34.8 C
Monday, April 22, 2024

UAE corporate tax: Experts urge businesses to upgrade systems – News


And remind organizations to review laws and guidelines and make necessary adjustments

read more…

published: Friday, July 7, 2023 at 7:45 pm

Last updated: Friday, July 7, 2023 at 11:45 pm

More than 300 businessmen, professionals and other stakeholders attended a recent tax awareness event held at the Indian Club in Dubai.

Organized jointly by the Indian Club, IBPC and the Tax Institute, the event focuses on corporate tax schemes in the UAE.

Special guest Dinesh Kothari, vice-chairman and managing director of Delhi Private Schools, said the introduction of corporate tax in the UAE was a “very progressive step” for the country.

Bharath Chachara, chief executive of the Indian Club, said the UAE corporate tax laws are “very simple and can be easily understood even by non-professionals”.

“It is also one of the lowest tax rates and the lowest compliance requirements will further strengthen the UAE’s global standing,” he added.

Naveen Sharma, President of the Tax Institute and Director of Events and Culture at the Indian Club, applauded the start of the implementation of corporate tax.

“Companies should carefully read ministerial decisions, laws and interpretive guidelines and start ensuring compliance,” Sharma said.

He also urged companies to review the transition rules covered in the plan and improve the quality of their IT systems and documentation.

Nimish Makvana, Chairman of the Tax Association and Senior Partner at Crowe UAE, said: “The UAE corporate tax laws are valid. Business leaders and professionals need to keep in mind the General Anti-Abuse Rules (GAAR) [Article 50] Before any restructuring or restructuring at the entity level. All businesses and professionals have a responsibility to follow the law and support government initiatives. “

Jay Krishnan, Senior Partner at HLB HAMT, said: “Recent government decisions have supported all small, medium and large companies by, among other things, setting high turnover thresholds for mandatory transfer pricing compliance.”

Sahitya Chaturvedi, head of accounts and treasury at Ajmal Perfumes, said corporate tax in the UAE was “a major shift towards a cultural shift towards globalization and transparency in transactions”.

Harsh Bhojani, Associate Director, AJMS Tax, said: “It is crucial for multinational corporations to assess tax implications against international tax laws, including tax treaties.”

Thomas Scaria, general manager of finance and board member of Joyallukas Jewelry, said the implementation of the gems and jewelery industry plan should pave the way for “more professionalism, self-regulation and better compliance in procurement and supply chain management”.

Manu Palerichal, Founder Partner and CEO, Emirates Chartered Accountants Group, said: “To determine the tax treatment of a free zone company, there are three steps to follow. First, the entity’s eligibility as a Qualified Free Zone Person (QFZP) is assessed. Then , analyze the type of customers it deals with. Finally, consider the nature of the business/activity.”


Source link

Related Articles

NASA’s Revealing Images of UAE’s Flooded Regions Post-Heavy Rains

NASA Unveils Aerial Views of UAE's Flooded Regions A "slow-moving storm" system unleashed unprecedented torrential rains across various parts of the Emirates, inundating the UAE...

Veesham Printing Press – Pioneering Personalized Printing Solutions

In today's fast-paced and increasingly personalized world, where individuality reigns supreme, the demand for tailored printing solutions has never been higher. Enter Veesham Printing...

Aspire Education Academy: Empowering Futures through Multidisciplinary Training in the UAE

Aspire Education Academy in the UAE offers diverse training programs, focusing on career development and academic excellence. Accredited and internationally recognized, it provides a...

UAE Residents Resort to Pool and Building Water Collection Amid Utility Failures

UAE Residents Struggle with Water Scarcity: Forced to Resort to Pool and Building Water Collection Amid Utility Failures Amidst the challenges of water scarcity and...

UAE President Initiates Bold Infrastructure Assessment After Unprecedented Rainfall

UAE President Initiates Infrastructure Overhaul in Wake of Historic Rains Following the onslaught of record-breaking rains across the UAE, every emirate finds itself grappling with...

Latest Articles