UAE Banks Federation organises awareness seminar on corporate tax
Abu Dhabi, United Arab Emirates; 09 February 2024:
UAE Banks Federation, the sole representative and unified voice of UAE banks, organised an awareness seminar on corporate tax in the UAE as part of its efforts to continuously promote the exchange of views and experiences in order to develop the banking sector and strengthen the UAE’s position as a leading financial and banking centre.
The awareness seminar was attended by the CEOs of member banks, a number of officials and experts working in the banking and financial sector, where important matters of the banking and financial sector were addressed as the corporate tax enforcement will happen this year.
The seminar covered various topics such as the tax rate for international and large multinational companies, procedures for filing audited tax returns in consolidated financial statements, and conversion of foreign currencies into the UAE dirham according to the rates issued by Central Bank of the UAE, procedures for price transfers and the corporate tax rate for foreign bank branches operating in the UAE. The seminar also explained Zakat in the country's corporate tax system.
Mr. Jamal Saleh, Director General of UAE Banks Federation, said: “Organising this awareness seminar with the participation of banking sector leaders is part of UAE Banks Federation’s initiatives under the direct guidance of Central Bank of the UAE, in order to ensure that the Federation's member banks comply with all local and international regulations and standards to contribute to safe and smooth banking operations, and enhance the role of the banking and financial sector in achieving the UAE's sustainable development goals.”
He added: “In line with the Federation’s role of representing and supporting the interests of member banks and sharing knowledge and experience, we have organised a series of events and workshops focused on bringing all aspects of the banking sector closer together. This is in line with our initiatives aimed at supporting and strengthening member banks and thereby developing businesses in a competitive and sustainable way, which is in the interest of customers, the community and the economy.”
He also pointed out that the corporate tax system in the UAE was developed based on extensive and detailed studies as well as discussions with experts in key economic sectors and the authorities concerned so that it is compatible with the basic components and characteristics of the country, which is considered a leading financial, banking and commercial centre, making it one of the best corporate tax systems in the world when it comes to providing an appropriate framework for compliance with standards, legislative and regulatory frameworks and principles of governance and transparency.
This seminar and other workshops organised by UAE Banks Federation on corporate tax in the country covered aspects of the system, tax filing requirements, exemptions offered by the system and how to deal with profits from foreign branches, dividends, locally generated capital gains, foreign shares and investment funds.
The Director General of UAE Banks Federation added: “The corporate tax contributes to providinng progressive tools for the general financial policies of the country that support the achievement of economic and social development goals. The country's banking sector has demonstrated its ability and flexibility to deal with the changes in the global economy while adopting the best practices to continue achieving growth.”
He thanked all the participants of the corporate tax awareness seminar and the CEOs of leading banks in attendance, which confirms the commitment of the Federation's member banks to following best international practices and standards, complying with regulations and developing systems and processes of governance and transparency.
