Dubai [UAE]May 12 (Australian News Agency/WAM): Dubai Chambers, in association with Al Tamimi and Law Firm, hosted a workshop focused on introducing diplomatic missions in the EU to the UAE corporate tax law for business connections. The session brought together 13 officials representing the business interests of EU embassies and attaché offices in the UAE and provided them with an overview and key features of the new corporate tax regime.

Legal and tax experts from Al Tamimi Law Firm and Corporate discussed corporate tax preparedness, compliance guidelines, exemptions and exemptions and the implications of the new tax for companies operating in the UAE. Mohammed Ali Rasheed Lotta, President and CEO of Dubai Chambers, said: “The introduction of the Federal Corporate Tax is a significant milestone in the UAE’s efforts to modernize its tax system in line with international standards and advance its economic diversification agenda. Today’s workshop is important because it matters. This allows us to interact with the European diplomatic community in the UAE and increase their awareness of corporate tax law.

“We are committed to improving the community’s understanding of the new regulations to ensure they operate more efficiently and effectively, which in turn will help bring more EU business to Dubai and further strengthen the strong bilateral business and trade ties between Dubai and markets in Europe,” said Dubai Chambers. The Chairman said. The UAE has introduced a federal tax on business profits in line with the demands of a globally competitive market economy. The corporate tax levy will come into effect for fiscal years beginning on or after June 1, 2023, and will impose a flat rate of 9 percent on taxable profits up to AED 375,000 at 0 percent. .

As part of its commitment to the needs of its members and to ensure effective engagement with key stakeholders, Dubai Chambers offers a range of legal services to share guidance on the latest legislation affecting business. Since the introduction of the Corporate Tax Law in the UAE, Dubai Chambers has conducted several workshops to ensure proper understanding of the law, promote compliance and maintain a healthy business environment in Dubai. (Ani / Vam)

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