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Dubai Chamber of Commerce Introduces Business Community

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United Arab Emirates, Dubai – The Dubai Chamber of Commerce recently held a workshop on the UAE Corporate Tax system at its headquarters, which was attended by over 330 business leaders from various economic sectors.

The workshop, which was organized in collaboration with leading law firm Al Tamimi & Co., aided the Chamber’s efforts to keep businesses up to date on key legal developments that are transforming the business environment.

During the event, participants were briefed on how corporate tax will be implemented in the UAE, with an emphasis on the expected impact on corporate profits. The session also aimed to educate attendees on how to comply with tax requirements and plan for a smooth transition when the new tax goes into effect.

In an effort to support startups and SMEs, the UAE recently announced the implementation of the Corporate Tax system, which will be implemented in June 2023. Tax will be collected at a basic rate of 9% on company profits exceeding AED 375,000, with a rate of 0% calculated for companies whose profits fall below the threshold.

Shiraz Khan, partner, and Eunice Nanos, advisor, of Al Tamimi & Co., provided a detailed overview of the new corporate tax system, as well as guidelines and recommendations for businesses to follow in order to prepare for implementation and comply with the system’s requirements, during the workshop. The speakers also discussed exceptions and exemptions, as well as the effects the system is expected to have on companies and businesses.

In his remarks to participants, Jehad Kazim, Vice President of Legal Services at the Dubai Chamber of Commerce, stated that the UAE corporate tax system is in line with best international practices and that the tax rate is low in comparison to international markets.

She went on to say that the large turnout at the workshop reflected a growing awareness of the new tax system among Dubai businesses, as well as their desire to learn and implement best practices.

Shiraz Khan, for one, stated, “The introduction of federal corporate tax marks a significant shift in the UAE’s tax system.” Companies must understand the rules and how they will be applied to ensure full compliance with the system’s requirements. We are thrilled to be collaborating with the Dubai Chamber of Commerce on this training workshop, which is intended to provide a comprehensive overview of the system and how to prepare businesses to implement it.

The Dubai Chamber of Commerce organizes workshops on topics of interest to the emirate’s business sector on a regular basis, in an effort to raise awareness among them about legal developments that affect the business environment, while also working to establish an ecosystem that incentivizes and supports businesses.

About Dubai Chamber of Commerce:

Established in 1965, Dubai Chamber of Commerce continues to represent, support, and protect the interests of the business community in Dubai, create a stimulating business environment and promote the emirate as a global business hub. The Chamber is one of three chambers operating under the umbrella of Dubai Chambers, which was restructured under a decree issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

www.dubaichambers.com

Follow us on:
www.facebook.com/dubaichamber
www.twitter.com/dubaichamber
http://www.linkedin.com/company/dubai-chamber-of-commerce-&-industry/
www.youtube.com/DubaiChamberTV
www.instagram.com/dubaichamber

For more information, please contact:
Ruba Abdel Halim
Manager, PR & Corporate Communications
Email: ruba.halim@dubaichamber.com

 

Source : zawya

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