UAE Business: Dubai Chamber hosts workshop on UAE corporate tax system – Gulf Digital News

UAE Business: Dubai Chamber hosts workshop on UAE corporate tax system – Gulf Digital News

Dubai Chamber of Commerce recently hosted a workshop on the UAE Corporate Tax system at its headquarters, which was attended by over 330 participants from the business community, representing various economic sectors.

Organised in collaboration with leading law firm Al Tamimi & Co., the workshop supported the Chamber’s efforts to keeping companies informed of 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, highlighting the expected impact it will have on corporate profits. The session also sought to educate attendees on how to comply with tax requirements and plan for a smooth transition for when the new tax comes into effect.

The UAE had recently announced the introduction of the Corporate Tax system, set to be implemented in June 2023, where tax will be collected at a basic rate of 9% on company profits exceeding AED375,000, while a rate of 0% will be calculated for companies whose profits fall below the threshold, in an effort to support startups and SMEs.

During the workshop, Shiraz Khan, partner, and Eunice Nanos, advisor, at Al Tamimi & Co., provided a detailed overview of the new corporate tax system, along with guidelines