(MENAFN- Mid-East)
Mohammad Ali Rashed Lootah:
“As one of the world's most dynamic and resilient economies, it is important that we support business owners of all nationalities in understanding the UAE's legislation and laws.” “This particular workshop is designed to educate the Chinese business community in Dubai on the impact of the Corporate Tax law on their operations.”
Dubai, UAE – Dubai Chambers has successfully hosted a Corporate Tax workshop presented in Mandarin to support Chinese business owners in Dubai and enhance their understanding of the UAE's Corporate Tax law and how it affects their business operations.
Organised in cooperation with Nakheel Malls and Al Tamimi & Co, the workshop was attended by representatives from over 300 Chinese businesses and explored the legislative basis of Corporate Tax, together with its implications for companies doing business in the UAE.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented:“As one of the world's most dynamic and resilient economies, it is important that we support business owners of all nationalities in understanding the UAE's legislation and laws. This particular workshop is designed to educate the Chinese business community in Dubai on the impact of the Corporate Tax law on their operations and ensure that they are taking full advantage of the various benefits and relief available to eligible businesses, while at the same time preparing them to meet their obligations and comply with federal and local tax laws.”
The workshop provided participants with a better understanding of the corporate tax regime in the UAE including exemptions, its applicability in free zones, accounting standards, group taxation, and transfer pricing, as well as the steps businesses in the UAE should take in order to ensure full compliance.
The workshop included a special presentation by Hana Al Mazrooei, Chief Accountant at Dubai Chambers, who welcomed the attendees in Mandarin and provided an overview of the workshop's agenda before the session commenced.
The introduction of Corporate Tax is aimed at meeting tax transparency and compliance requirements for international corporations and further strengthens the UAE's position as a global hub for business and investment. The Corporate Tax Law came into effect on 1 June 2023 and is applicable for financial years commencing on or after 1 June 2023. According to the law, a standard tax rate of 9% is levied on taxable business profits of more than AED 375,000. Profits under this threshold are taxed at a rate of 0% in a move designed to support the growth of small businesses and startups, in recognition of their vital contribution to the UAE economy.
As the engine of Dubai's economic development and business growth, Dubai Chambers is committed to boosting the growth of businesses in the emirate, ensuring the success of Dubai companies overseas, accelerating the emirate's digital economy, protecting the interests of the business community, and strengthening the emirate's position as a leading global business hub.
Dubai Chambers hosts a wide variety of events ranging from specialised legal workshops and seminars to smaller roundtable discussions. These sessions provide members and the business community with valuable insights into the latest legal developments and ensure they are fully prepared to comply with all legal obligations and responsibilities.
About Dubai Chambers:
Dubai Chambers is a non-profit public entity that supports Dubai's vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.
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