UAE : The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses

 When GST was implemented in 2017, Hon’ble PM said, “GST is so simple that a class 12 student can help merchants file returns.”. But unfortunately, even after 5 years of implementation, CA’s, CMA’s, Advocates and other Professionals are struggling to compile with it’s provisions. If I talk only about CGST Notifications, There were 75 in 2017, 79 in 2018, 78 in 2019, 95 in 2020, 40 in 2021 and 24 in 2022 till Today. IGST, Rates Notifications, Circulars, Clarifications etc are Separate.

With So many restrictions on ITC, they beat the purpose of GST, i.e. Simplicity. And Same Rule applies to other Taxes like Direct Taxes, Local (Municipal) Taxes and Labour Laws.

When Yesterday The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law) was issued by the United Arab Emirates (“UAE”), It was shared by So many Accounting and Tax Firms/Professionals on Various Social Media Platforms including Linkedin.

Usually, People analyse Tax Law of other countries only when there is any major change in Tax Laws of their Country e.g. in India it was the time when VAT was introduced, followed by Service Tax and GST.

UAE is like tax heaven for easy and simple tax structure (0% for Individuals, 0% to 9% for Corporates implemented from FY 23-24), But if We analyse their Law Book (Finance Act), there are many points to Learn :

1. It is issued in well advance. Tax Period to start from 01st June 2023. Not just one month before Financial Year.

2. It is fully in layman’s language. No big jargons used.

3. Complete Information. It is like some one new to taxation, step by step description in 20 chapters and 70 Articles from Definitions (A 1), Rates (A 3), General Rules for Determining Taxable Income (A 20), Transfer Pricing (A 34-35), Withholding Tax (A 45-46), Tax Returns (A 53) etc.

4. FAQs also released with Act, if anyone has any doubt can refer FAQ to keep the law totally free from any ambiguity, not like the countries where so many efforts are made just to understand what exactly revenue (dept) expects from the Tax Payers or Citizens including many free/paid seminars/webinars, 100s of detailed explanation videos are uploaded on Youtube in couple of hours after budget is presented, every small or big tax consultancy firm come with their own set of budget manuals.

After this change many things will be new for accounting and tax professionals in UAE, changing from chart of accounts to ERP Customizations and Automations, Complying with TP Provisions, but looking at efforts being made by Govt to clarify all provisions, It won’t be a big challenge.

 

Link for Corporate Tax Law:

https://lnkd.in/d_-EnXbC

Link for FAQ:

https://lnkd.in/dj_3cWPK

Thanks. Keep Learning, Keep Growing.

Master Bruce Lee : Happy Birthday. Be Limitless.

Many years have passed. My one friend asked me to help him on a project to write about one of greatest personalities/hero from the world of Martial Arts to be presented on his birth anniversary 27th November. That time I only knew that Bruce Lee was a legendary film start of Action Movies. There was no internet like today, I visited Sunday’s Darya Ganj Book Market and Connaught place to get some books where I could find some info about Bruce Lee also known as Little Dragon. Fortunately, I got Tao of Jeet Kune Do with few martial arts and sports magazines including few editions of Black Belt. Read about his style, his journey as an actor and fighter, his philosophy.

He died at just the age of 33. But what he did and gave to world in his short life, can’t be an act of normal or ordinary human. If He would be an Indian, People worshipped him as an incarnation of some divine power.

It took about a week and almost 60 pages article. When I handed over to that friend, He was amazed. As he was expecting 3 or 4 pages. And my reply was, “I wrote in brief and included only few important events from his life, otherwise even 500 pages won’t be enough to describe Bruce Lee.” But if today, I have to re-write about his life. I can explain in one word – “Limitless”.

These are only limits which stop humans to live its best life, no matter it is personal, social, religious, spiritual, or professional part of life.

I met many people in life living in the cage of self-imposed limits. That will marry only with a boy/girl from a particular area/caste/business/job/profession (some with even size of nose/eyebrows/hair style/Food Habits etc) and could not find a good match with these limits. Or will work only in a particular city/state/industry/role and when they find such job, sooner or later gets frustrated as can’t get job satisfaction.

This is only about mind set.

That’s why Bruce Lee invented JKD while there were already so many forms of Martial Arts existed. He wanted to break all limits, e.g. When a Karate student practice Kata, he follow a particular pattern assuming (attacking) move of his opponent and practice how he would defend. But in real life situations, especially street fights no assumption works, only very experienced Masters could handle such situations, So he kept JKD free from all such Rules/Boundaries.

Remembering the great Master on his birth anniversary. May we follow his path of Limitlessness. Because Limits are only our Believes. We can’t do anything only if We believe, We can’t do, otherwise Nothing is Impossible. Thanks.

GST : List of E-Brochures - updated as on November 2022 by CBIC

 CBIC has recently updated its knowledge booklets about GST. Explained all important and relevant provisions of GST in Simple Terms to have better understanding of GST.  Good Job by CBIC. You can find all these Brochures on CBIC Website.

