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A recent session held by the Chamber with more than 330 attendees looked at the prerequisites and procedures associated with the new corporation tax system.
Over 330 members of the business community representing various economic sectors attended a training on the UAE Corporate Tax system recently held at the headquarters of the Dubai Chamber of Commerce.
The session, which was planned in association with renowned law firm Al Tamimi & Co., aided the Chamber’s efforts to alert businesses of significant legal changes that are altering the business landscape.
Participants in the event received a briefing on the corporate tax’s implementation in the UAE, emphasizing the expected effect it will have on corporate profitability. Participants were also instructed on how to prepare for a smooth transition when the new tax takes effect as well as how to comply with tax laws.
In an effort to support startups and SMEs, the UAE recently announced the introduction of the Corporate Tax system, which is scheduled to go into effect in June 2023. Tax will be collected at a basic rate of 9% on company profits over AED 375,000, while a rate of 0% will be calculated for companies whose profits fall below the threshold.
Shiraz Khan, partner, and Eunice Nanos, adviser, of Al Tamimi & Co., presented a thorough overview of the new corporate tax system during the session. They also offered tips and ideas for companies to follow in order to get ready to implement the system and adhere to its rules.
The presenters also discussed the system’s anticipated implications on enterprises and companies, as well as exclusions and exemptions.
Jehad Kazim, Vice President of Legal Services at the Dubai Chamber of Commerce, addressed the audience and highlighted that the UAE Corporate Tax system is in line with best practices throughout the world and that the tax rate is comparatively low when compared to other global markets.
The large attendance at the event, she continued, demonstrated that firms in Dubai were becoming increasingly aware of the new tax structure and interested in discovering and implementing best practices.
Shiraz Khan commented, “The implementation of federal Corporate Tax signals a substantial change in the tax system of the UAE. To guarantee they are fully compliant with the system’s standards, businesses must understand the regulations and how they will be applied. We are really excited to partner with the Dubai Chamber of Commerce on this training course, which will provide participants a thorough overview of the system and explain how to get businesses ready to deploy it.
The Dubai Chamber of Commerce routinely hosts workshops on subjects of concern to the emirate’s business community in an effort to educate participants about legal developments that have an influence on the business climate and to build an environment that encourages and supports firms.
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