Page 4 - ICAI UAE TAX UPDATE_JULY 2024

From the

CHAIRMAN

Dear Esteemed Members,

As we embark on the second half of 2024, I am delighted to present the July edition of our monthly
tax updates newsletter. The consistent engagement and insightful contributions from our community
continue to inspire and elevate the quality of this publication.
This month, our focus is on several pivotal topics that are crucial for professionals navigating the tax
landscape in the UAE and the broader GCC region. The articles featured in this edition include:
• UAE Corporate Tax – First Tax Period of a Juridical Person: An in-depth analysis of the key
considerations and obligations for juridical persons as they navigate their first tax period under the
new UAE Corporate Tax regime.

• UAE Corporate Tax – Common Ownership and/or Control through a Government Entity: Detailed
insights into how common ownership and control through government entities are addressed under
the UAE Corporate Tax framework.

• Navigating the UAE Thin Capitalization Rules: All You Need to Know: A comprehensive guide to
understanding and complying with the UAE’s thin capitalization rules, including practical strategies
for businesses to manage their capital structures effectively.
• GCC Updates: An overview of the latest tax and regulatory developments across the GCC, highlighting
significant changes and their implications for businesses operating in the region.

• Indian Union Budget 2024: Detailed Tax Updates: A thorough examination of the tax-related provisions
in the Indian Union Budget 2024, with a focus on their impact on NRIs and businesses with cross-border
operations.
These articles reflect the dedication and expertise of our editorial team and the invaluable contributions
from our members. Our goal is to ensure that you have access to the most relevant and timely
information to support your professional responsibilities.
Hope you all have also enjoyed Indian Budget event "Decoding Indian Union Budget 2024-25" with a
well experienced investment leader, Mr. A. Balasubramanian of Aditya Birla Sun Life AMC Limited and
the most energetic, deeply engaging session with the Tax Guru CA Girish Ahuja on 29 July, 2024.
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I encourage you to continue to engage with this newsletter by providing feedback and submitting
articles. Your input is vital in keeping this publication a dynamic and valuable resource for our Chapter.

Thank you for your ongoing support of the ICAI (Dubai) Chapter. Together, we are building a robust
platform for knowledge sharing and professional development.
Warm regards,

CA Rajesh Somani
Chairman
ICAI (Dubai) Chapter NPIO

4 www.icaidubai.org

UA E TAX UPD ATE NEWSLET TER ISSUE 04 - July 2024