The impending introduction of corporate tax in the UAE will
further enhance the country’s position as a global business hub, experts said
at a session on Monday.
A joint session was conducted on corporate tax
at India Club on May 15 by India Club, IBPC and Taxation Society, which was
attended by over 450 businessmen and professionals.
Siddharth Balachandran, chairman of India Club,
said the new corporate tax legislation is an important milestone in UAE’s March
towards holistic excellence and becoming a major financial megalopolis. “We at
the India Club are united in our efforts, with the Government of Dubai and the
UAE, in making the implementation of this landmark development a seamless and
successful one. This series of seminars is one such effort and I hope it goes a
long way in the complete understanding of the proposed tax legislation,” he
Suresh Kumar, chairman IBPC highlighted that
the corporate tax will impact several sectors. “Given its implications, what is
also needed apart from these awareness educational series is a constant
dialogue and some level of policy advocacy. We are gearing ourselves up to
create a task force that can take care of policy advocacy,” he said.
Naveen Sharma, chairman of Taxation Society and
director events of India Club, said that the UAE has one of the lowest tax
rates. “Coupled with minimal compliance requirements and a crystal clear law,
it will further enhance UAE’s position as a global business hub,” he added.
Nimish Makvana, senior partner of Crowe UAE and
president & co-founder of Taxation Society, stressed on compliance in the
new corporate tax era, set to begin on June 1, 2023. “The business houses — who
have grown in this prosperous country — it’s time for them to remain compliant
with the expectations of the authority and support the initiatives by the
government,” he said.Source: Khaleej Times