal Value estimates all the cash flows that come after your forecast period. It often makes up most of a company’s value and must be calculated carefully to avoid inflating or understating worth.
Together, these elements translate future potential into present value.
That’s the power of DCF — it connects strategy to numbers and turns assumptions into insight.
Impact of UAE Corporate Tax on DCF Calculations
While the taxes are known to change the math, they’ve changed the game in the UAE.
Since 2025, most businesses have faced a 9% corporate tax on profits above the set threshold. Add the new Domestic Minimum Top-up Tax (DMTT), which aligns UAE rules with global standards. These reforms have reshaped how analysts build and read DCF models.
Taxes and Free Cash Flow
Free Cash Flow is what’s left after paying all expenses, including corporate tax.
For UAE businesses, that means lower post-tax cash flows compared to the pre-2025 era.
Any DCF calculation that ignores this will overstate a company’s value.
Many firms now lean on business valuation services in Dubai or trusted business valuation consultants to ensure their cash flow forecasts reflect real, after-tax figures.
Taxes and Discount Rate
The tax landscape also influences the discount rate.
Lower after-tax returns raise the effective cost of capital.
Investors want to be compensated for this new drag on earnings, which pushes up the discount rate in DCF models.
Companies that work with experienced business valuation services in the UAE often get more precise discount rates tailored to local tax dynamics and sector risks.
Adjusting the Model for Local Rules
The old “one-size-fits-all” DCF approach no longer works in a post-tax-reform UAE.
Businesses need to adapt their models by:
- Forecasting cash flows net of 9% corporate tax and any DMTT obligations.
- Revisiting assumptions about reinvestment needs and capital structure.
- Stress-test different tax scenarios to see how valuation shifts.
Firms like ADEPTS, a leading name among business valuation companies in Dubai, help clients navigate these complexities. Their insight into regulatory changes and valuation techniques ensures the numbers reflect today’s realities — not last year’s assumptions.
Step 1: Forecasting Free Cash Flow (FCF) in the UAE Context
The first step in building a solid DCF model is to get your Free Cash Flow right.
Inaccurate FCF means everything else in the valuation will be off.
What is Free Cash Flow to Firm (FCFF)?
FCFF represents the cash available to all capital providers — debt and equity holders — after paying operating expenses, taxes, and reinvestments.
It’s the starting point for nearly all business valuation services in Dubai and the UAE.
The Core Formula
Here’s the formula most professionals use for DCF in the UAE’s tax landscape:
FCFF = NOPAT + Depreciation & Amortization − Capital Expenditures − Δ NWC
Where:
- NOPAT = EBIT × (1 – 0.09)
(EBIT is Earnings Before Interest and Tax; we adjust for the 9% UAE corporate tax rate) - Depreciation & Amortization add back non-cash charges.
- Capital Expenditures (CapEx) account for investments in fixed assets.
- ΔNWC (Change in Net Working Capital) reflects shifts in short-term assets and liabilities that tie up cash.
Forecasting Revenues, Costs, and Reinvestments
For UAE companies, forecasting needs to be grounded in real conditions rather than neat spreadsheets:
- Revenues: tie forecasts to real market drivers — demand patterns, pricing trends, and competition.
Example: A logistics firm at Jebel Ali may project revenue surges during peak trading seasons instead of assuming flat monthly growth.
- Costs: built in compliance with the 9% corporate tax and, if relevant, the Domestic Minimum Top-up Tax.
Example: A fintech startup in Abu Dhabi might face heavier regulatory and licensing expenses that can eat into margins.
- Reinvestments: plan for ongoing CapEx and the working capital needed as the company scales.
Example: A construction firm preparing for new infrastructure projects often needs to spend substantial upfront on machinery and labor before project revenues arrive.
Many businesses seek help from seasoned business valuation consultants to test these assumptions.
Even minor forecasting errors — an over-optimistic sales target or an overlooked CapEx line — can skew the valuation by millions.
Common Forecasting Traps to Watch Out For
Analysts in the UAE often stumble on the same issues:
- Treating cash flows as if they were pre-tax, which inflates the projected value.
- Assuming past growth rates will repeat without factoring in sector maturity or new regulations.
- Overlooking the capital required for future expansion, especially in capital-intensive industries.
- Failing to anticipate how changes in working capital can tie up cash in fast-moving sectors like logistics or retail.
Getting the FCF forecast right — and tailored to local market and tax realities — separates a credible DCF valuation from a shaky one.
That’s why leading business valuation services in the UAE pay close attention to this step before proceeding to discount rates or terminal value.
