Dubai Chambers, in cooperation with Al Tamimi & Associates Advocates and Legal Consultants, organized a workshop that focused on introducing the commercial annexes of the European Union diplomatic missions in the UAE to the corporate tax law in the UAE.
The training workshop brought together 13 members of the diplomatic corps representing the commercial departments and attached offices of European embassies in the UAE, to provide them with an overview of corporate tax and the main features of the new tax system.
Legal and tax experts from Al Tamimi & Company discussed corporate tax readiness, tax compliance guidelines, exceptions and exemptions, as well as the implications of the new tax for companies operating in the UAE.
Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, said: “The implementation of the corporate tax represents a milestone in the UAE’s continuous endeavors to modernize its tax system in line with international standards, and support the economic diversification agenda. European diplomat in the UAE and to enhance his awareness of the corporate tax law, given the importance of their role in helping us to strengthen joint economic cooperation relations.-
Lootah added, “It is important for companies to know the basics of corporate tax and tax-related topics, because raising awareness of these requirements enhances companies’ ability to understand the business environment, as this will contribute to attracting more European companies to Dubai while strengthening bilateral trade and business relations.” between the UAE and European markets at the same time.-
Under the Federal Decree Law on Corporate and Business Tax for the year 2022, a corporate tax was introduced in the United Arab Emirates on business profits to keep pace with the requirements of a market economy that enjoys a global competitive position.
Corporate tax applies to business profits in the UAE for financial years beginning on or after June 1, 2023, and is set at a basic rate of 9% on taxable income that exceeds AED 375,000, and at zero rate on the part of taxable income that does not exceed that. the amount.
As part of its commitment to meeting the needs of its members and ensuring the effective involvement of all stakeholders, Dubai Chambers offers a range of legal services to disseminate knowledge and guidance on the latest legislation affecting businesses. Since the launch of the corporate tax law in the UAE, Dubai Chambers have held several workshops to ensure optimal understanding of the law and encourage compliance with it, in addition to maintaining a competitive business environment in the emirate.