Page 16 - ICAI Newsletter - 2nd Quarter (Low Res)

2 Quarter
nd

01 July 2023 to 30 September 2023 Events RECAP

Impact on corporate Tax - UAE Free zones

27 August 2023
th

On the 27th august 2023 at Grand session on the topic of whether free was available around free zones, a lot
Hyatt Dubai Convention center ICAI zones were really considered as was still awaited to be clarified around
Dubai Chapter organized the Impact on free from corporate tax. He took our manufacturing and sale software
corporate tax- which was specifically members through the provisions of development, embedded software
around the topic of freezones. With free zones and some insights into products and others.
many questions still lingering as to the OECD background such as BEPS
whether free zones enjoy any special Action 5 and also briefly touched upon
benefits under the new UAE Corporate Impact of DTTs on corporate tax.
tax regime, questions also linger
around what are the activities or Our next guest speaker CA Dipesh
zones which can be considered for the Chauhan Associate Director Ardent
purpose. To throw light on the topic Advisory & Accounting LLC spoke on
we had with us two eminent speakers Corporate tax impact assessments,
from the profession who took time how to approach the topic and some
out to provide their insights to the shortfalls faced. CA Dipesh brushed
members on a weekend. Our chief through the basic provisions around
guest for the session was Mr. Sharad Free zones and stated the four
Bhandari managing partner with pillar assessments to be observed,
Ardent Advisory & Accounting LLC. such as Income recognition, logic
He provided some insights into the based allocation keys, Corroborative
general understanding and purpose of evidence and staff training. He was
corporate tax in the UAE. heard stating that a robust assessment
Our first guest speaker Mr. Thomas and implementation would assist
Vanhee Partner with Aurifer Middle in achieving a more informed tax
East Tax Consultancy and Affiliate position and being ready for future tax
Professor of Tax law conducted the audits. He also stated that while a lot

16 www.icaidubai.org

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