Step 2: Calculating the Discount Rate (WACC)
If the discount rate is off, the whole DCF model wobbles. That’s why nailing down the Weighted Average Cost of Capital (WACC) is non-negotiable. In the UAE, where tax rules and market risks have shifted, it’s worth leaning on experienced business valuation services to get this number right.
Explanation of WACC
Think of WACC as the hurdle that a company’s future cash flows must clear. It blends what shareholders expect to earn, the equity cost, and lenders’ debt charges. Investors use it as a yardstick for risk and return.
If you get it wrong, a business can appear more (or less) valuable than it really is. That’s why good business valuation consultants in the UAE obsess over it.
Components of WACC
The cost of equity reflects the return shareholders demand for tying up their capital in your business. It usually draws on a risk-free benchmark (often US treasuries), adds a market premium, and adjusts for the company’s risk profile. Local knowledge matters; trusted business valuation services in Dubai make sure these inputs mirror the UAE market, not just a global average.
The cost of debt is simpler on paper; it’s what you pay to borrow. But the UAE’s 9 % corporate tax changes the math. Because interest is deductible, borrowing effectively becomes a bit cheaper after tax. That tax shield lowers the overall WACC.
Your capital structure, the mix of debt and equity, also plays a big part. A business heavily reliant on expensive equity will have a higher WACC than one with a sensible blend of lower-cost debt and equity.
Incorporating UAE Risk Factors and Tax Impacts
Global benchmarks don’t cut it. A company in Dubai faces pressures different from those in New York or Singapore. Oil-price swings, regional politics, and competition in domestic sectors all feed into the risk premium.
The 9 % corporate tax has made the debt component cheaper, nudging WACC down for firms that use debt sensibly. On the other hand, sector-specific risks can push it up. Fintechs deal with shifting regulations.
Construction and logistics firms face boom-and-bust cycles. These subtleties are why many companies hand this job to seasoned business valuation consultants who know how to model risk in the UAE.
Example of Calculating a Defensible WACC
Picture a manufacturing company in Dubai. It’s funded 60% by equity and 40% by debt. Suppose the cost of equity is 12% and the cost of debt is 6%.
Factor in the tax-deductible interest, and the blended WACC is around 9–10 %.
That single number becomes the lens through which you discount all future cash flows. A tweak of even half a percentage point can swing the valuation meaningfully. It’s why good business valuation services in the UAE spend so much time debating assumptions before they run the numbers.
Step 3: Estimating Terminal Value
Terminal Value is the anchor of any DCF.
For most UAE businesses, most value doesn’t come from the first five or seven years of forecasted cash flow. It comes from what happens after that. That’s why getting this step right is critical, and why many firms lean on experienced business valuation services in the UAE to build credible models.
Importance of Terminal Value in DCF
Terminal Value captures the worth of a business beyond the explicit forecast period. Without it, you’d be ignoring decades of potential earnings. In many cases, it represents more than half of the total valuation.
For this reason, professional business valuation consultants in the UAE spend as much time stress-testing the terminal assumptions as they do the earlier forecasts.
Perpetuity Growth vs Exit Multiple
There are two common approaches. The perpetuity growth method assumes cash flows will grow at a steady, constant rate forever. It works best for stable industries.
The exit multiple method applies a valuation multiple, often EBITDA-based, to the final year’s results. This method is widely used in M&A because it mirrors buyers’ thinking. Both methods can be valid, and many business valuation firms run them side by side to see if results align.
Choosing Growth Rates in the UAE Context
A key input for the perpetuity growth method is the long-term growth rate. In the UAE, this can’t be guessed. Growth assumptions should reflect the region’s economic trends — diversification beyond oil, government-backed infrastructure projects, and the push toward technology and green industries. A reasonable rate is usually close to long-term GDP growth. Skilled business valuation services in Dubai help companies defend these assumptions with real data.
Calculating Terminal Value Step by Step
- Start with the forecasted Free Cash Flow for the final year.
- If using perpetuity growth, divide that cash flow by (WACC – growth rate).
- If using an exit multiple, apply the chosen multiple to the final year’s EBITDA.
- Discount the resulting Terminal Value back to present value using the same WACC.
Appropriately handled, Terminal Value turns a forward-looking model into a complete picture of a company’s future worth. Done poorly, it distorts everything. That’s why credible business valuation services in the UAE always treat this step cautiously and rigorously.
Step 4: Discounting Cash Flows to Present Value
Once you’ve forecasted cash flows and calculated a reliable WACC, the next step is to bring those future numbers back to today’s terms. This is the core idea behind DCF — a dirham tomorrow is worth less than a dirham today.
