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Taxation Society event explores UAE corporate tax and global tax standards

The Taxation Society recently hosted an insightful event titled ‘Adapting to global tax standards: UAE corporate tax and pillar II in focus” at the India Club. The event gathered key figures from various industries to discuss pressing tax issues and the future of tax regulations in the UAE.

Laila Rahhal El Atfani, founder and president of Business Gate, spoke about the relevance of tax in driving economic growth and stability. She emphasised that industry professionals play a crucial role in shaping tax practices, which are fundamental for sustainable progress.

Abdulaziz Ahmad, founder and CEO of Safeer Corporate Service Provider, highlighted the challenges companies face as tax regulations evolve. He stressed that staying informed is essential for businesses to navigate these complexities effectively.

Sanjay Manchanda discussed the importance of adopting high tax standards in the UAE. He highlighted that aligning with global practices not only fosters investor confidence but also strengthens the region’s economic resilience.

Janak B. Panjuani, director at Puthran Chartered Accountants, highlighted that UAE corporate tax reforms will have important implications for executive remuneration, as companies will need to align compensation structures with the new tax landscape. He emphasized that understanding these impacts is crucial for effective financial planning.

Pooja Khetwani, senior Solutions Consultant at Thomson Reuters emphasized that Pillar 2 aims to establish a global minimum tax, preventing profit shifting by multinational companies. She noted that UAE businesses should be prepared to adapt to these new standards, as compliance will be essential for aligning with global tax practices.

Naveen Sharma, chairman of the Taxation Society, underscored that tax will play a vital role in the region’s future. He urged companies to adapt to these changes as tax compliance will be critical for success and alignment with regulations.

Nimish Makvana, president of the Taxation Society, highlighted the importance of government clarifications in helping businesses interpret tax laws accurately. He noted that these clarifications are essential for compliance and contribute to a stable business environment.

The event showcased the UAE’s commitment to international tax standards and reinforced the significance of tax compliance and education for businesses. Through such initiatives, the Taxation Society continues to support professionals in adapting to an ever-evolving tax landscape.