Businesses in the UAE have to pay a 9 per cent corporate tax on profits exceeding Dh375,000 from June 1. Considering that companies have so far enjoyed zero income tax on their profits, they are likely to have many questions about how to go about the transition and become tax ready. Who is subject to corporate tax and who is exempt from it? What expenses are deductible from tax calculations? What is the withholding tax rate? How to calculate taxes for a free zone company?
Gulf News, in association with Ask Pankaj, organises an exclusive seminar, Understanding UAE Corporate Tax and its impact, on February 8 (from 9am-4pm) at Anantara Downtown Dubai, Business Bay, to answer all the queries that businesses may have about tax implementation.
In this day-long event, experienced tax advisors from AskPankaj will take a deep dive into the UAE’s new corporate tax regime, helping businesses and finance professionals understand the best ways to develop sustainable processes around compliance and build a tax efficient financing structure.
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“Instead of simply touching upon the key highlights of corporate taxation, we will have a thorough discussion on tax implications on businesses. The technical sessions have been carefully designed to ensure a smooth flow of information and connect the dots to help participants get a clear picture of the tax regime,” says Pankaj S. Jain, Managing Director, AskPankaj, one of the key speakers at the event.
“Our tax advisors will simplify the complex tax issues into understandable action points for the participants. The seminar 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.”
Gulf News corporate tax seminar is a must-attend event for every business – whether small or large, licensed as a free zone entity or a mainland company – trying to gauge the impact of corporate tax on business profits and understand the rapidly evolving regulations in the UAE.
“Finance professionals, including CFOs and directors, should not miss the event. Business owners of start-ups and SMEs, and freelancers will also benefit from the discussion and learn how the tax and regulatory environment will impact them. This seminar is equally important for tax consultants, as we will explain the impact of the new law on their clients.” explains Jain.
As taxation is a fairly complex subject and new to the region, the technical sessions will have adequate breaks in between to allow participants absorb the key points, he says.
“Each session will have a dedicated Q&A slot to ensure that no participant is left with lingering doubts. To round off the day’s seminar, we will have a panel discussion with the industry experts who will share their insights, experience and recommendations for the successful implementation of the tax regime.”
ERP software and CRM solutions provider, Focus Softnet, a key sponsor of the event, is looking forward to connect with the UAE’s finance community at the Gulf News seminar. “We are present in the UAE for more than 27 years and proud to be associated with Gulf News for the corporate tax event. Gulf News has a wide reach and has been a major source for breaking news and updates for UAE residents. That’s why, it is natural for Focus to use this platform to create awareness on corporate tax as many business houses are still eager to know more about the intricacies of the new law,” says Ali Hyder, Group CEO at Focus Softnet.
“Focus applications have been widely used across the world in countries where corporate tax has been a common feature for years. The application has a built-in compliance for statutory requirement including a well-defined chart of account and IFRS. As a cloud application provider, Focus has a special feature in the application for online auditing, which will be a major requirement for most businesses in the UAE to ensure the systems are ready for timely tax submissions,” explains Hyder.
As companies in the UAE gear up to comply with the tax regime, it’s more important than ever that finance professionals develop a nuanced understanding of the tax processes and regulation to reduce compliance concerns.
“At the Gulf News corporate tax seminar, participants can expect to learn the tax laws in a simple and an easy-to-understand format. They will realise the impact of taxation on their operations and find out the action points for a seamless compliance. They will be thoroughly informed and prepared for a smooth transition into the new regime when they walk out of the seminar,” says Jain.
Register now for this exclusive seminar and find out all you need to know to comply with UAE corporate tax.
Timing: 9am – 4pm
Venue: Anantara Downtown Dubai, Business Bay