Dubai Chamber of Commerce workshop highlights latest developments in Corporate Tax and VAT laws
The online session provided comprehensive insights on the new Free Zone Decisions
- Mohammad Ali Rashed Lootah: “One of the chamber’s key roles is to actively support the evolving needs of Dubai’s dynamic business community. This webinar was aimed at enhancing awareness on key legal changes that affect companies operating in the emirate and contributing towards developing a business environment conducive to sustainable growth and prosperity.”
- Attended by 220 participants, the online session provided comprehensive insights on the new Free Zone Decisions, the practical application of the General Interest Deduction Limitation Rules, and recent changes to the Value Added Tax legislation in the UAE.
Dubai, UAE – Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has hosted a webinar to enhance awareness of the latest developments in the UAE’s Corporate Tax and Value Added Tax (VAT) laws among the emirate’s business community. Presented in collaboration with Grant Thornton, the workshop was attended by 220 participants and provided comprehensive insights on the new Free Zone Decisions, practical application of the General Interest Deduction Limitation Rules, and the most recent updates to VAT legislation and procedures in the UAE.
The webinar explored the implications of Cabinet Decision No. 55 of 2023 on Determining Qualifying Income, as well as Ministerial Decision No 139 of 2023 on Qualifying Activities and Excluded Activities, which together specify the main features of the Corporate Tax regime as applied to juridical persons operating in free zones across the UAE.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “One of the chamber’s key roles is to actively support the evolving needs of Dubai’s dynamic business community. This webinar was aimed at enhancing awareness on key legal changes that affect companies operating in the emirate and contributing towards developing a business environment conducive to sustainable growth and prosperity. We remain committed to creating a supportive, enabling, and world-class business environment that promotes innovation and drives entrepreneurship in the private sector.”
The session also examined the recent Ministerial Decisions regarding Participation Exemption, which prevent double taxation on profits and capital gains from qualifying investments, together with the General Interest Deduction Limitation Rule that prevents excessive debt financing to artificially reduce the tax base. These decisions ensure greater clarity and transparency in the application of Corporate Tax to debt financing with the goal of supporting a more sustainable economy in the UAE.
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