AKW Consultants imparts essential insights at Gulf News’ UAE Corporate Tax

AKW Consultants, a leading authority in accounting, audit, and tax services, made a significant impact as tax experts at the prestigious Gulf News event ‘UAE Corporate Tax: Optimising Efficiency and Minimising Risks’, which took place on Wednesday, 23rd of August. The event, which served as a cornerstone for the UAE's finance community, provided a unique platform for thought leaders to disseminate crucial insights and contemporary trends in corporate taxation.

Manali Chopra, Director of Accounting, Audit, and Tax at AKW Consultants, emphasized the importance of prioritizing bookkeeping to minimize risks in the ever-evolving landscape of UAE Corporate Tax. She highlighted the challenges faced by individuals owning multiple sole businesses, who often struggle to synchronize their financial records due to various reasons, such as visa requirements or VAT-related considerations. Before the implementation of Corporate Tax, there were no obligations concerning proper bookkeeping or financial statement audits, leading to instances where owners merged company funds into their profit and loss accounts. Chopra stressed the immediate need for businesses to streamline their bookkeeping processes to ensure readiness for the Corporate Tax law.

Chopra stated, "After conducting extensive market impact assessments for several months, it's evident that companies encounter numerous challenges while transitioning to the new corporate tax framework. These individuals might have established these companies for various reasons, such as obtaining visas or splitting revenues for VAT-related considerations. Their current struggle lies in aligning and reconciling these accounts."

Furthermore, Chopra discussed effective strategies to improve compliance through tax audits, highlighting best practices and risk mitigation techniques. These insights aimed to enhance the financial health of companies in the UAE.

Faisal Ahmed, CEO & Managing Partner at AKW Consultants, commended the Gulf News event as a vital gathering for the UAE's financial community. As the global tax landscape continues to evolve, and the UAE aligns with international standards, businesses must stay updated with the latest trends in corporate taxation. Ahmed expressed, "Our proactive engagement in this pivotal event echoes our philosophy of being at the forefront, leading discussions, and championing thought leadership. We recognize that discussions and dialogues surrounding taxation have a profound ripple effect on the business ecosystem."

AKW Consultants' participation at the Gulf News event underscored their commitment to providing invaluable expertise in corporate taxation, bookkeeping, and financial compliance. As a trusted partner for businesses in the UAE, AKW Consultants continues to lead the way in ensuring their clients are well-prepared for the challenges and opportunities presented by the evolving Corporate Tax landscape.