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Taxation Society event explores UAE corporate tax and global tax standards – News

Umito November 1, 2024

The event brought together key figures from various sectors to discuss pressing tax issues and the future of tax regulations in the UAE.

The Taxation Society recently organized an interesting event titled “Adapting to Global Tax Standards: UAE Corporate Tax and Pillar II in Focus” at the India Club. The event brought together key figures from various sectors to discuss pressing tax issues and the future of tax regulations in the UAE.

Published: Fri November 1, 2024, 11:28 a.m.

Laila Rahhal El Atfani, founder and president of Business Gate, spoke about the relevance of taxation to stimulate economic growth and stability. She highlighted that industry professionals play a crucial role in shaping tax practices, which are fundamental to sustainable progress.

Abdulaziz Ahmad, Founder and CEO of Safeer Corporate Service Provider, highlighted the challenges businesses face as tax regulations evolve. He emphasized that staying informed is essential for businesses to effectively manage these complexities.

Sanjay Manchanda discussed the importance of adopting high tax standards in the UAE. He highlighted that alignment with global practices not only promotes investor confidence but also strengthens the region’s economic resilience.

Janak B. Panjuani, Director of Puthran Chartered Accountants, highlighted that corporate tax reforms in the UAE will have significant implications on executive remuneration, as companies will need to align their remuneration structures with the new landscape tax. He emphasized that understanding these impacts is crucial for effective financial planning.

Pooja Khetwani, senior solutions consultant at Thomson Reuters, highlighted that the second pillar aims to establish a global minimum tax, preventing profit shifting by multinational corporations. She noted that UAE businesses should be ready to adapt to these new standards, as their compliance will be key to aligning with global tax practices.

Naveen Sharma, president of the Taxation Society, stressed that taxation will play a vital role in the future of the region. He urged businesses to adapt to these changes, as tax compliance will be critical to success and regulatory alignment.

Nimish Makvana, president of the Taxation Society, highlighted the importance of government clarifications to help businesses accurately interpret tax laws. He noted that these clarifications are essential to compliance with the rules and contribute to a stable business environment.

The event highlighted the UAE’s commitment to international tax standards and reinforced the importance of tax compliance and education for businesses. Through initiatives such as this, the Taxation Society continues to help professionals adapt to an ever-changing tax landscape.