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The first session covered Corporate Tax 101, which highlighted tax principles and the scope of corporate taxation in the UAE, while discussing who is taxed, who is exempt, and the details of small business relief. After the two hours allotted for the meeting, live Q&A with participants took place for an additional 30 minutes. They also answered questions from participants about the possibility of zero-rating AED 375,000 on non-qualifying income of free zone entities, the possibility and implications of corporate tax exemption for owners who receive wages from multiple companies. Withholding tax can be imposed on UAE businesses once the WHT rate is increased from 0%.when explaining How Businesses Can Avoid Common Pitfalls Under the Small Business Relief Program, Bansal and Jain also briefed attendees on “source-based” and “residence-based” taxation, controversies surrounding effective management locations, and the impact of corporate taxation on individuals.
The introduction of corporate tax will change the way companies operate, increasing the transparency of business processes and simplifying auditing and accounting practices. While companies in the UAE will have to pay a corporate tax of 9 percent on profits from June 1, businesses with revenues of AED3 million or less can benefit from the small business relief initiated by the UAE Ministry of Finance. Given that businesses have enjoyed zero profit income tax so far, they may have many questions about tax implementation and how to transition.This is The place to interact with tax advisors at Ask Pankaj Will help simplify complex tax issues into action points that participants can understand. The webinar series will also cover international jurisprudence and tax controversies, provide context for various tax regulations, and share the speakers’ experiences and insights.
The series, sponsored by Solution Gulf, will run until April 17th, with the next sessions scheduled for April 13th, 14th, 15th and 17th from 2.30pm to 4.30pm. The topics to be discussed over the next four days are as follows:
• April 13 – Tax bases, exemptions and tax breaks
• 14 April – Transfer Pricing, Permanent Establishment and International Taxation
• April 15th – Tax Accounting, Expense Deductions, Loss Carryforwards
• April 17 – Governance, Compliance and Transition to a Corporate Tax System
Those interested in attending the upcoming conference can register now And pay a discounted price of Dh499. To make sure those who join later don’t miss any of the discussions, we’ll be sharing a video recording of the first day with them.
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