Latest news with #VAT&ExciseTax
Mid East Info
2 days ago
- Business
- Mid East Info
Dubai Chambers empowers 600 members of the business community to navigate legal landscape by organising four workshops focused on Companies Law, Compliance, Customs, and Tax
Sessions covered key aspects of UAE Commercial Companies Law, corporate compliance best practices, GCC Customs Law, and VAT & Excise Tax regulations. • The events saw strong engagement from the business community, with 598 participants attending. Dubai, UAE – Dubai Chambers has successfully concluded a series of legal and compliance-focused events in May, designed to empower businesses with the knowledge needed to thrive in the UAE's dynamic regulatory environment. The events, comprising three in-person workshops and one webinar, addressed critical topics including UAE Commercial Companies Law, corporate compliance, UAE and GCC Customs Law, and Compliance Challenges on VAT & Excise Tax. The sessions attracted significant interest, with a total of 598 participants from across the private sector. The first workshop which focused on UAE Commercial Companies Law and DIFC Companies Law, was held in collaboration with EY Law. The session provided attendees with a comprehensive overview of directors' duties, corporate governance principles, and key legal compliance risk areas in both onshore and DIFC companies. Participants gained valuable insights into mitigating risks, implementing good corporate governance practices, and ensuring compliance with data protection regulations. The second session of the month was hosted virtually in partnership with the Society of Corporate Compliance & Ethics and Taqa. The webinar explored the key elements of an effective compliance program, highlighted legal and regulatory risk areas, and examined the role of compliance in preventing violations and improving business value. A UAE company shared its experience in developing best practices for managing legal and regulatory risks. The third workshop which discussed UAE and GCC Common Customs Law, was held in collaboration with Al Tamimi & Company. The session provided a practical overview of the region's customs framework, covering topics such as customs tariff structures, HS code classification, the treatment of goods within free zones, customs valuation methodologies, and the legal implications of smuggling. Participants learned about customs audits and compliance strategies to navigate cross-border trade complexities within the GCC. The fourth session was an awareness workshop on VAT & Excise Tax, organised in partnership with the Federal Tax Authority. The session focused on enhancing participants' understanding of the tax and compliance requirements and procedures related to VAT & Excise Tax under the UAE tax system. Experts from the FTA guided attendees through the latest developments and explained their potential impact on businesses and individuals subject to taxes. Topics covered included Excise Tax & VAT Registrations, Filing of Returns, Administrative Penalties, and De-Registrations. These events underscore Dubai Chambers' commitment to supporting the business community by providing access to essential legal and compliance information. By fostering a deeper understanding of regulatory requirements, Dubai Chambers aims to enhance the competitiveness of businesses operating in Dubai and contribute to the sustainable economic growth of the emirate.
Gulf Today
2 days ago
- Business
- Gulf Today
Dubai Chambers empowered 600 business members in legal navigation
Dubai Chambers has successfully concluded a series of legal and compliance-focused events in May, designed to empower businesses with the knowledge needed to thrive in the UAE's dynamic regulatory environment. The events, comprising three in-person workshops and one webinar, addressed critical topics including UAE Commercial Companies Law, corporate compliance, UAE and GCC Customs Law, and Compliance Challenges on VAT & Excise Tax. The sessions attracted significant interest, with a total of 598 participants from across the private sector. Participants gained valuable insights and ideas on ways to reduce risks, adopt good corporate governance practices, ensure compliance with data protection regulations, customs tariff structures, Harmonised System (HS) code classification, the treatment of goods within free zones, customs valuation methodologies, customs audit procedures, and compliance strategies to overcome cross-border trade challenges within the GCC countries. Earlier Dubai Chambers has welcomed a delegation of 60 companies from Madagascar to explore investment opportunities and potential business partnerships during the Dubai–Madagascar Business Forum, which was held today at its headquarters. The event reaffirmed the significance of strengthening economic ties between Dubai and Madagascar and focused on advancing cooperation across high-potential trade and investment sectors. The forum was held in the presence of Andry Rajoelina, President of the Republic of Madagascar, who led a high-level delegation featuring ministers, senior government officials, and business leaders from Malagasy enterprises. The delegation was received by Eng. Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers, and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, together with representatives from Dubai's private sector. In his keynote address, President Rajoelina praised Dubai's remarkable global economic status and reaffirmed his country's interest in deepening bilateral relations across several priority sectors. During his welcome address at the forum, Eng. Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers, stated: 'The steady growth in economic ties between Dubai and Madagascar reflects our shared commitment to strengthening bilateral partnerships and exploring new opportunities for impactful cooperation that support sustainable economic growth. Meanwhile in the first week of June, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, announced that direct Thai investments in the Emirate of Dubai have reached approximately $626 million over the past five years. He expressed optimism that these figures will continue to grow, supported by ongoing efforts to strengthen economic relations between Dubai and Thailand, including the recent opening of a new Dubai International Chamber representative office in the Thai capital, Bangkok. In statements to the Emirates News Agency (WAM) during the 'Doing Business with Thailand' forum held on the 29th May, part of Dubai Chambers' trade mission to the Philippines and Thailand, Lootah stated that the new office is part of the Dubai Chamber of Commerce's 'New Horizons' trade mission to Southeast Asia. He described it as a strategic move to enhance the UAE business community's presence in the Thai market and to expand trade and investment opportunities with this dynamic economy. Lootah said that Thailand is among Dubai's leading trading partners in the ASEAN region. 'Through this on-ground presence, we aim to deepen ties with the private sector and strengthen collaboration between the two sides,' he said. He also noted a significant increase in non-oil trade between Dubai and Thailand in recent years, which grew by 23 per cent to $6.5 billion in 2024, up from approximately $5.3 billion in 2023. This reflects the growing momentum in bilateral economic ties and underlines the strategic importance of the Thai market within Dubai Chambers' global expansion plans. The Bangkok office launch coincided with the trade mission and included 20 Emirati companies, which were introduced to Thailand's investment environment and market opportunities, with the aim of boosting commercial ties and supporting the international expansion plans of UAE businesses. Lootah emphasised that the Bangkok office is the latest addition to Dubai Chambers' expanding network of international offices, which aligns with the chamber's strategy to open 50 representative offices worldwide by 2030. This effort is intended to support Dubai's goals of broadening its foreign trade and cementing its position as a global hub for commerce and investment. He also reaffirmed Dubai Chambers' commitment to enabling local companies to access global markets and forge strategic partnerships that align with Dubai's economic vision and support the sustainability and growth of its key sectors.
