Dubai Chambers has announced that more than 2,000 businesses have participated in a series of workshops designed to raise awareness on Corporate Tax.
The sessions were organised as part of Dubai Chambers’ efforts to enhance the local business community’s understanding of the latest legal developments and support companies in adequately preparing for compliance with the UAE’s Corporate Tax Law.
Since the issuance of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, Dubai Chambers has organised a total of 15 educational and awareness workshops on Corporate Tax in cooperation with key government agencies, as well as leading law and consulting firms.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said,
“Dubai has one of the world's most dynamic and resilient economies. We believe the competitive Corporate Tax rate and flexible regulations will allow businesses to grow and invest for the future while supporting Dubai's economic diversification agenda.
Our Corporate Tax workshops are designed to educate the emirate’s business community on matters that directly impact their operations and investments to ensure they are taking full advantage of the various benefits and relief available to them, while at the same time preparing them to meet their obligations and comply with federal and local tax laws.”
The workshops highlighted the legislative basis of the new tax regime and its implications for companies doing business in the UAE.
The most recent workshop was conducted earlier this week in collaboration with Hadef and Partners, an independent UAE law firm. Previous sessions were hosted in partnership with government entities including the UAE Ministry of Finance and the Dubai Department of Finance, together with leading firms such as Al Tamimi & Co and PwC Middle East.
The introduction of corporate tax helps meet tax transparency and compliance requirements for international corporations and further strengthens the UAE’s position as a global hub for business and investment.
The Corporate Tax Law came into effect on 1st June 2023 and is applicable for financial years commencing on or after 1st June 2023. According to the law, a standard tax rate of 9% will be levied on taxable business profits of more than AED375,000. Profits that do not exceed this threshold will be taxed at a rate of 0% in a move designed to support the growth of small businesses and startups.
News Source: Emirates News Agency