Experts deliberate of aspects of UAE corporate tax

Experts deliberate of aspects of UAE corporate tax

Law is to take effect from June 1, 2023

Speakers at the event. - Supplied photo

Published: Mon 17 Apr 2023, 2:14 PM

With the UAE set to introduce corporate tax (CT) soon, there are questions in the mind of business and professionals. An event was held jointly by IBPC, India Club and Taxation Society on April 13 at India cub, which was attended by more than 200 businessmen, professionals, and others.

Naveen Sharma, the cultural events director and chairman of Taxation Society, stressed that it is now high time for the businesses to check the readiness of their books of accounts and IT systems. Although the tax law is straightforward, compliance and documentation is critical.

Dilip Jain spoke on IAS 12, while the panelists Pavithra Balaji, Girish Chand and Shailesh Kumar responded to the tax queries, moderated by Nimish Makvana, co-founder of Taxation Society and senior partner Crowe UAE.

Girish Chand said that small business relief (SBR) is a welcome measure, by which the SME sector can benefit from reduced corporate tax compliance. Maintenance of proper books of accounts is a key requirement to avail SBR. Entities need to evaluate their financial position prior to electing for SBR considering their future profitability and leverage position.

Pavithra