UAE Banks Federation organises webinar on corporate tax
Abu Dhabi, UAE - 28 November: 2023
UAE Banks Federation (UBF), the representative and unified voice of banks in the UAE, organised a webinar on corporate tax in the UAE recently as part of efforts to enable the exchange of views and experiences in order to develop the banking sector in the country further and strengthen the UAE’s position as a leading financial and banking centre.
In his opening speech at the Corporate Tax Webinar, Mr. Jamal Saleh, Director General of UBF, said: “The corporate tax system in the UAE is one of the most advanced tax systems, as it is based on research and studies of international best practices, compliant with highest regulatory standards and frameworks based on principles of governance and transparency, as well as discussions and consultations with stakeholders and companies operating in various vital sectors to ensure its compatibility with the UAE’s advantages as a financial, banking and commercial centre.”
He added: “Under the direct supervision and guidance of Central Bank of the UAE, UBF endeavours to ensure its member banks comply with all local and international regulations and standards that contribute to providing safe and seamless banking operations and enhance the role of the banking and financial sector in achieving the economic and sustainable development goals.”
He pointed out that the banking sector in the UAE has demonstrated its ability, competitiveness and flexibility in dealing with changes in the global economy and adopting best practices to continue to achieve growth while maintaining higher levels of banking safety, capital efficiency, provisions and reserves.
The webinar on corporate tax was attended by several executives and experts from the banking and financial sector, including Mr. Gopal Iyer, Head of SME Banking at ADCB, who delivered the welcome address and Mr. Dhiraj Kunwar, General Manager of Business Banking at RAKBANK and Chairman of the SME Committee of UBF, and Mr. Addison Younan - Head of Tax Department at ADCB, participated in a panel discussion moderated by Richard Dean, Presenter, Business Breakfast at Dubai Eye.
Participants at the webinar reviewed the scope of UAE’s corporate tax, which focused on reducing the compliance burdens on taxpayers, tax filing requirements and financial and administrative support for start-ups and SMEs. The webinar also looked at the tax exemptions provided by the system. These include the exemption of foreign branch profits, dividends, locally realised capital gains and foreign shares from corporate tax when the conditions are met, as well as investment funds and companies involved in the extraction of natural resources.
It also emphasised the vital role of corporate tax in providing advanced tools for the country’s fiscal policy and macroeconomic management, improving the UAE’s competitiveness, stimulating innovation, and achieving financial stability that contributes to long-term investment and economic decision-making, which in turn contributes to achieving economic and social development goals.
The Director General of UAE Banks Federation thanked the participants of the Corporate Tax Webinar and commended the vital role played by member banks and the Federation’s technical committees in advancing the banking sector. He reiterated the commitment of UBF and its member banks, under the direct supervision of Central Bank of the UAE, to follow the best international practices and standards to develop banking and financial operations through regulatory compliance. Also, establish systems and processes in line with international standards and continuously consolidate corporate governance and transparency practices in line with legislative, regulatory and technical developments to provide a banking experience that meets the needs of customers.
