Dubai Chambers, in cooperation with the “Iman Al-Rifai Law Firm and Legal Consultations”, organized an electronic seminar for the business community on the implementation of the new corporate tax system, which entered into force on the first of June 2023.
The webinar was attended by more than 100 participants, and provided an overview of the new corporate tax system and the most prominent features of this law, in addition to important advice to enable companies to prepare for tax, including the necessary requirements for compliance, exemptions and facilities provided for in the corporate tax law, and the impact of the system Corporate tax on businesses and various sectors in the UAE.
Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, said: “The corporate tax law in the UAE was designed in accordance with international best practices, and constitutes an important step that allows companies and investors to contribute to the growth of society and enhance the competitiveness of the business environment.”
He added, “We organized this webinar to support companies and help them understand the effects of applying corporate tax on their business, and clarify their obligations under the new law,” stressing Dubai Chambers’ commitment to accelerating business growth in the emirate.
For her part, the founder of Iman Al-Rifai Law Firm and Legal Consultations, Dr. Iman Al-Rifai, said: “We were keen in the symposium to provide a simple explanation, taking into account the non-specialization of the legal presence, and in a way that meets the needs of the business community in introducing the articles of the law and its basic provisions.”
Companies operating in Dubai and the UAE will generally enjoy one of the most competitive tax rates in the world, with a rate of 0% on profits up to 375,000 dirhams, and a flat rate of 9% on profits above that limit.
2023-06-13 22:05:56
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