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The Dubai Chamber of Commerce recently held a seminar at its headquarters on the UAE corporate tax system, which was attended by more than 330 delegates from the business community, representing different sectors of the economy.
Hosted in partnership with leading law firm Al Tamimi & Co., the seminar supports the Chamber’s efforts to keep companies informed about key legal developments that are changing the business environment.
During the event, attendees were briefed on how the UAE will implement corporate tax, highlighting the expected impact it will have on company profits. The conference also sought to educate attendees on how to comply with tax requirements and plan for a smooth transition when the new tax takes effect.
The UAE recently announced the introduction of a corporate tax system, which will be implemented in June 2023, with a basic tax rate of 9% for companies with profits over AED 375,000 and a 0% tax rate for companies with profits below the threshold to support startups and SMEs.
During the workshop, partner Shiraz Khan and consultant Eunice Nanos of Al Tamimi & Co. detailed the new corporate tax regime, as well as guidelines and advice that businesses should follow in order to prepare for its implementation and comply with its requirements. Speakers also outlined exceptions and exemptions, as well as the impact the system is expected to have on companies and businesses.
Addressing the attendees, Jehad Kazim, Vice President of Legal Services at the Dubai Chamber of Commerce, noted that the UAE’s corporate tax system is in line with best international practices, noting that the rates are relatively low compared to international markets.
She added that the strong participation in the workshop reflects the growing awareness among Dubai businesses of the new tax regime, as well as their interest in learning and adopting best practices.
Shiraz Khan said: “The introduction of the federal corporate tax marks a major shift in the UAE tax system. It is crucial for companies to understand the rules and how to apply them to ensure they fully comply with the requirements of the system. We are of course delighted to partner with the Dubai Chamber of Commerce Host this training workshop, which aims to provide a comprehensive overview of the system and how to prepare the company for its implementation.” – arab trade news agency
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