#Corporate Tax #UAE
Rangaraj Perumal
Group Chief Financial Officer at Fujairah Building Industries PJSC
UAE is witnessing an era of series of tax reforms and introductions in the past 3-4 years. Needless to say on the compliance and disclosure mechanisms to walk the talk with the international communities.
As the wizards and consultants on the regional arena is drumming up the adoption of the corporates for corporate tax introduction all along, we need to see the impact it is going to have on the business canvass of UAE.
Though it sounds as the modest rate of 9% tax rate, with the minimum compliance requirements as to the adoption of accounting practices, we have to see what business impact it is going to bring on businesses.
One side the cost of living is weighing on higher when compared to other parts of the world, on the other a pie of 9% taken from bottom line is in my view is going to cost the businesses.
Are we going to pay this cost for any extra or improved cost of living, or thrusted upon the GCC countries to stay at par with other parts of the world, or really the GCC countries are in need of the the financing cut in form of Tax to maintain their cash chest.
If any of the above realities are going to be answered by this CT regime, the middle east will become less attractive in my view.
What you say ?
CA | CS Prof. | M.COM | Consultant Internal Auditor in ADNOC | Finance Manager | Senior Business Analyst | 12+ years exp. (8+ UAE) in Oil & Gas & Consulting | I love to motivate people, inspire them & help them to grow.
11 个月I agree with the above article and your view.. UAE will be less attractive going forward to small enterprises which will pass on this cost to their customer resulting into surmounting prices of goods and commodities.. However on the flipside, there will be a surge of demand for professionals and job creations for Finance consultants, Accountants and other related positions as the book keeping shall be a mandate. Thanks for sharing this information !
Operations Manager at MACS-Group
1 年Thanks for sharing this information.