On 23 October 2023, the Federal Tax Authority (FTA) in the United Arab Emirates (UAE) issued a comprehensive Transfer Pricing (TP) Guide (CTGTP1) herein after referred to as “TP Guide”, bringing much-needed clarity for businesses on the application of the arm’s length principle.
The TP Guide provides insights into the FTA’s interpretation of TP regulations under the Corporate Tax Law. It also includes numerous examples to clarify the complexities of TP.
In light of this, our team of TP experts held a 60-minute webinar to delve deeper into intricacies of the TP Guide. The webinar session covered a wide range of topics, including:
- Approach to functional analyses;
- Considerations to benchmarking studies;
- TP audits and adjustments;
- Additional TP documentation and compliance requirements; and
- Special topics including intangibles, business restructuring, etc.
Speaker
Mohamed Serokh
As the Growth Leader for our Tax Services practice, Mohamed is a key member of our leadership team, responsible for spearheading our growth strategy in the Middle East. This includes strategy to identify and pursue new market opportunities, creating and implementing business development initiatives, reflecting the latest industry trends, and collaborating with the wider tax leadership team to achieve revenue growth targets. As Growth tax Leader, Mohamed is also responsible for leading strategy on accelerating our growth platform, proposal management, driving and promoting client excellence, and promoting our capabilities and industry leadership through marketing and eminence efforts. In addition to spearheading our growth initiatives, Mohamed leads our award-winning and market-leading regional Transfer Pricing team. The team’s transfer pricing services span three key areas: consulting, controversy and compliance, and supporting clients in all industries and sectors. As a Transfer Pricing specialist and a former regulator, Mohamed has more than 25 years’ experience in transfer pricing, international tax, strategic, economic and business consulting across a number of industry segments. These include the automotive, construction and materials, energy, financial services, pharmaceutical, telecommunications and media, technology and travel and leisure sectors. His experience includes leading and managing global documentation and planning studies, as well as drafting Advanced Pricing Agreements (APAs) for submission to tax authorities in jurisdictions worldwide. Mohamed presents widely on transfer pricing and tax issues at seminars across the world and has been extensively published in the area of transfer pricing and tax on different platforms. In 2020, Mohamed was awarded the International Tax Review (ITR) Editor’s Choice Award for progressive work throughout the Middle East in Transfer Pricing and was nominated for the EMEA Transfer Pricing Practice Leader of the Year award. Mohamed was awarded an MBA (with distinction) from Warwick Business School, where he won an award for the overall best MBA degree of the year. Mohamed also holds MSc Economics (with distinction) and BSC Economics (first class) degrees from the University of London.
