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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.

Companies

Dubai issues new law to regulate the construction and contracting sector 

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In a major move to enhance governance and transparency in the construction and contracting sector, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (7) of 2025 regulating contracting activities across the emirate.

The new legislation introduces a unified regulatory framework aimed at standardising contractor classification, improving oversight, and reinforcing accountability across the sector. It is designed to align with Dubai’s strategic vision for sustainable development and global best practices in urban planning and infrastructure.

Oversight Committee to Lead Sector Reform

A central provision of the law is the establishment of a new Contracting Activities Regulation and Development Committee, which a representative from Dubai Municipality will chair. The committee will include members from various government entities involved in the sector.

The committee will be tasked with:

  • Approving and supervising contracting activities
  • Defining regulatory responsibilities across entities
  • Proposing new policies and legislative updates
  • Resolving jurisdictional conflicts
  • Establishing a sector-wide code of ethics
  • Coordinating with public and private stakeholders

Digital Transformation of Contractor Registry

Dubai Municipality has been appointed as the lead authority to manage the sector’s transformation. It will establish and operate a fully integrated electronic platform for all contracting activities in the emirate. The platform will be linked to the existing Invest in Dubai portal and serve as the official contractor registry.

The Municipality is also responsible for:

  • Issuing professional competency certificates
  • Creating a code of conduct for the industry
  • Classifying contractors in construction, building, and demolition
  • Enforcing compliance with approved classification and operating capacity

Law Applies Across Zones, with Specific Exemptions

The law applies to all contractors operating in Dubai, including those in free zones and special development zones, such as the Dubai International Financial Centre (DIFC). However, contracting activities related to airport infrastructure and other exceptions approved by the Executive Council are excluded.

Penalties and Compliance Deadlines

The law imposes strict penalties for non-compliance:

  • Fines ranging from Dh1,000 to Dh100,000
  • Repeat violations may result in doubled fines up to Dh200,000
  • Additional measures include license suspension, contractor downgrading, and removal from the registry

Contractors currently operating in Dubai must regularise their status within one year of the law’s implementation. This deadline may be extended by the committee for an additional year if necessary. Contractors with expiring registrations during this period can renew them by submitting a pledge to comply with the law.

Law Effective in Six Months

The new law will take effect six months after its publication in the Official Gazette, and any conflicting legislation will be annulled.

This initiative marks a significant step in reinforcing Dubai’s position as a global hub for world-class infrastructure, while ensuring higher levels of efficiency, transparency, and professionalism in the contracting industry.

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Book flights with cryptocurrency: Emirates to launch digital payments in 2026

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Good news for tech-savvy travellers, starting next year, Emirates Airline will let passengers pay for their flight tickets using cryptocurrency.

The Dubai-based carrier has signed a preliminary deal with global platform Crypto.com, paving the way for crypto payments via Crypto.com Pay. This move will offer a new level of flexibility and convenience for passengers booking flights on one of the world’s leading airlines.

The digital payment feature is expected to launch in 2026 and will be especially appealing to younger, digital-first travellers who prefer using cryptocurrencies like Bitcoin, Ethereum, and other supported tokens.

Adnan Kazim, Deputy President and Chief Commercial Officer at Emirates, said the move reflects the airline’s goal of staying ahead of evolving customer needs. “This partnership allows us to meet the expectations of a new generation of travellers who want more control and choice in how they manage their journeys,” he said.

Beyond just flight bookings, Emirates and Crypto.com also plan to collaborate on marketing initiatives, potentially offering crypto-based travel promotions or rewards in the future.

For travellers flying in and out of Dubai, this is part of a broader shift. Increasingly, everything from hotels to real estate is now embracing digital currency payments.

What it means for travellers:

  • Book Emirates flights using supported cryptocurrencies
  • Skip currency conversion hassles when travelling internationally
  • Enjoy smoother digital-first travel experiences
  • Be part of Dubai’s growing blockchain and crypto-powered ecosystem

With this new payment option on the horizon, planning your next trip might soon be just a few crypto clicks away.

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Star power boosts Super60 with Guptill, Parnell, Harbhajan

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It was a landmark day for cricket in the USA as the teams assembled an exciting mix of international stars and emerging talents during the draft for the inaugural Super60 USA Tournament, held on Friday with prominent names like Martin Guptill, Wayne Parnell, Varun Aaron and Lendl Simmons making the headlines.

Teams had already locked in eight players as part of their pre-signings. In the draft, they were allowed to choose between seven to 10 more players.

The LA Strikers had already secured big names like Aaron Finch, Isuru Udana, and Ben Dunk in their pre-signings. During the draft, they further strengthened their lineup by picking Gurkeerat Mann, a dynamic all-rounder known for his decent strike rate and handy off-spin. The franchise also brought in experienced wicketkeeper-batter Naman Ojha and seasoned medium-pacer Parvinder Awana, clearly aiming to build a well-rounded squad with depth in every department.

