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The Dubai Chamber of Commerce recently hosted a seminar on the UAE corporate tax regime at its headquarters, which was attended by more than 330 participants from the business community, representing various sectors of the economy.
Organized in partnership with leading law firm Al Tamimi & Co., the seminar supports the Chamber’s efforts to keep companies informed of key legal developments that are changing the business environment.
During the event, attendees were briefed on how corporate tax will be implemented in the UAE, and the expected impact it would have on corporate profits was highlighted. 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 United Arab Emirates recently announced the introduction of a corporate tax system, which will be implemented in June 2023. Corporate profits exceeding AED 375,000 will be taxed at a basic tax rate of 9%, while a tax rate of 0% will be applied to companies whose profits are below the threshold. To support start-ups and SMEs.
During the seminar, Al Tamimi & Co. partner Shiraz Khan and consultant Eunice Nanos detailed the new corporate tax regime, along with guidelines and recommendations that businesses should follow in order to prepare for the implementation of the system and comply with its requirements. The speaker also outlined exceptions and exemptions, and the expected impact of the system on companies and businesses.
Addressing the participants, Jehad Kazim, Vice President of Legal Services at Dubai Chamber, noted that the UAE corporate tax system is in line with best international practice, noting that the tax rate is relatively low compared to international markets.
She added that the high turnout at the seminar reflected 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. Companies must understand the rules and how to apply them to ensure they are fully compliant with the system. We are of course delighted to be partnering with the Dubai Chamber of Commerce for this training workshop Yes, the workshop was designed to provide a comprehensive overview of the system and how to get companies ready to implement it.” – trade arab news agency
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