Sharjah Chamber highlights rules of Corporate Tax Law

Sharjah Chamber of Commerce and Industry (SCCI) has organised a workshop on the corporate tax system in the UAE. Designed to help participants navigate the UAE’s new corporate tax law, the workshop provided a comprehensive overview of the legal and procedural aspects and frameworks of the law.

The event was conducted as part of the Sharjah Chamber’s commitment to educating public and private employees about the UAE business landscape, enhancing their understanding of tax compliance.

Organised in collaboration with Kashwani Law Firm, the workshop featured key highlights and guidelines that help participants navigate the UAE corporate tax regime with ease and understanding, encompassing legal, accounting, and technical aspects.

The session offered a historical overview of corporate tax in the UAE, outlining the basic rules and principles of the country’s latest Corporate Tax Law and the corporations and businesses that are subject to it.

It also addressed the tax status and regulations that apply to businesses operating within the UAE’s free zones, including the exceptions and tax exemptions they benefit from under this law.

Led by advocate/Ahmed Abdul Aziz Kashwani, CEO and Managing Partner of Kashwani Law Firm, along with a group of experts and legal advisors, the workshop delved into the concept of tax residency under the UAE’s Corporate Tax law, showcasing the practical and technical aspects of its implementation.

The session also covered corporate tax calculations/computations, tax return filing and preparation, and tax compliance procedures. The final segment of the workshop highlighted tax offenses and the procedures followed in cases of Corporate Tax Law violations.

The workshop’s concluding segment shed light on tax crimes and the requisite procedures for addressing Corporate Tax Law infringements and violations.

Speaking on the occasion, Ali Al Jari, Director of SCCI’s Sharjah Exports Development Centre (SEDC), affirmed that the business sector in the emirate is very flexible and abounds with legislative facilitations and competitive advantages and privileges.

He noted that the clear understanding of the Corporate Tax Law is integral to the private sector’s commitment to social responsibility and its role in driving economic development, thereby fostering sustainability and holistic growth.

Al Jari emphasised that the UAE’s new Corporate Tax Law demonstrates its conformity with international financial norms and standards. He elucidated that the agenda of the Sharjah Chamber’s workshop was meticulously crafted to encompass various aspects of the corporate tax system in the country.