On 1 June 2023, the Ministry of Finance (MoF) of the United Arab Emirates (UAE) issued Cabinet Decision No. 55 of 2023, determining qualifying income for qualifying free zone persons under the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. This decision carries significant implications for businesses operating in free zones.
In light of this, our Corporate Tax team held a 60-minute webinar on Tuesday, 6 June 2023, at 11:00 am (UAE time). During this session, our experts discussed the key highlights of the Cabinet Decision and its direct impact on free zone businesses. Furthermore, they shared their insights on the major challenges that businesses may encounter when applying the Corporate Tax Law.
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Basel Arafe
Basel is a UAE Corporate Tax Partner with a commitment to assisting entities in navigating the challenges and complexities arising from the introduction of corporate taxation in the region and the constantly evolving tax landscape. He has over 15 years of experience in primarily serving Canadian-based multinational corporations with Canadian and US tax related matters. Previously, he was a Partner in the US Tax practice at the Deloitte Montreal office, with a focus on assisting clients with US domestic corporate tax issues, relating to both federal and state level compliance and planning to ensure integration with an overall global tax-effective strategy. His knowledge and expertise also expand to income tax accounting, FATCA related matters, income tax withholding, credits and incentives, US tax reform, and taxation of pass-through entities. While he has advised clients across a variety of industries and sectors, he has extensive experience with companies in the technology, media, and telecommunication sector. Basel has completed the Canadian Institute of Chartered Accountants (CICA) In-Depth Canadian Tax Course and is an admitted member of CPA Canada (i.e., Chartered Professionals Accountants of Canada) and the American Institute of Certified Public Accountants (AICPA).
Nauman Ahmed
Nauman is the Business Tax leader in the UAE and is also the geo coordinator for KSA. He is a UK qualified chartered accountant carrying over 30 years of international experience. He advises some of the most prominent family businesses in the Kingdom on tax/Zakat efficient restructuring. He also provides counsel on withholding tax in related party transactions, Zakat on finance leases, Zakat implications on Ijara financing, and the application of treaties regarding license fees and IP.
