Page 34 - AGM Report 2024

ANNUALREPORT 2023|24

Corporate Tax Q&A Session - 07 June 2023
th

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

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