A 5-day webinar series titled Corporate tax in the UAE: Everything you need to know aimed at helping UAE businesses become tax-ready got underway today. Organised by Gulf News in association with Ask Pankaj Tax Advisor, this webinar series follows a successful seminar in February that saw over 250 attendees from some of the UAE’s top enterprises. The first day of the webinar series saw experts Deepak Bansal and Pankaj S Jain sharing insights on the new tax regime with participants and answering their questions and allaying their apprehensions.
Register now on https://www.agncevents.com/corporatetax/ and avail a discounted rate of Dh499
The first session covered Corporate Tax 101, which highlighted the principles of taxation and the scope of UAE corporate tax while discussing who is taxable and who is exempt, and details of small business relief. The live Q&A with the participants went on for an additional 30 minutes after the allocated two hours for the session. They also answered questions from attendees on the possibility of a zero per cent tax slab benefit of Dh375,000 on the non-qualifying income of free zones entities, the possibility of exemption from corporate tax for owners drawing salaries from multiple companies, and the impact of withholding tax on UAE business once the WHT rate is increased from zero per cent. While explaining how businesses can avoid common pitfalls under Small Business Relief Scheme, Bansal and Jain also introduced participants to ‘source-based’ and ‘residency-based’ taxation, the controversies around the place of effective management and the corporate tax impact on individuals.
The introduction of corporate taxation is set to change the way companies operate, promoting transparency in business processes and streamlining auditing and accounting practices. While companies in the UAE must pay a 9 per cent corporate tax on profit from June 1, businesses with revenues of Dh3 million or less can benefit from small business relief, initiated by the UAE Ministry of Finance. Considering that companies have so far enjoyed zero income tax on their profits, they are likely to have many questions about tax implementation and how to go about the transition. This is where the interactions with tax advisors from Ask Pankaj will be of help in simplifying complex tax issues into understandable action points for the participants. The webinar series will also cover international jurisprudence and tax controversies to provide a context to various tax provisions and share the experience and insights of the speakers.
The series, which is sponsored by Solution Gulf, will be on until April 17, with the next sessions scheduled to be held on April 13, 14, 15 and 17, from 2.30 pm – 4.30 pm. Topics to be discussed over the next four days are as follows:
• April 13 – Taxable base, exemptions and tax reliefs
• April 14 – Transfer Pricing, Permanent Establishment and International Taxation
• April 15 – Tax Accounting, expense deductions, loss carry forward
• April 17 – Administration, compliance and transition into the corporate tax regime
Those interested in joining the upcoming sessions can register now and pay a discounted price of Dh499. To ensure that those who join later do not miss out on any discussion, a video recording of Day 1 will be shared with them.
