Business
Panel on corporate tax hears of opportunities and red flags
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.
Announcements
UAE’s first-ever Woman Grandmaster Rouda Essa Alserkal to play the Norway Chess Open 2025
In a bid to encourage chess players in the Middle East and provide a platform at the global stage, the organisers of Norway Chess – one of the most prestigious tournaments in the FIDE chess calendar – has invited Emirate’s first-ever female grandmaster Rouda Essa Alserkal to participate in the Norway Chess Open 2025 which will see participation from 31 countries.
The 15-year-old Rouda was formally presented with the invitation by Kjell Madland, Managing Director and visionary behind Norway Chess, today at a press event in Seven Seas Hotel in Dubai. Also present at the grand occasion was Dr Mansoor Al Tamimi, Vice Technical Committee Chair, the Technical Director from the Abu Dhabi Chess Club and Mind Games. Koneru Humpy, two-time women’s world rapid chess champion, also joined virtually and wished Rouda ahead of her upcoming events.
Kjell Madland, Managing Director of Norway Chess, presents the official invitation to participate in the Norway Chess Open 2025 to Rouda Al Serkal, the UAE’s first Woman Grandmaster, as Benedicte Westre Skog, COO of Norway Chess, looks on during the official press conference held at the Seven Seas Hotel in Dubai on Wednesday. Photo Credit: Joy Dasgupta/Norway chess
The Norway Chess Open 2025 will be held from May 26 to June 1 at the IMI Forum in Stavanger, attracting both grandmasters and ambitious chess players seeking title norms and valuable competitive experience. With previous participants like reigning World Champion Gukesh D, Praggnanandhaa, and Vaishali, who participated in the Norway Chess Open as budding players before their meteoric rise in the sport, has established itself as an essential arena for players seeking high-level competition.
Speaking about providing this unique opportunity for Rouda, Kjell Madland expressed, “Norway Chess is delighted to invite Rouda Essa Alserkal to participate in this year’s Norway Chess Open 2025. I congratulate Rouda on the remarkable feat to become the first woman Chess Grandmaster from the UAE and she stands tall as an inspiration for women in this region to achieve. The Norway Chess Open provides a great opportunity for Grandmasters and chess players to hone their skills and gain competitive exposure. We hope to find and encourage many future chess stars from the Middle East to play in the Norway Chess Open.”
Madland further highlighted the importance of growing chess as a competitive sport in the Middle East and expressed interest in creating further synergies with potential partners in the UAE. “We are exploring the possibility of hosting Norway Chess tournament in the Middle East and potential partners are welcome to connect with us. We are also working to broadcast Norway Chess live to the fans in the Middle East,” he said.
In the Norway Chess Open category, leading the list of participants is Rinat Jumbayev (KAZ), followed by strong contenders such as Gergely Kantor (HUN), Valentin Dragnev (AUT), Vitaly Kunin (GER), Norwegian Frode Urkedal (NOR), and Chinese grandmaster Jiner Zhu (CHN).
Expressing her excitement to participate in the Norway Chess Open 2025, Rouda said, “I am looking forward to the competition as I know Norway Chess is the strongest grooming ground for future chess superstars. When I first heard that I am getting invited for the Norway Chess Open, I could not believe it and I was so thrilled, I told my coach immediately – that I need to start preparing. This is the most prestigious tournament in the world and I am sure this experience will help me improve my game further.”
“I am also greatly looking forward to meet Magnus Carlsen and Hikaru Nakamura, also some of the Indian players like the new World Champion Gukesh who will be participating in the Norway Chess 2025,” she added.
The Norway Chess Open features double rounds on Thursday, May 29, and Friday, May 30, providing excellent opportunities for title norms in the top group. In the Grandmaster Group, which Rouda has been invited to participate, will have nine rounds, opportunity for title norms and a prize fund of €13,000.
Please see attached images from the event.
About Norway Chess 2025:
The Norway Chess Open is held simultaneously along with the marquee Norway Chess 2025 which will see a star-studded line-up featuring world no.1 Magnus Carlsen (Norway), Hikaru Nakamura (USA), Gukesh D (India), Fabiano Caruana (USA), Arjun Erigaisi (India), and Wei Yi (China) among the men while the Norway Chess Women will feature Ju Wenjun (China), Lei Tingjie (China), Humpy Koneru (India), Anna Muzychuk (Ukraine), Vaishali Rameshbabu (India), and Sarasadat Khademalsharieh (Spain).
Norway Chess and Norway Chess Women, feature the same format, same prize money, and take place in the same playing hall. Both tournaments follow a 6-player double round-robin format.
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