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Panel on corporate tax hears of opportunities and red flags

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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.

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Zoftware’s Aayushman Dalmia wins Innovation Excellence award at Ignyte SME Challenge

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Aayushman Dalmia, founder of Dubai-based startup Zoftware, has won the Innovation Excellence Award at the Digital Enablement of SMEs Challenge. The event, hosted by the Ministry of Artificial Intelligence of UAE and Ignyte, positions Dalmia for further growth as he continues his mission to simplify software discovery for small and medium businesses across the region.

Dalmia’s platform, Zoftware, has been steadily gaining traction in the MENA startup ecosystem for offering a streamlined approach to finding, comparing and selecting enterprise software solutions – a process that remains a hurdle for many growing businesses.

“This award is a testament to the need for simplifying tech access for SMEs,” said Dalmia, who has been named among Forbes Middle East’s 30 Under 30 entrepreneurs in the past. “Our goal has always been to bridge the digital divide by helping businesses make faster, more informed software decisions.”

The challenge is part of a wider push to accelerate SME digitisation across the region — an agenda that aligns closely with both government and private-sector priorities in the UAE.

Aimed at recognising impactful solutions that accelerate SME digital transformation, the challenge, held recently in Dubai, drew hundreds of high-potential founders from across the MENA region. Dalmia impressed the jury with his platform’s clear value proposition and scalable vision—matching SMEs with the right digital tools through a curated marketplace backed by intelligent filters, user reviews, and guided discovery.

“This award validates everything we’ve been building at Zoftware for the past couple of years or so,” said Dalmia, speaking after the ceremony. “Technology shouldn’t be a hurdle—it should be a launchpad. We’re making it easier for SMEs to make smart digital decisions without needing an IT degree.”

With this latest recognition, Zoftware joins a growing list of Dubai-born startups gaining international visibility, reinforcing the city’s position as a launchpad for regional innovation.

A Track Record of Disruptive Innovation- 

Zoftware has been making headlines since its launch for its ambitious aim: to become the region’s go-to platform for B2B software discovery. In 2024, the company was recognised by TechRadar MENA as one of the “Top 10 Startups to Watch” in the SaaS enablement space.

Under Dalmia’s leadership, Zoftware has grown rapidly, onboarding hundreds of software vendors and serving SMEs in sectors ranging from logistics and retail to health and education.

Beyond the Prize: A Strategic Boost- 

“We’re at a tipping point now,” Dalmia added. “This support will help us go deeper in key markets and integrate more AI-driven features to guide SME software choices. Our roadmap includes multi-language access, fintech tools, and region-specific integrations.”

Digital Enablement: A Regional Imperative-

As the UAE and wider Gulf continue to prioritise SME growth as a cornerstone of economic diversification, platforms like Zoftware are stepping in to close the tech literacy and access gap. According to a recent report by the World Bank, nearly 75% of SMEs in the MENA region still lack structured digital infrastructure – a gap Zoftware aims to close.

“We’re not selling software – we’re selling clarity, confidence, and capacity,” Dalmia said.

“If we get this right, we unlock not just productivity, but resilience and long-term competitiveness for thousands of businesses.”

With the Innovation Excellence Award now under its belt, Zoftware is poised to scale further and cement its role as a key enabler of SME digital transformation in the region.

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UAE announces fuel prices for June 2025

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The UAE fuel price committee on Saturday announced petrol and diesel prices for the month of June 2025.The Fuel Prices Monitoring Committee has kept the prices unchanged from the month of May.

Super 98 petrol will cost Dh2.58 a litre, compared to Dh2.58 a litre in May, while Special 95 will cost Dh2.47 a litre, compared to Dh2.47 a litre the previous month.

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E-Plus category petrol will be available for Dh2.39 a litre, compared to Dh2.39 a litre in May, while diesel will now cost Dh2.45 a litre, compared to Dh2.52 a litre the previous month.

The UAE deregulated fuel prices in 2015, aligning them with market fluctuations.

Fuel prices in the UAE are tied to movements in the global oil market, which has experienced significant volatility since the beginning of the year.

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Indian cricket icon Virat Kohli invests in Dubai-founded World Bowling League to take the sport global

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India’s cricket superstar Virat Kohli has become an investor in the World Bowling League (WBL), a Dubai-founded initiative set to reinvent bowling as a fast-paced, global spectator sport.

Kohli joins Major League Baseball (MLB) icon Mookie Betts as a high-profile partner in the WBL, which was launched by Dubai-based entrepreneur Adi K. Mishra. The league is reimagining the traditional game with a dynamic format featuring mixed-gender teams, international tournaments, and a modern media-first approach aimed at younger audiences.

With franchises expected in Dubai and other global cities, the WBL plans to host 12 to 15 tournaments annually across the United States, Europe, and Asia, as part of its ambitious five-year growth plan.

“When I discovered Virat is also a bowler, it was exciting to align with this new-age vision for the sport,” said Mishra, founder and CEO of League Sports Co.

Kohli, one of the most followed athletes in the world on social media, revealed a long-standing personal connection to the sport.

“I started bowling when I was 11 years old,” Kohli said. “It’s clear how popular the sport is, yet it remains underappreciated as a business.”

The 36-year-old’s global influence and passion for sport are expected to significantly boost the league’s visibility and credibility as it enters its debut season. The WBL aims to position bowling not just as a recreational activity but as an engaging, competitive, and commercially viable sport with global appeal.

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