UAE Banks Federation organises awareness seminar on corporate tax

Abu Dhabi, United Arab Emirates; 10 February 2024:

UAE Banks Federation, the solerepresentative 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 comes to enforcementthis 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.