Dubai Chamber of Commerce and Industry, in cooperation with Al Tamimi & Co., recently organised a webinar that offered businesses clarity and guidance on complying with existing Economic Substance Regulations in the UAE.
A total of390participants joined the webinar, including business owners,managers and legal professionals.The session was led by Shiraz Khan, Partner,Head of Taxation; Noff Al-Khafaji, Senior Associate, Corporate Structuring; and Janet Gooi, SeniorAssociate, Tax at Al Tamimi& Company; who provided an overview of the economic substance regime, latest developments, compliance requirementsand sanctions for non-compliance.
The UAE issued the Economic Substance Regulations in 2019,which was subsequently replaced by a new set of Economic Substance Regulations in 2020.Further updated guidance on the economic substance regime was issued by the Ministry of Finance to provide further clarification and help businesses comply with the regime in the UAE.
Jehad Kazim, Vice President -Legal Services at Dubai Chamber,stressed on the importance of complying with existing economic substance regulations and noted that the webinar raised awareness about the matter.
“By shedding light on vital issues such as economic substance, Dubai Chamber is offering access to valuable knowledge that can help business leaders and professionals make informed business decisions, mitigate potential risks and enhance their long-term competitiveness,” said Kazim.
“Al Tamimi & Company are pleased to cooperate with the Dubai Chamber to deliver this important event. We hope that the discussion provides businesses with the necessary understanding of the key aspects of the newly introduced Economic Substance Regulations, including clarification on the applicability of the regime and businesses’ obligations, overview of sanctions for non-compliance and next steps to be taken by businesses,” said Shiraz Khan. Dubai Chamber regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.