Using the right discount rate is what makes the valuation meaningful, which is why experienced business valuation services in the UAE focus so much on this step.
Formula for Discounting Each Cash Flow Year
The basic formula is straightforward:
Present Value of Year n=FCF in Year n(1+WACC)n\text{Present Value of Year }
n = \frac{\text{FCF in Year } n}{(1 + \text{WACC})^n}
Present Value of Year n=(1+WACC)nFCF in Year n
You take each year’s forecasted Free Cash Flow (FCF) and divide it by one, plus the WACC, which is raised to the power of the year. The further out the cash flow, the more it gets discounted. This is the mathematical expression of risk and time.
Using WACC as the Discount Rate
The Weighted Average Cost of Capital (WACC) you calculated earlier is the rate you’ll use to discount every future cash flow. It reflects the required return for both debt and equity investors, tailored to the UAE’s tax and risk environment.
A slightly higher or lower WACC can meaningfully change results, which is why seasoned business valuation consultants in UAE test different scenarios to determine the valuation’s sensitivity.
Summing Discounted Cash Flows and Terminal Value
After discounting each year’s cash flow, add them together. Then, discount the Terminal Value you calculated in Step 3 to today’s value using the same WACC.
Enterprise Value = Σ (FCFₙ / (1 + WACC)ⁿ) + (TV / (1 + WACC)ᴺ )
The total gives you the Enterprise Value — a single figure that reflects the present worth of all future expected cash flows. Reliable business valuation services in Dubai present this number as the foundation for strategic decisions, from attracting investors to negotiating acquisitions.
Handled carefully, this step converts all your forecasts into a rigorous and defensible valuation — two qualities that serious buyers and investors look for.
Step 5: Deriving Equity Value from Enterprise Value
At this point in the DCF, you already know the Enterprise Value (EV). But investors and owners care about the value of the shares — the Equity Value. That’s what you get after you account for how the company is financed.
Adjusting the Enterprise Value
The adjustment is straightforward in concept: you take the EV and then strip out what belongs to lenders, and add back the cash that the business holds.
Equity Value=Enterprise Value−Debt+Cash\text{Equity Value} = \text{Enterprise Value} – \text{Debt} + \text{Cash}Equity Value=Enterprise Value−Debt+Cash
- Debt includes loans, bonds, lease liabilities — basically all interest-bearing obligations.
- Cash includes cash and cash equivalents on the balance sheet and can be distributed to shareholders.
Think of it as moving from the value of the business as a whole (EV) to what’s left for equity holders after paying off creditors.
Why This Matters in the UAE Context
Here’s where valuation specialists in the UAE often pay closer attention. Capital structures in the region don’t always look like those in more developed markets:
- Some companies receive government-backed financing or concessional loans. These can lower the effective cost of debt and affect how the EV is adjusted.
- Many family-owned businesses in the UAE rely less on bank debt and more on retained earnings, so the net debt adjustment is less significant.
- A number of local firms hold large cash reserves as a buffer against market volatility; adding that back to EV can raise the equity value materially.
A clean adjustment matters because the equity value is the figure that equity investors look at when pricing deals, assessing dilution, or deciding on returns. Getting this wrong can mislead boards and investors alike.
Pulling It Together
In practice, you start with the EV from Step 4. You subtract total debt — everything that needs to be repaid to lenders — and then add the company’s cash holdings. The final figure is the equity value, which reflects what shareholders effectively own.
Practical Example: Calculating a DCF for a UAE-based Business
We’ll use a simple, realistic example (AED millions).
Company: a mid-size UAE logistics business.
You can swap numbers for your case.
Key assumptions
- Forecast horizon: Years 1–5.
- Revenues (AEDm): 100 → 110 → 121 → 133 → 146.
- EBIT margin: 15% each year.
- Corporate tax: 9% (apply to EBIT → NOPAT).
- Depreciation & Amortization: AED 2m per year.
- CapEx: 4, 4, 4, 4, 5 (years 1–5).
- ΔNWC (increase in working capital, cash outflow): 1, 1, 1, 2, 2.
- WACC (discount rate): 9.5%.
- Terminal growth rate (g): 2.5%.
- Net debt for equity conversion: Debt AED 20m, Cash AED 5m → Net debt = AED 15m.
All numbers below are rounded to two decimals where useful.
