- The workshop reviewed the requirements and processes related to the new corporate tax system
Dubai, United Arab Emirates – The Dubai Chamber of Commerce recently held a workshop on the UAE corporate tax system at its headquarters, which was attended by over 330 participants from the business community, representing various economic sectors.
Organized in conjunction with leading law firm Al Tamimi & Co., the workshop supported the Chamber’s efforts to keep businesses informed of key legal developments that are transforming the business environment.
During the event, participants were briefed on how corporate tax will be implemented in the UAE, highlighting the expected impact it will have on business profits. The session also aimed to educate attendees on how to comply with tax requirements and plan for a smooth transition when the new tax comes into effect.
The UAE had recently announced the introduction of the corporate tax system, which is expected to be implemented in June 2023, where tax will be levied at a basic rate of 9% on corporate profits exceeding AED 375,000 , while a rate of 0% will be calculated for companies whose profits are below the threshold, with the aim of supporting startups and SMEs.
During the workshop, Shiraz Khan, Partner, and Eunice Nanos, Advisor, at Al Tamimi & Co., provided a detailed overview of the new corporate tax system, along with guidelines and recommendations to be followed by companies in order to prepare for the implementation of the system. and comply with its requirements. Speakers also highlighted exceptions and exemptions, as well as the system’s expected effects on businesses and businesses.
Addressing the participants, Jehad Kazim, Vice President of Legal Services, Dubai Chamber of Commerce, noted that the UAE’s corporate tax system is aligned with international best practices and mentioned that the rate of Taxation is relatively low compared to international markets.
She added that the high attendance at the workshop reflected a growing awareness of the new tax system among businesses in Dubai, as well as their interest in learning and adopting best practices.
For his part, Shiraz Khan said, “The introduction of the Federal Corporate Tax marks a significant change in the UAE’s tax system. It is crucial for companies to understand the rules and how they will be applied to ensure that they fully comply with the system requirements. We are certainly delighted to be collaborating with the Dubai Chamber of Commerce on this training workshop, which is designed to provide a comprehensive overview of the system and how to prepare businesses to implement it.
The Dubai Chamber of Commerce regularly organizes workshops on topics of interest to the business sector in the emirate, with the aim of raising awareness of legal developments that impact the business environment, while striving to establish an ecosystem that incentivizes and supports business.
About Dubai Chamber of Commerce:
Founded in 1965, the Dubai Chamber of Commerce continues to represent, support and protect the interests of the business community in Dubai, create a stimulating business environment and promote the emirate as a global business hub. The Chamber is one of three chambers operating under the umbrella of Dubai Chambers, which was restructured under a decree issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and ruler of Dubai.
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