Last 18 June 2023, NAS Chartered Accountants has TAXtrategized together with the attendees on the approach of Implementation and Adaptation of UAE Corporate Tax. The event highlighted a very informative panel discussion addressing the concerns of adapting with the technology on the compliance requirements through maintaining the right books of accounts and a complete ERP System available to the SME sector and with the right plans of organizations and enable them to adapt and implement in order to make sure that business strategic goal will be achieved and aligns with the laws and regulations provided by the UAE Corporate Tax.

The TaxTrategize event started with the navigation kick off by NAS Chartered Accountants Chief Executive Officer Mr. Nasser Al Shkeili who provided a wonderful and inspiring message of the vision of NAS Chartered Accountants and the reassurance to the business owners that NAS Family would be able to extend a hand of support to the requirements needed in order not only to comply with Corporate Tax Landscape but also to align their strategic business goals.

With that being said, the event attendees fasten their seatbelt on the journey of business towards compliance and understanding corporate tax with the help of NAS Chartered Accountants Director for Tax and Advisory Mr. Shefeek Salim, CPA, ACMA in navigating together with the Business RoadMap and its landscape. The realization of Corporate Tax application in the United Arab Emirates aligns with the strategic objective on accelerating its development and transformation given with its position as an international business hub and a global financial centre. In understanding its RoadMap, Businesses TAXtrategized and was able to align their objective as well towards the compliance and making sure that they are Corporate Tax Ready.

The journey on the bus continued with the understanding whether businesses are IN for Corporate Tax, the Asst. Manager for Tax and Compliance Ms. Bimalka Kudamage, FCA, ACCA, ASCMA joined Mr. Shefeek on understanding whether organizations are within the Corporate Tax Net. The highlight of understanding whether attendees are a resident and non-resident and whether their incomes are covered for corporate tax was the major considerations that companies has been able to work on. This understanding helps the attendees assess their company formation, sources of income and the applicability of corporate tax on their respective businesses.

After determining whether they are IN for corporate tax, the attendees move to a next bus stop of calculating the corporate tax liability through understanding the income exemptions, limitations and the deductible expenses including the carry over losses benefit that organization could utilize with. Assisted by the Asst. Manager for Audit and Assurance Mr. CA Shanoon Machingal, attendees understood the full requirements and considerations of calculations of corporate tax including the reliefs available for SME’s and the respective preparatory requirements for maintaining the right books of accounts and the necessity to get the Financials Audited and in accordance with the International Reporting Standards.

The talk continues on understanding the definition of an SME bracket through the revenue of AED 50,000,000 as a consideration whether an organization is under the bracket of SME and with the other factors in determining the SME’s categorization. This has highlighted as well a more in deep knowledge of the application of two major standards for IFRS application of whether applying the IFRS for SME’s and Full IFRS.

On the last portion of the engaging talks, the question of What’s next? Has been highlighted with the talk of Mr. Chad Myko Bayon-on, CPA, CMA, CSCA, CIA the Director for Operations and Strategy of NAS Chartered Accountants, he had highlighted to focus on the applicability of corporate tax on the organization and the right utilization of business leaders of the experts who are working into the different permutations and combinations of the corporate tax landscape. The attendees has been provided with an enlightenment of understanding the businesses goals through getting the answer of “where do they want to go”, in this way business leaders has been able to see the holistic view of their respective organizations and thereafter a highlight of Strategic Approach on “How to get there” was provided with the application of the SMART concept in creating the business objectives of being Specific, Measurable, Attainable, Relevance and Time bound objectives to achieve as a roadmap of success for the organization. With the understanding and information the audience have during the technical session, business leaders attending the event has been able to connect the Business Strategic Objectives and the Corporate Tax Technicalities which created a formation of their TAXtragetize concept of application and implementation of UAE Corporate Tax.

At NAS Chartered Accountants, the expertise and experience helped the business owners navigate the new landscape and ensure their respective organization makes a smooth and seamless transition to the Corporate Tax era. With holistic, specific and tailored fit approach of getting to know the organizations, NAS Chartered Accountants was not just able to make the event successful but has been able to make the attendees understood the approach they do in making sure the organizations reflect their respective end results with the expectations.

Attended by business owners, CFO’s, accountants and leaders, represented by the community leaders from Philippine Business Council, Canadian Business Council and the knowledge partners from Philippine Institute of Certified Public Accountants Abu Dhabi Chapter, Institute of Management Accountants Abu Dhabi Chapter supported by the sponsors of the event Tally and ATB Legal, NAS Chartered Accountants kept the attendees Prepared, Planned and Strategized! Through the session of TAXTRATEGIZE! A Business RoadMap for Implementation and Adaptation of UAE Corporate Tax. The attendees see’s the event as a very informative and simplistic and holistic approach of Corporate Tax RoadMap, they are now watching out for the next session to be conducted NAS Chartered and the additional enlightenments they provide not just to the attendees but to their respective networks and clients as well.

Published by:

NAS Chartered Accountants.
Hotline No. 02 658 4848
Whatsapp and mobile: 055 239 6581
Email: bd@nasuae.com
Website: www.nasuae.com