Page 52 - AGM Report 2024
P. 52
ANNUALREPORT 2023|24
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 available around free zones, a lot was
Hyatt Dubai Convention center ICAI zones were really considered as 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 we Advisory & Accounting LLC spoke on
had with us two eminent speakers from Corporate tax impact assessments,
the profession who took time out to how to approach the topic and some
provide their insights to the members shortfalls faced. CA Dipesh brushed
on a weekend. Our chief guest for through the basic provisions around
the session was Mr. Sharad Bhandari Free zones and stated the four pillar
managing partner with Ardent Advisory assessments to be observed, such
& Accounting LLC. He provided some as Income recognition, logic based
insights into the general understanding allocation keys, Corroborative evidence
and purpose of corporate tax in the and staff training. He was heard
UAE. stating that a robust assessment
Our first guest speaker Mr. Thomas and implementation would assist in
Vanhee Partner with Aurifer Middle achieving a more informed tax position
East Tax Consultancy and Affiliate and being ready for future tax audits.
Professor of Tax law conducted the He also stated that while a lot was
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