Latest news with #ShirazKhan
Khaleej Times
28-05-2025
- Business
- Khaleej Times
UAE family businesses urged to prioritise tax planning amid corporate tax rollout
Family businesses in the UAE must urgently adopt robust tax planning strategies and ensure full documentation to stay compliant under the country's evolving corporate tax regime, said Shiraz Khan, Partner and Head of Taxation at Al Tamimi & Company. Speaking at the sixth edition of the New Age Finance and Accounting (NAFA) Summit organised by Khaleej Times, Khan emphasised that accurate and complete tax returns, backed by supporting documents, are critical in the face of future audits by UAE tax authorities. 'You need to have contracts and invoices to support deductible expenses,' he said. 'If you can't prove them, you may lose your right to claim them —even if they are legally deductible.' He outlined that businesses are now required to retain tax records for seven years, which is a departure from VAT rules. Companies must also maintain documentation for foreign tax credits, withholding tax certificates, and group loss offsets, which allow up to 75 percent loss relief across group entities. It was in 2023 that the UAE's Federal Tax Authority (FTA) rolled out a 9 percent corporate tax. Holding structure Khan highlighted that family businesses should assess whether to set up holding structures, particularly in UAE free zones, to benefit from zero percent tax rates, provided they meet criteria around qualifying income, substance requirements, and transfer pricing compliance. 'Transfer pricing rules are now fully in effect, and related party transactions must be disclosed and benchmarked using approved methods,' he said, adding that arm's length pricing and functional analysis will be essential. He also advised considering tax grouping, which enables consolidated filings and eases intra-group compliance, and reviewing double tax treaties — with over 100 countries — to reduce exposure to withholding taxes and permanent establishment risks. Internal tax policies Khan cautioned that non-compliance could result in severe financial penalties, reputational damage, and regulatory setbacks. He urged family-owned companies to formalise internal tax policies, create a dedicated tax function, and proactively manage tax risks. 'Tax is now a material cost that could impact business continuity. Every family business must understand the new rules, adapt, and structure operations efficiently, especially with more mergers and acquisitions activity and generational transitions happening,' he said. Khan also pointed to time-bound opportunities such as small business relief for firms with revenues under Dh3 million, valid until the end of 2026, and exemptions for foreign permanent establishments — but noted these must be applied for in advance. Above all, he stressed the importance of clear documentation. 'You must be able to justify every position in your tax return. If there is uncertainty, get a legal or tax opinion — and always keep records ready,' he concluded.
Mid East Info
03-05-2025
- Business
- Mid East Info
NCM Powers to Victory in Thrilling KCC T10 Trophy Final - Middle East Business News and Information
NCM, in collaboration with Al Hajri Group, celebrated a stunning victory in the finals of the prestigious Late Riaz Choudhry T10 Trophy 2025, organized by the Kuwait Cricket Club. The NCM team defeated Al Mulla Exchange by a commanding 25 runs in an exciting final match. Facing a challenge after Al Mulla Exchange won the toss and elected to bowl, NCM posted an impressive total of 112 runs in their 10 overs. The innings were spearheaded by explosive batting from Nimish Latheef, the team's highest scorer, with crucial support from Shiraz Khan. NCM's bowlers then took charge, restricting Al Mulla Exchange to 87 runs in their allotted 10 overs. Mohammed Adnan delivered a standout performance, clinching two vital wickets in the opening overs and setting the tone for NCM's defense. His crucial contribution earned him the well-deserved Man of the Match award. 'This victory is a testament to the team's dedication, skill, and collaborative spirit,' said Khurram Sayeed, Global CEO of NCM. 'Partnering with Al Hajri Group for this tournament has been a great success, and we're incredibly proud of the team's performance throughout the T10 Trophy matches. It reflects the commitment to excellence we uphold at NCM.' The successful tournament highlights NCM's commitment to community engagement and the spirit of high performance. About NCM: NCM is a leading Forex and CFD Broker, operating regulated businesses in multiple key jurisdictions including Kuwait, UAE, UK, Jordan, Turkey, Malaysia, and Mauritius (Partner Entity). Founded in Kuwait in 2009, NCM Group has a proud history spanning nearly two decades and is recognized as a pioneer in online trading in the Middle East. The company provides clients with robust trading platforms, diverse financial instruments, and a commitment to exceptional service and market expertise. With over half a dozen global offices and a workforce of more than 200 employees representing over 25 nationalities, NCM continues to expand its global footprint. NCM's global multi-asset online trading platform offers clients trusted and intuitive access to international financial markets. It features a diverse product offering, including CFDs in forex, metals, shares, commodities, stocks, indices, and cryptocurrencies, equipping its diverse client base with the tools needed to navigate financial markets with confidence and success.
