<span style="color: #222222;">Exemptions, Small Business Relief, and Management Remuneration take focus in Taxation Society's joint session on forthcoming UAE Corporate Tax.<br />''<br />''Over 250 businessmen and professionals attended the fourth joint session on forthcoming UAE corporate tax, organized by the Taxation Society, the Indian Business and Professional Council, and India Club in Dubai on Thursday. The session provided insights into the recent clarifications and reliefs released on Corporate Tax in UAE.<br />''<br />''Founder and Chair of Taxation Society and Hon. Cultural Events Director, India Club, Mr. Naveen Sharma, emphasized the importance of discussing and deliberating tax provisions.One of the highlights of the event was the discussion on the decision to provide tax relief to companies with a revenue base below or equal to AED 3 million. CA Harikishan Rankawat, Chairman of The Institute of Chartered Accountants of India (ICAI) Dubai Chapter, welcomed the move, calling it a reflection of the visionary and pro-business leadership of the UAE.<br />''<br />''The session also addressed issues related to Management Remuneration payable to the Board of Directors, Transfer Pricing, and tax regime preparations. The speakers highlighted the need for effective tax rate study, risk identification, and a robust compliance framework development.Corporate tax will apply to all businesses and commercial activities in UAE, except for the extraction of natural resources, which will remain subject to Emirate-level corporate taxation. Businesses will need to file one corporate tax return each financial year and will not be required to make advance tax payments.<br />''<br />''Rishi Sapra, an expert in transfer pricing, emphasized the importance of the arm's length principle in determining the value of transactions between related parties and connected persons. Speaking at a recent taxation society session in Dubai, Sapra stressed that such transactions should be evaluated based on their "market value," as if they were conducted between independent parties. This approach, known as the arm's length principle, is an internationally recognized standard agreed upon by OECD member countries for determining transfer prices for tax purposes. Failure to comply with this principle can result in significant penalties and tax liabilities for businesses.<br />''<br />''The session concluded with Co-Founder of Taxation Society, Nimish Makwana, and Senior Partner of Crowe UAE, emphasizing the importance of complying with regulations to maintain UAE's position as a preferred jurisdiction for business and investment.The UAE has positioned itself as a preferred jurisdiction for business and investment, with positive economic growth and an influx of foreign direct investment. However, businesses and professionals must be prepared to cope with regulations and ensure compliance to maintain the UAE's positive economic environment.</span><br />