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.
Dubai offers a wide range of residential communities, whether you’re looking for a family-friendly neighbourhood, a vibrant city lifestyle or an affordable apartment with good transport links.
From waterfront towers to suburban communities with parks and schools, here’s a guide to some of the most preferred places to rent an apartment in Dubai for the long term.
Dubai Hills Estate: Family-friendly environment
Dubai Hills Estate has become one of the city’s most sought-after residential communities thanks to its green spaces, modern infrastructure and family-friendly environment.
Why renters choose Dubai Hills Estate
- Spacious apartments and villas.
- Parks, walking trails and playgrounds.
- Reputable international schools nearby.
- Dubai Hills Mall and healthcare facilities.
- Peaceful surroundings with easy access to major roads.
It’s particularly popular with expat families looking for long-term stability and a high quality of life.
Business Bay: Best for professionals
Business Bay remains one of Dubai’s top rental hotspots for professionals working in the city’s commercial districts.
Why live in Business Bay?
- Minutes from Downtown Dubai.
- Excellent access to Sheikh Zayed Road and Dubai Metro.
- Modern high-rise apartments.
- Restaurants, cafés and nightlife.
- Popular with young professionals, entrepreneurs and digital nomads.
Its central location makes commuting convenient while offering an energetic urban lifestyle.
Downtown Dubai: If you want city living
If you want to live in the heart of Dubai, Downtown Dubai offers premium apartments surrounded by iconic attractions.
Highlights include:
- Walking distance to Dubai Mall and Burj Khalifa.
- Luxury residential towers.
- Excellent dining and entertainment.
- Strong public transport connectivity.
- Vibrant lifestyle throughout the year.
Downtown is ideal for residents who enjoy living close to business, shopping and leisure destinations.
Dubai Marina: Home with a view
Dubai Marina remains one of the emirate’s most popular neighbourhoods for long-term renters.
Why choose Dubai Marina?
- Waterfront lifestyle.
- Dubai Metro and Tram connectivity.
- Wide selection of cafés and restaurants.
- Marina Walk and beach access.
- Modern apartments with premium amenities.
The area appeals to professionals and couples seeking convenience and an active social scene.
Jumeirah Village Circle (JVC): Value for money
JVC has grown into one of Dubai’s fastest-expanding residential communities.
Residents enjoy:
- More affordable rents than many central areas.
- Parks and landscaped streets.
- Family-friendly atmosphere.
- Schools, supermarkets and fitness centres.
- New apartment developments with modern facilities.
It offers a balance between affordability and quality of life.
Dubai Silicon Oasis: Affordable living
Dubai Silicon Oasis is a popular choice for professionals, students and families looking for value.
Key advantages include:
- Competitive rental prices.
- Technology and business hub.
- Schools, clinics and shopping centres.
- Easy access to Sheikh Mohammed Bin Zayed Road.
- Many buildings offer chiller-free apartments, helping reduce monthly utility costs.
The community combines residential, commercial and leisure facilities in one location.
International City: For budget renters
International City remains one of Dubai’s most affordable apartment markets.
Why it’s popular
- Low rental prices.
- Wide choice of studio and one-bedroom apartments.
- Restaurants and supermarkets nearby.
- Schools and healthcare facilities.
- Convenient access to major roads.
It’s well suited to first-time renters, singles and those looking to keep housing costs low.
Al Barsha: Convenience for all
Al Barsha offers a central location without the premium prices found in Downtown Dubai.
Benefits include:
- Close to Mall of the Emirates.
- Good Metro connectivity.
- Schools and healthcare facilities.
- Wide range of apartment options.
- Established residential community.
It remains a practical choice for families and working professionals alike.
What to consider before renting
Before signing a tenancy contract, consider:
- Your monthly rental budget.
- Distance to work or school.
- Public transport and road access.
- Nearby supermarkets, healthcare and schools.
- Building amenities such as gyms, swimming pools and parking.
- Utility costs, including whether the apartment is chiller-free.
- Payment terms, as many landlords require rent in one to four cheques.
Which area is right for you?
Your ideal location depends on your lifestyle and priorities.
- Best for families: Dubai Hills Estate, JVC
- Best for professionals: Business Bay, Downtown Dubai, Dubai Marina
- Best for affordable living: Dubai Silicon Oasis, International City, Al Barsha
With communities to suit every budget and lifestyle, Dubai continues to offer long-term renters a wide variety of options across the city.
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