Dubai Chamber of Commerce organised UAE Corporate Tax Workshop with PwC

Dubai Chamber of Commerce organised UAE Corporate Tax Workshop with PwC 

Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has organised recently a Corporate Tax Workshop, designed to help participants navigate the new regime, with expert advice from senior members of corporate tax and legal teams at PwC Middle East.

After issuing the UAE issued Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses (the Corporate Tax Law), businesses will become subject to UAE Corporate Tax from the beginning of their first financial year that starts on or after 1 June 2023.

Jehad Kazim, Vice President, Legal Services, Dubai Chamber of Commerce, said: “We work to help the business community navigate the UAE business landscape with ease and understanding. Such a major change as introducing corporate tax needs to be thoroughly explained, and we hosted this workshop to help moderate any concerns and queries of the participants.”

Charles Collett, UAE Corporate Tax Partner, PwC Middle East, said: “We are delighted to be part of this timely event with the Dubai Chamber of Commerce on UAE Corporate Tax. The introduction of this new law strengthens the UAE’s position as a global business hub and leading financial centre.”

The workshop, attended by 152 participants, included an overview and key highlights of the new corporate tax law, tips on corporate tax preparation and compliance guidelines. PwC experts, during a panel session, discussed the impact of the law on businesses and industries in the UAE, and described exclusions and exemptions.

Corporate tax is a significant step in the UAE’s drive to modernise its tax system and accelerate economic diversification.  At national level, the new tax will deliver a predictable government revenue stream - which can be reinvested into the continued development of the country.

Tax revenues will be used to build infrastructure, support vital projects and help fund UAE work on the UN’s Sustainable Development Goals.

The new corporate tax – designed with global best practice in mind - will be collected at a standard rate of 9% for taxable profits exceeding AED 375,000, and a 0% rate for taxable profits up to and including that threshold. The threshold was set in support of the large number of small to medium enterprises – often called the backbone of the UAE economy – many of which are members of Dubai Chambers.

That 9% standard rate puts the UAE corporate tax regime among the most competitive in the world and strengthens the nation’s position as a global business and financial hub.

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