- 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.
Dubai Chamber of Commerce plays a crucial role in facilitating and improving the
ease of doing business in Dubai. The chamber serves as a bridge connecting
Dubai’s dynamic business community with the government and acts as a powerful
advocate for the emirate’s business interests.
