Dubai Chamber presents UAE corporate tax laws to EU diplomatic corps

The Dubai Chamber of Commerce, in partnership with law firm Al Tamimi & Company, organized a seminar focused on educating commercial attachés from the EU diplomatic corps on UAE corporate tax law.

The meeting brought together 13 officials representing the commercial interests of the EU Embassies and Attaché Offices in the UAE to provide them with an overview and key highlights of the new corporate tax regime.

Legal and tax experts at Al Tamimi & Company Law Firm discuss corporate tax preparation, compliance guidance, exclusions and exemptions, and the impact of the new tax on businesses operating in the UAE.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chamber of Commerce, said: “The introduction of the federal corporate tax marks the UAE’s ongoing efforts to modernize its tax system to meet international standards and drive diversification of its economy. A milestone in the globalization agenda. Today’s seminar is important as it allows us to connect with the European diplomatic community in the UAE and raise their awareness of corporate tax law.”

“We remain committed to enriching their understanding of the new regulations to ensure the community can function more effectively. In turn, this will help us bring more EU businesses into Dubai while further strengthening the strong links between Dubai and the European market. Bilateral trade and commercial relations.”

The UAE imposes a federal corporate tax on corporate profits to keep up with the demands of a globally competitive market economy. The corporate tax regime will come into effect for financial years beginning on or after 1 June 2023, with a standard rate of 9% and a rate of 0% on taxable profits up to AED 375,000.

As part of its commitment to meeting the needs of its members and ensuring effective engagement with key stakeholders, Dubai Chamber offers a variety of legal services to share guidance on the latest legislation affecting businesses. Since the enactment of the UAE Corporate Tax Law, the Dubai Chamber of Commerce has organized several seminars to ensure that the law is properly understood and encourage compliance while maintaining a healthy business environment in Dubai.