Ras Al Khaimah, United Arab Emirates:
Ras Al Khaimah Economic Zone (RAKEZ) recently organised a community workshop to familiarise its business community with the UAE corporate tax system. The event brought together global and regional taxation, auditing, finance, compliance and advisory experts, who provided RAKEZ clients with in-depth details on how corporate tax will be implemented in the UAE, along with its anticipated impact on corporate profits. The workshop presented attendees with a platform to interact, ask questions, and clear their doubts, in an engaging discussion with subject matter experts to demonstrate how to prepare and comply with the new tax system that will come into effect in June 2023.
Tax and financial experts addressing RAKEZ clients during a seminar on understanding UAE corporate tax
Ramy Jallad, Group CEO of RAKEZ, commented, “We are delighted to have hosted such a well-attended session on UAE corporate tax. It was great to see many of our clients seizing this opportunity to study the UAE tax system, gauge its impact on their respective business entities, and plan how to align their operations with the upcoming implementation of the new regulation.”
Aquila S. Sadallah from ASLC Legal Consultancy shared that the session was highly informative, “The speakers covered most of the topics important for us.” Similarly, Gayane Gayane from Eco Fresh commented, “The table discussions were particularly useful for UAE-based entrepreneurs with differing company structures and operations.”
Alshefin Haneefa from Royal Food Industries shared that her company has been gearing up to align itself with the new tax law since January, “We were closely following the updates on corporate tax but there is too much information out there. The RAKEZ session was quite helpful and we got to learn a lot from the experts.”
Jallad added, “It is our key responsibility to keep our business community members informed of any legal developments that are driving the UAE’s business landscape. This session was part of our ongoing efforts to support our clients’ growth and success in the country. We look forward to hosting more informative sessions like this in the future that aim to boost an ecosystem that incentivises and supports businesses.”