Morrisville Fighters put together a strong core by signing two of India’s finest bowlers — Harbhajan Singh and Munaf Patel. They further added fire power in the batting department with the signing of Shaun Marsh. The franchise continued to build on that solid base with the additions of powerful all-rounder Colin de Grandhomme, pacer Sheldon Cottrell, and experienced campaigner Faiz Fazal.

Rebel Warriors made a statement during the draft after they signed Martin Guptill and Lendl Simmons one after the other. The two batters are known for their aggressive and will play a massive role in providing a brisk start to the team. They also have Saurabh Tiwary whom they signed during the pre-signings to add more aggression in the batting department while the experience of Mitchell Johnson with the ball will be the key for Rebel’s success.

Chicago Players who already had legends in Suresh Raina and Jacques Kallis in their line up got Wayne Parnell, Varun Aaron and Devendra Bishoo to add more fuel to their bowling unit.

Detroit Falcons went into the draft with a clear game plan — to stack their squad with quality all-rounders. With Shakib Al Hasan already in the lineup, they added Mossaddek Hossain and Ariful Haque, two reliable performers with solid domestic records.

With Parthiv Patel, Chris Lynn, and Ravi Bopara in their batting lineup, the Washington Tigers have plenty of experience and firepower up top. On the bowling side, they’ll be counting on Abhimanyu Mithun, Dan Christian, and Shahbaz Nadeem to do the job with the ball and keep the opposition in check.

LA Strikers:

Pre-Signing- Aaron Finch (Icon), Isuru Udana (Platinum), Ben Dunk (Cat A), Chadwick Walton (Cat B), Ashley Nurse (Cat B), Anureet Singh (Cat C), Chirag Gandhi (Cat D), Jesal Karia (Cat C)

Draft- Gurkeerat Mann (Cat B), Naman Ojha ( Cat B), Jaskaran Malhotra (Cat C), Parvinder Awana (Cat C), Manan Sharma (Cat D), Nisarg Patel (Cat D), Kashyap Prajapati (Cat D)

Morrisville Fighters:

Pre-Signing- Harbhajan Singh (Icon), Shaun Marsh (Platinum), Munaf Patel (Cat A), Angelo Perera (Cat B), Bipul Sharma (Cat B), Chamara Kapugedera (Cat C), Danushka Gunathilaka (Cat C), Kristopher Ramsaran (Cat D)

Draft- Colin de Grandhomme (Cat B), Sheldon Cottrell (Cat B), Jerome Taylor (Cat C), Faiz Fazal (Cat C), Suboth Bhati (Cat D), Rahul Yadav (Cat D), Elmore Hutchinson (Cat D)

Rebel Warriors:

Pre Signing- Thisara Perera (Icon), Mitchell Johnson (Platinum), Saurabh Tiwary (Cat A), Miguel Cummins (Cat B), Kennar Lewis (Cat B) , Samit Patel (Cat C), Oshane Thomas (Cat C), Amila Aponso (Cat D)

Draft- Martin Guptill (Cat B), Lendl Simmons, (Cat B), Chaturanga de Silva (Cat B), Jonathan Carter (Cat C), Jonathan Foo (Cat D),  Andre McCarthy (Cat D), Trevon Griffith (Cat D)

The Chicago Players:

Pre-Signing- Suresh Raina (Icon), Jacques Kallis (Platinum), Shehan Jayasuriya (Cat A), Manpreet Gony (Cat B), Kesrick Williams (Cat B), Dilhara Fernando (Cat C), Jon-Russ Jaggesar (Cat C), Navin Stewart (Cat D)

Draft- Wayne Parnell (Cat B), Varun Aaron (Cat B), Devendra Bishoo (Cat C), Siddharth Trivedi (Cat C), William Perkins (Cat D), Pawan Suyal (Cat D), Vikas Tokas (Cat D)

Detroit Falcons:

Pre-Signing- Shakib Al Hasan (ICON), Cameron Delport (Platinum), Rishi Dhawan (Cat A), Nasir Hussain (Cat B), Sharad Lumba (Cat B), Nasir Hussain (Cat B), Malinda Pushpakumara (Cat C), Anthony Bramble (Cat D)

Draft- Mossaddek Hossain (Cat B), Enamul Haque Jr (Cat B), Ariful Haque (Cat C), Kamrul Islam Rabbi (Cat C), Rony Talukdar (Cat D), Al-Amin Hossain (Cat D), Mohammad Nihaduzzaman (Cat D)

Washington Tigers:

Pre-Signing- Parthiv Patel (Platinum), Chris Lynn (Cat A), Ravi Bopara (Cat B), Andrew Tye (Cat B), Rohan Mustafa (Cat C), Abhimanyu Mithun (Cat C), Zahoor Khan (Cat D)

Draft- Dan Christian (Cat B), Shahbaz Nadeem (Cat B), Phil Mustard (Cat B), Jeevan Mendis (Cat C), Sheldon Jackson (Cat D), George Worker (Cat D), Aakarshit Gomel (Cat D)

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