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04 October 2023

Dubai Chambers hosts informative Corporate Tax webinar to support local business community

By E247

Dubai Chambers recently hosted a webinar for its members on the implementation of the new Corporate Tax regime. The webinar was held in partnership with Eman Alrifai Advocates and Legal Consultants ahead of the launch of the new Corporate Tax regime, which came into effect on 1 June 2023. 

The insightful online session focused on the legislative foundations of corporate tax, together with the implications of the new law for businesses in the UAE.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Designed according to global best practices, the UAE's new Corporate Tax regulations represent an important step that will enable businesses and investors to contribute to the growth of society. With a standard rate of 9% and 0% on taxable profits up to AED375,000, businesses in Dubai and the UAE will benefit from one of the world’s most competitive tax regimes.”

Lootah continued: “Our webinar is aimed at supporting members and helping them understand the implications of Corporate Tax for their businesses, as well as their obligations under the new law. Dubai Chambers is committed to accelerating the growth of businesses in the emirate, and legal compliance is a crucial element in ensuring their long-term success. Our role is to represent, support, and protect the interests of Dubai’s business community while contributing to the enhancement of the emirate’s favourable business environment.”

Attracting more than 100 participants, the webinar provided a detailed overview of the Corporate Tax regime and highlighted the most important features of the new law. Attendees benefitted from expert advice on preparing their businesses, including the necessary requirements to ensure compliance and the relief and exemptions provided under the new law. In addition, the session offered valuable insights on the impact of the Corporate Tax regime on businesses and industries in the UAE.

Businesses will become subject to the Corporate Tax Law from the beginning of their first financial year starting on or after 1 June 2023. The Corporate Tax regime will levy a standard rate of 9% for taxable business profits of more than AED 375,000. 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.

The new Corporate Tax law is an important milestone in building an integrated tax regime that supports the UAE’s strategic objectives and enhances the country’s global economic competitiveness. The implementation ensures the national economy has the flexibility to integrate with and support international financial systems within the framework of the UAE’s established partnerships.