The Ministry of Finance (MoF) held the second session of its Corporate Tax Public Awareness Programme today in Dubai with participation of leaders from the Ministry, the Federal Tax Authority (FTA), and Dubai Chambers, along with more than 600 tax experts, business sector representatives, and business owners.
Organised with support from Dubai Chambers, the session was attended by Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance; Khalid Ali Al Bustani, Director-General of the FTA; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and leading officials and representatives from various business sectors in the Emirate of Dubai.
Al Khouri opened the session with a keynote address, where he asserted that the Ministry of Finance designed the Corporate Tax Law based on international best practices, to expand its role in supporting the UAE’s strategic objectives, ensuring tax transparency, and preventing harmful tax practices.
“The law helps accomplish the UAE’s strategic objectives and provides additional revenue streams for the federal government to implement ambitious projects and maintain sustainable economic growth,”
“Launching the Corporate Tax Public Awareness Programme reflects our commitment to communicating with all stakeholders – and especially entrepreneurs and businesses operating in the UAE – in order to shed light on the new corporate tax law and regime and provide the business community with corporate tax-related information from an official, reliable source,”
Al Khouri noted.
“Today is an opportunity to explore the key features of the Corporate Tax regime and to provide business sectors with pertinent information and a thorough explanation of the aspects of the law.
"The aim is to support correct and accurate understanding and ensure seamless implementation and compliance with the new regime. This, in turn, helps support Dubai’s growing business community and facilitate more growth and prosperity in the private sector, as the emirate moves forward with implementing its ambitious strategic plans and building a world-class model to support the business community and achieve sustainable economic growth.”
Al Khouri thanked Dubai Chambers for supporting the second session of the Corporate Tax Public Awareness Programme, which reaffirms their commitment to making the programme a success and guiding the business sector in Dubai to learn about the new tax regime.
“We hope that this session – and other upcoming sessions – will lead to more corporate tax compliance, while enhancing the investment environment, and bringing more prosperity to the business sector and the economy in the future,”
Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said,
“The launch of corporate tax in the UAE marks a new phase in empowering the private sector and the national economy, which serves to advance the country’s position as a global business and financial hub. The UAE's corporate tax regime keeps pace with tax systems implemented in other jurisdictions and countries that have established cooperation ties with the UAE, collaborating on ambitious commercial projects and investments. This facilitates the flow of capital and investment in Dubai and the UAE, on one hand, and in countries all around the world, on the other.”
“We thank the Ministry of Finance for organising today’s session in the Emirate of Dubai and for introducing the business community here to the features of the new corporate tax regime,”
Al Bustani added.
“We are confident that the business community in Dubai and across the country will show full compliance, and we commit to supporting them all the way to ensure the success of the entire tax ecosystem.”
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said,
"We are delighted to join the Ministry of Finance for this timely and important awareness session on the UAE's new corporate tax regime. The introduction of corporate tax is a step forward in modernising the UAE's economic ecosystem and driving its business and investment competitiveness in line with international standards.”
"We share the responsibility of educating our business community and ensuring they are provided with the technical knowledge and guidance on the laws, governance frameworks and policies that impact their next chapter of growth and strengthen the emirate's economic and financial environments. We will continue to work with the Ministry of Finance and the FTA to provide more awareness sessions and guidance on corporate tax as part of our commitment to delivering for our members and to help create the conditions for businesses to thrive and achieve further growth, innovation and prosperity."
The Ministry of Finance has launched the Corporate Tax Public Awareness Programme following the issuing of the Federal Decree-Law on Taxation of Corporations and Businesses (the Corporate Tax Law) last month, out of commitment to supporting the various business sectors and introducing their teams of specialists – including corporate finance managers, chief finance officers, legal advisors and experts, tax auditors and agents, accountants, and business owners – to the general framework of the law and how to comply with it.
The session in Dubai included a presentation shedding light on the Corporate Tax Law and introducing participants to key features of the new regime, including scope, rate, key definitions, exempt persons, free zones, administration, and timelines.
The programme also included a panel discussion featuring experts from the Ministry of Finance, namely Shabana Begum, Executive Director of Tax Policy Sector; Fatima Al Sheikh, Director of Tax Policies and Legislations, Thuraiya AlHashmi, Director of International Tax Department, and Rasha Hajj Hussein, Tax Policies and Legislations Expert.
The panellists discussed key topics, such as calculating taxable income, tax exemptions, tax groups, and transfer pricing, among others. Furthermore, the Ministry’s team answered questions from the audience.
The Ministry of Finance is set to hold more in-person corporate tax public awareness sessions across all emirates, along with virtual sessions, held via a digital platform.
News Source: Emirates News Agency