Business

Panel on corporate tax hears of opportunities and red flags

Published

2 years ago

March 30, 2023

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Leading auditing and taxation firm Corporate Group sought to allay concerns over the looming regime of corporate tax in the UAE while highlighting the fact that a significant number of companies face the risk of fines in the absence of timely action.

A packed hall of entrepreneurs, CFOs and accounting heads from big companies attended a panel discussion organised by Corporate Group at the Radisson Blu Waterfront hotel in Business Bay on Tuesday. The audience heard from experts in the VAT, legal and Federal Tax Authority (FTA) domains on how time is running out for businesses to comply with the registration before the June 1 deadline.

Mohamed Osman

“It is understandable that people have all sorts of questions especially when the framework of the law is still being fine-tuned by the government,” said Mohamed Osman, chairman at Corporate Group, who also specialise in audit and VAT services. “While it is true that not all are eligible or bound to pay the corporate tax rate of 9 percent, everyone has to register if they meet certain criteria.”

The UAE’s impending implementation of a 9% corporate tax is a drastic step in the traditionally tax-free country and hence vexing for many. However, some have welcomed the move even from a neutral, larger perspective.

David McCormack, Managing Director of Asset Capital Solutions who has managed more than $200 million of real estate investment for two private equity groups, said: “Countries like the UK or Australia, where I hail from, have high rates of corporate tax while it used to be zero here. However, any dealings that we did, irrespective of the merit, attracted misconceptions by many countries that we were trying to cheat on tax money. Now, that is getting out of the equation.”

Mohamed Osman addresses the panel at a Dubai hotel on Wednesday. Supplied

Abdul Salim Seyudu, technical manager at an insurance company, said: “It was an informative session on a very relevant topic. With startups and the likes from all parts of the world coming to Dubai, everyone is looking at it with their own lens and needs. I remember VAT has now been here for five years and people are still searching for answers. Similarly for corporate tax, every piece of information is helpful at events like this.”

Questions arose from the packed hall with attendees seeking clarity on how the pending changes impacts their respective organisations or businesses. Many stayed behind much after the session to address more queries to the experts. There was also demand to have more such conferences in the near future.

“Education by way of seminars and such discussions is needed,” said Luca Angiolilli, the CG Tax Director with more than 20 years of experience in various countries. “Before starting the meet, seeing the enthusiastic response, we decided internally to have more such events.”

The presence of 45 free zones and their unique position from a taxation point of view in the economic framework of the UAE has made the introduction of CT more challenging. “The UAE has 45 free zones with some more coming up and in areas criss-crossing each other,” McCormack said.

“Many of the companies have registered where they shouldn’t have. Some free zone companies have slipped into the guise of another activity, which may have gone off the radar until now. And many don’t even have the option to open bank accounts and that is a fundamentally big problem in the current development of implementing corporate tax.”

All panelists agreed unequivocally that the initiative by Corporate Group has set the conversation going in the right direction. Yet, the lack of awareness and lackadaisical approach among business houses, SME and individuals must end soon with barely a couple of months left.

Staff Reporter

Business

UAE jobs: Thousands of opportunities and internships on offer as Careers Festival returns to Ras Al Khamiah

Published

4 days ago

August 22, 2025

Michael Gomes

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Jobseekers across the UAE will have the chance to connect with top employers and explore real career opportunities when the Ras Al Khaimah Jobs and Internships Festival (RAKJIF) returns on October 9. The one-day event at the RAK Exhibition Centre will feature on-the-spot interviews, internships, CV clinics, and personalised career guidance, making it one of the country’s fastest-growing career platforms for young talent and professionals alike.

Ras Al Khaimah is set to host its third edition of the Jobs & Internships Festival (RAKJIF) on Thursday, October 9, at the RAK Exhibition Centre, bringing together leading UAE employers and ambitious jobseekers.

Organised by the Sheikh Saud bin Saqr Al Qasimi Foundation for Policy Research, in partnership with the Investment and Development Office Ras Al Khaimah (IDO) and the Department of Human Resources, the festival has quickly grown into one of the UAE’s most trusted platforms for career development.

This year’s edition will feature employers across key industries, including banking, oil and gas, consulting, engineering, hospitality, and real estate, with opportunities for on-the-spot interviews, CV clinics, and personalised career guidance. More than 1,000 Emirati job seekers are expected to attend.

New for 2025 is the AI & Future of Work Forum, where international experts, business leaders, and policymakers will share insights on how artificial intelligence is reshaping recruitment, workplace culture, and the skills needed for the jobs of tomorrow.

The one-day event, running from 9am to 5pm, aims to serve as a hub for professional growth, networking, and talent development.

For more information or to register, employers and job seekers can visit www.alqasimifoundation.com/rakjif

Business

UAE urges businesses to file Corporate Tax returns on time to avoid fines

Published

5 days ago

August 21, 2025

Michael Gomes

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.

Lifestyle

British millionaires eye UAE amid UK wealth tax fears

Published

6 days ago

August 20, 2025

Michael Gomes

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Amid mounting concerns over a possible wealth tax in the UK, the UAE is increasingly being seen as a preferred relocation hub for British millionaires, ranking alongside established tax havens such as Monaco and Malta.

A new survey by consultancy Arton Capital found that nearly 60 per cent of British millionaires believe they could have a better life abroad, with more than half saying they would consider leaving the UK if Chancellor Rachel Reeves implements new wealth-based taxes.

The research, carried out among 1,009 wealthy UK residents with assets of at least £1 million, revealed that the UAE ranked fourth globally as a preferred relocation option. The United States topped the list (35 per cent), followed by Canada (33 per cent) and Australia (25 per cent), while 17 per cent of respondents named the UAE as their destination of choice.

Armand Arton, CEO of Arton Capital, said the findings show the UK is “at a tipping point” as the government considers new levies on high-value homes and global inheritance tax for non-domiciled individuals. “The uncertainty around the government’s proposed wealth tax mirrors the ongoing economic uncertainty seen around the world, from Trump’s tariffs to conflict in the Middle East,” he said.

“The longer that unpredictability persists, the greater the risk of losing capital, talent, and long-term investment to countries that offer greater security for individuals, families, and their futures.”

The UAE, which has consistently ranked as one of the world’s most attractive hubs for wealthy expatriates, continues to draw global high-net-worth individuals thanks to its tax-free environment, political stability, and investor-friendly policies.

According to the Henley Private Wealth Migration Report, the UK is expected to lose a record 16,500 millionaires in 2025, part of a broader global trend that could see 142,000 millionaires relocate this year alone.

Industry experts note that the UAE’s appeal has been bolstered by long-term residency programmes such as the Golden Visa, its diversified economy, and world-class lifestyle offering.

Dubai and Abu Dhabi, in particular, have cemented their status as safe havens for global wealth, attracting investors not only from Europe but also from Asia and Africa.

Meanwhile, more Conservative-leaning millionaires in Canada are also weighing the option of moving abroad compared to their Liberal counterparts, as the right-leaning party faces the prospect of losing a fourth consecutive election.

An Arton Capital Ltd. survey revealed that among Canadians with a net worth of at least C$1 million ($721,000), 34 per cent of Conservative voters said they are now more likely to leave the country than they were during the 2021 election, while 28 per cent said they are less likely.

The findings highlight the growing trend of wealthy Canadians reassessing their future in light of political and economic shifts, with affluent individuals increasingly considering relocation to jurisdictions that offer greater stability, lower taxation, and stronger wealth-preservation policies.

For the UAE, this presents another opportunity to position itself as the destination of choice for individuals seeking stability, growth, and long-term prosperity.

Source: Azertag/Bloomberg