Page 23 - AGM Report 2024

ANNUALREPORT 2023|24

Tax Talk on Latest Updates on UAE Corporate Tax law
and Transfer Pricing - 14 May 2023
th

ICAI Dubai Chapter conducted an the need for thought of tax impact on Sapra, Senior Manager with UHY
engrossing session on UAE Corporate various aspects of business such as James, took a more pragmatic
Tax titled, Tax Talk, with a full house costing, supply chain management, approach on the topic of UAE taxes
audience of professional Chartered IT infrastructure, Finance function and its implementation. She said
Accountants here on Sunday, 14th and compliances. He further added
May 2023 at the Emirates International that such framework was essential to that UAE’s decision to adopt a more
School Theater, Dubai. The event was ensure reasonable, fair and equitable competitive rate of tax compared
attended by distinguished members profits and taxes and to protect the to the rest of the GCC was in line
of the organization and guests which right of a country to collect its fair with the intention to remain a global
packed a full house of 500+ attendees share of taxes preventing MNEs from business and investment hub, without
on a Sunday afternoon. With the shifting profits to low tax jurisdictions introducing the payroll tax till date.
many recently published ministerial by manipulative practices.
and FTA decisions, many corporates Speaker CA Chirag Gupta, Partner
and business houses look up to the While a lot has been said about MNEs, with RNG Auditors was quoted saying,
experts in the profession to interpret our speaker CA Samir Popat, Partner “The UAE government has published
and guide in their tax matters. An & Director- Taxation at Nadeem and a number of cabinet and ministerial
interesting revelation was the release Umendra Chartered Accountants decisions related to the UAE
of the book on UAE corporate Tax said, “the AED 3,000,000.00 revenue Corporate Tax law. The latest being the
which was the result of a joint effort of threshold limit established by
the Dubai Chapter along with another Ministerial Decision no. 73 of 2023 has “Explanatory Guide” by the Ministry
prestigious UAE chapter and ICAI India. garnered appreciation for its beneficial of Finance which further simplifies the
Another critical aspect of corporate tax impact on small and medium-sized Corporate Tax law. These decisions
being transfer pricing, speaker CA Atul enterprises (SMEs). Despite opting aim to alleviate the tax burden on
Kumar Gupta, Board member IFAC for Small Business relief, SMEs must businesses, specially SME’s, foster
and XBRL International, Chairman GST adhere to mandatory requirements their growth, and contribute to the
committee at FII and Ex-President of such as registering for corporate tax
ICAI shared some practical insights into and filing tax returns. It is crucial for overall economic resilience of the
the concepts of Arm’s Length Pricing SMEs to approach the option of Small nation.
between related parties and connected Business relief with caution.
persons. The speaker emphasized on Adding to the topic on TP, CA Sheetal
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