The UAE has introduced Federal Corporate Tax on business profits to keep pace with the requirements of a globally competitive market economy…reports Asian Lite News
Dubai Chambers, in collaboration with Al Tamimi and Company Law Firm, hosted a workshop focused on introducing the commercial attaches of EU Diplomatic Missions to the UAE’s Corporate Tax Law.
The session brought together 13 officials representing the commercial interests of EU embassies and attache offices in the UAE to provide them with an overview and key highlights of the new Corporate Tax regime. Legal and tax experts from Al Tamimi and Company Law Firm discussed corporate tax readiness, compliance guidelines, exclusions, and exemptions, as well as the implications of the new tax for businesses operating in the UAE.
Dubai Chambers president and CEO Mohammad Ali Rashed Lootah said, “The introduction of federal Corporate Tax marks a milestone in the UAE’s continuing efforts to modernize its tax system in line with international standards and drive its economic diversification agenda. Today’s workshop is important, as it enables us to connect with the European diplomatic community in the UAE and raise their awareness about the Corporate Tax law.”
“We remain committed to enriching their understanding of the new regulations to ensure the community is empowered to operate more effectively and efficiently. This, in turn, will help us bring more EU businesses into Dubai, while further bolstering the strong bilateral trade and business relations between Dubai and European markets,” added the Dubai Chambers president.
The UAE has introduced Federal Corporate Tax on business profits to keep pace with the requirements of a globally competitive market economy. The Corporate Tax regime will be effective for financial years starting on or after 1 June 2023 and will levy a standard rate of 9 per cent, with a 0 per cent rate for taxable profits up to AED 375,000.
As part of its commitment to the needs of its members and to ensure effective engagement with key stakeholders, Dubai Chambers provides a number of legal services to share guidance on the latest legislation that impacts businesses.
Since the launch of the UAE Corporate Tax Law, Dubai Chambers has conducted several workshops to ensure a proper understanding of the law and encourage compliance, in addition to maintaining a healthy business environment in Dubai. (ANI/WAM)