Step A — compute NOPAT and FCFF each year
Formula reminders:
- NOPAT = EBIT × (1 – 0.09)
- FCFF = NOPAT + Depreciation & Amortization – CapEx – ΔNWC
Year by year (AEDm):
Year 1
- Revenue 100 → EBIT = 15.00
- NOPAT = 15.00 × 0.91 = 13.65
- FCFF = 13.65 + 2.00 – 4.00 – 1.00 = 10.65
Year 2
- EBIT = 16.50 → NOPAT = 15.02
- FCFF = 15.02 + 2.00 – 4.00 – 1.00 = 12.02
Year 3
- EBIT = 18.15 → NOPAT = 16.52
- FCFF = 16.52 + 2.00 – 4.00 – 1.00 = 13.52
Year 4
- EBIT = 19.95 → NOPAT = 18.15
- FCFF = 18.15 + 2.00 – 4.00 – 2.00 = 14.15
Year 5
- EBIT = 21.90 → NOPAT = 19.93
- FCFF = 19.93 + 2.00 – 5.00 – 2.00 = 14.93
(FCFFs: 10.65, 12.02, 13.52, 14.15, 14.93 AEDm)
Step B — terminal value (perpetuity growth method)
Use Year-5 FCFF and the perpetuity formula:
TV = FCFF₅ × (1 + g) / (WACC – g)
Plug in: TV = 14.93 × 1.025 / (0.095 − 0.025)
TV ≈ 218.60 AEDm
(You can also run an exit multiple check — e.g., EBITDA × chosen multiple — to cross-check the TV.)
Step C — discount to present value
Discount each year’s FCFF by (1 + WACC)ⁿ and discount TV back to present value.
Present values (AEDm), using WACC = 9.5%:
- PV Year1 ≈ 9.73
- PV Year2 ≈ 10.02
- PV Year3 ≈ 10.29
- PV Year4 ≈ 9.84
- PV Year5 ≈ 9.48
- PV(TV) ≈ 138.86
Sum of PVs = Enterprise Value ≈ 188.23 AEDm
Step D — convert EV to Equity Value
Equity Value = Enterprise Value − Net Debt
Net Debt = Debt − Cash = 20 − 5 = 15 AEDm
Equity Value ≈ 188.23 − 15.00 = 173.23 AEDm
That number is what shareholders effectively own under these assumptions.
Key assumptions explained (what matters and why)
- WACC (9.5%) — small changes here move valuation a lot. Use local market data, not global proxies. Trusted business valuation services in Dubai help set this figure correctly.
- Tax (9%) — reduces NOPAT and makes debt slightly cheaper (tax shield). DMTT or other rules may add complexity for certain entities.
- Terminal growth (2.5%) — should be conservative and aligned with long-term GDP or sector prospects in the UAE.
- CapEx & ΔNWC — underestimating either will overstate value. Capital-heavy sectors (construction, logistics) need careful treatment.
- Exit multiple check — always run an exit multiple scenario (EBITDA × multiple) to sanity-check the perpetuity TV.
How ADEPTS can help
ADEPTS offers hands-on support across the whole workflow:
- Validate assumptions with UAE market data and sector benchmarks.
- Build the model in Excel with clear inputs, checks, and audit trails.
- Run sensitivity and scenario analysis (WACC range, low/medium/high growth, tax scenarios).
- Apply UAE-specific tax rules (9% corporate tax, DMTT implications) and financing idiosyncrasies.
- Produce investor-ready outputs: summary tables, charts, and a short technical appendix that persuades buyers, lenders, or auditors.
- Offer negotiation support and independent opinions when you need an external, defensible valuation — why many clients choose business valuation consultants and business valuation firms in the region.
ADEPTS combines global valuation techniques with local know-how. They can also run the exit-multiple version of this example and a full sensitivity table (WACC ±1%, growth ±1%), so you see a valuation range rather than a single point estimate.
Common Challenges in UAE DCF Valuations and How to Overcome Them
A DCF is only as strong as the assumptions behind it.
Certain realities, market swings, new tax rules, and patchy data in the UAE can quickly tilt the numbers.
Recognising these issues early makes your valuation more credible.
Handling volatile markets and economic uncertainty in the UAE
The UAE market can change fast.
Oil prices move. Interest rates rise or fall. Regional tensions shift investor confidence.
If you build a single straight-line forecast, you’ll probably miss the real picture.
A better approach:
- Build at least three scenarios — base, optimistic, and cautious.
- Stress-test your WACC and growth rates in each one.
- Show the range of values to investors or lenders instead of just one headline number.
Many firms rely on business valuation consultants in Dubai to ensure that their scenarios reflect what’s actually happening in the market.
Ensuring realistic assumptions amidst regulatory changes
The 9% corporate tax and the Domestic Minimum Top-up Tax have changed how cash flows look after tax.
Rules in sectors like fintech, logistics, and green energy keep evolving, too.
Keep it practical:
- Update your model whenever rules change; don’t just copy last year’s template.
