Page 26 - 1st Quarter 2023 - Recap

Event Recap

Issue from 01 April 2023 to 30 June 2023 (for private circulation only)

Corporate Tax Q&A Session

07 June 2023
th
June 2023 is the month of Speaking on the topic of Qualifying Our second speaker CA Nirav Shah
implementation of UAE Corporate Free zones, CA Manu provided for a talked about the various provisions
Tax. The CA fraternity is full of tax great presentation which not only was surrounding the participation exemption
experts and members having such tax pictorial but also simple to understand and the Explanatory guide which was
practice are looking to leverage the by the members who attended in very issued by FTA in the month of May
vast knowledge available in the UAE large numbers. CA Manu highlighted 2023. Ca Nirav went on to explain the
market. With this thought in mind, the the provisions of the Cabinet Decision provisions of taxation of individuals
managing committee of ICAI Dubai No. 55 of 2023 and Ministerial Decision and the related Ministerial decision no.
Chapter began a series of Corporate No. 139 of 2023. He presented in 49 of 2023 around individuals arraying
Tax Question & Answer session, with simple words the conditions to be on business or business activity with
the first session being on the 7th June fulfilled to be a qualifying FZ and also a consolidated turnover exceeding
2023 at Dusit Thani on Sheikh Zayed an easy to interpret flowchart, which AED 1 million in a tax period.He also
Road. The speakers for the session is best remembered by all. While CA touched upon the exclusions from this
were CA Manu Palerichal- CEO & Manu also talked about the rules around rule. While the speaker touched upon
Founding Partner, Emirates Chartered Qualifying Activities and Income and the basics of all articles in the law, he
Accountants Group and CA Nirav Shah- related matter, he concluded on the went on to explain the conditions for
Director at FAME Advisory DMCC. topic by provide the “thumb rule” for claiming participation exemption and
This session was attended by 500+ a qualifying FZ status containing the 4 the related Ministerial decision no.
participants on the much talked about KYs and highlighted the key takeaways 116 of 2023. The speaker discussed a
topic of Qualifying Free zones and its from the entire session for businesses number of illustrations for the benefit
rules and on Participation exemption to act upon. of the audience.
and the vast explanatory guide which
was issued by the FTA, respectively. The session ended with a question &
answer round with the two speakers
wherein members were encouraged
to ask their questions and scenarios
for the benefit of all thus gaining
meaningful insights into the various
topics taken up by the speakers.

01 April 2023 to 30 June 2023 RECAP
1 QUARTER
ST
26 www.icaidubai.org