- Tie capital spending and working-capital forecasts to real compliance needs.
- Use modest, evidence-based long-term growth rates that reflect the UAE’s maturing economy.
Specialist advisers like ADEPTS often help companies fold these changes into their models.
Importance of data quality and frequent model updates
Messy numbers kill good models.
If historic accounts aren’t clean, or if management keeps shifting its growth targets, your DCF loses credibility.
What works:
- Reconcile and clean the financials before you start projecting.
- Refresh the model at least every quarter in fast-moving sectors.
- Flag key assumptions and run sensitivity checks to know which inputs most move the valuation.
For UAE businesses seeking capital or planning an exit, having a well-kept, frequently updated model signals discipline and reduces investor pushback.
How ADEPTS Supports UAE Businesses with DCF Valuations
A strong DCF model is more than a spreadsheet. It needs local insight, reliable data, and awareness of how UAE tax law shapes cash flows.
That’s where ADEPTS steps in.
Customized DCF modeling services tailored for UAE companies
Every company’s cash-flow story is different.
An industrial exporter in Jebel Ali faces risks that are different from those of a fintech startup in Abu Dhabi.
ADEPTS builds customized DCF models that reflect those differences — sector cycles, reinvestment needs, even the quirks of local financing.
Clients often say this customization allows them to have more confident conversations with investors, lenders, and partners.
Comprehensive reports aligned with UAE tax law updates
With the 9% corporate tax and DMTT now in play, old DCF templates don’t cut it.
ADEPTS integrates these rules into forecasts and discount-rate calculations so the numbers stay relevant.
Their reports clearly show how tax affects free cash flow and value, which is exactly what boards and external investors want to see.
Strategic advisory for investment, mergers, and valuations
DCF is not just for compliance — it guides decisions.
ADEPTS helps leadership teams use valuation results when weighing an expansion, assessing an acquisition target, or preparing for an exit.
Their experience in business valuation services in the UAE means the models are not only technically sound but also defensible in negotiations and due diligence reviews.
Conclusion
DCF isn’t just a valuation tool.
For UAE businesses navigating new tax rules, shifting capital markets, and ambitious growth plans, it’s a way to see the future in numbers. Handled well, it helps leaders make sharper decisions — from raising capital to negotiating acquisitions.
But the math alone isn’t enough.
Assumptions need to reflect local realities, such as tax law, financing trends, and market cycles. Guidance from experienced professionals makes the difference.
If you’re planning an investment, preparing for a merger, or simply want to understand what your company is really worth, working with a trusted team like ADEPTS can save time and bring clarity.
Their expertise in business valuation services in the UAE means your DCF will withstand scrutiny from investors, lenders, and regulators alike.
A robust DCF model won’t predict the future, but it will give you a clear framework for making smarter choices in today’s evolving UAE business landscape.
FAQs:
The 9% corporate tax and the Domestic Minimum Top-up Tax directly affect after-tax cash flows and the cost of debt. Unlike in some tax-free jurisdictions, any serious model for the UAE needs these adjustments.
Quarterly is ideal, especially in fast-moving industries. Annual updates risk missing regulatory or market changes.
Start with audited financials, then layer in sector reports, government publications, and market benchmarks. Business valuation consultants in Dubai often blend internal data with these external sources.
Both. Startups can use DCF with scenario-based projections, though assumptions need to be more conservative. Established firms usually have more reliable historical data to work with.
Rising rates push the cost of debt and sometimes equity higher, raising the WACC. Lower rates have the opposite effect, raising valuations.
Yes, if revenues or costs are tied to non-dirham currencies like USD or EUR. Ignoring this can distort free cash flow forecasts.
Free Zones sometimes offer tax reliefs or special rules. These benefits reduce effective tax rates and can lift projected cash flows, which in turn lead to higher valuations.
Most firms rely on Excel, which is often supported by financial modeling add-ins. Some also use platforms like CFI templates or industry-specific valuation software.
ADEPTS builds models that test multiple scenarios — shifting WACC, growth rates, or cash flow assumptions — so clients see a range of outcomes, not just one number.
DCF depends on forecasts, and forecasts can be wrong. Market volatility, regulatory changes, or unexpected sector shifts can all move actual results away from the model. That’s why frequent updates and professional oversight are essential.
References
- Corporate Tax (CT). https://u.ae/en/information-and-services/finance-and-investment/taxation/corporate-tax.
- ‘UAE Domestic Minimum Top-up Tax’. Ministry of Finance – United Arab Emirates, https://mof.gov.ae/uae-domestic-minimum-top-up-tax/.