 

Link: https://www.cbic.gov.in/htdocs-cbec/gst/e-brochures-gst

One more change on GST Portal, Now sharing all Content in very systematic manner. Earlier there were Act, Rules etc can be downloaded in .PDF File format only. But now not only they have updated chapter/section wise but also given the reference link of related rules to that section in section itself similar to Income Tax. One more thing, that I like, a separate category for Forms, with Explanations e.g. they took 31 pages just to explain E-/Invoice in GST. Have explained Terms like B2B, B2C, SEZWP, SEZWOP, EXPWP, EXPWOP, Mandatory and Optional Fields etc.

Many Tax Practitioners fill/file Various forms directly on GST Portal. For Experienced they have expertise, but for someone new in the field, I’ll suggest, first download copy of the form/return from the Website, Analyse the same and fill manually, before going to portal straightway.

  

List of E-Brochures - updated as on November 2022 by CBIC :

• Compendium of GST Brochures (updated as on November, 2022)

• Overview of GST

• GST Benefits

• Latest Updates in GST

• Composition Levy Scheme

• QRMP Scheme

• Policy Initiatives for MSME Sector

• Casual Taxable Person

• Non-Resident Taxable Person (NRTP)

• e-Invoice Under GST

• e-Way Bill

• Registration in GST

• Job Work under GST

• Return filing procedure and relief

• GST Annual Return

• Cancellation of registration in GST

• Revocation of cancellation of GST Registration

• Audit in GST Regime

• Refund in GST

• Refund of unutilised ITC

• Margin Scheme under GST

• Inspection, Search & Seizures and Arrest under GST regime

• Reward Scheme for Informers

• Career Opportunities in CBIC

Thanks. Keep Learning. Keep Growing. 

Books Everyone Must Read: Book Nineteenth and Twentieth Book: Walking with Nanak (19) and Ek Onkar Satnam (20)

Books Everyone Must Read: Book Nineteenth and Twentieth

Book: Walking with Nanak (19) and Ek Onkar Satnam (20)

Author: Haroon Khalid (19) and Osho (20)

 

First Heartiest Congratulations on the Parkash Purab of Sri Guru Nanak Dev Sahib Ji to Everyone.

 

I was thinking about what to post on this auspicious occasion. A Story from Guru Ji’s Life, Shabad or Extract from Sacred Text he brought to the World. (Dhur ki Bani). Then thought of recommending two best books related to Guru Sahib came in mind, I ever read.

 

Whenever God incarnates in human form, there is always a purpose, to show the right path of life to the creatures. But Most People missed the message because they could not understand the teachings. For that You must see them as human when Almighty God appears in Human Form. As it is said Only Nandi could understand pain of Lord Shiva, He served him as his Master and not just God. Similarly, If We study life of Lord Rama and Krishna as omniscient omnipotent omnipresent God, We’ll never realize the Sufferings and Pain, they had to face while they lived in Human Form, and the way how one should lead and live his life, the message God wanted to convey to the Mortal World. Lord Rama did not come to just kill the Ravana, He could kill him with just a thought, but to show, How a Son, Husband, Disciple, Father, Brother or King Should be. How to maintain balance in different roles. How to accept the will of God accepting Pain and Pleasures alike in Life.

 

First Book (Walking with Nanak), I read few years back on Kindle. Basically, it was about Gurudwaras in Pakistan. But when you read, you will feel you are on a spiritual journey with a very knowledgeable guide, who is narrating all stories about Baba Nanak related to Gurudwara/s. It is not about Nanak Dev Ji who is God Thyself, but One who is Son, Father, Disciple, Friend, Husband, Brother, Accountant, Storekeeper, Farmer, Wanderer, Poet, Musician, and the Guru. Author will take you in that era like a time machine and you will become the part of that World, the World, you would never wish to return, a journey, you will wish never to end.

 

Second Book is about Japji Sahib, The First message to the World as Gurbani, The Words of Almighty God. The mistake most of us do in our life is reading or reciting Mantras or Gurbani without understanding the true meaning. This is one of the best books ever written by Osho. He described each line in such a detail, Will take you on next level of Spiritualism. Osho is known as best storyteller, not to entertain you, but to enlighten you. You won’t be the same person, if you read, understand and implement the lessons in your Life. It will transform your life forever.

 

Wishing You all once again, Happy Gurupurab. May We Follow the Guidance and Path Shown by Guru Nanak Dev Sahib Ji in our Lives. Thanks.

 

Happy Sri Ram Navami

 

Happy Sri Ram Navami to all the Brothers and Sisters.

Although the whole life of Maryada Purshotam Lord Shri Ram is full of ideal and life-motivating events, but in today's stressful times, the inspiration We can get from his life is:

"Accepting life in its original and present form. Striving for change but living the present as we have chosen without any lamentation and anguish."

The root cause of human suffering today is not to accept life in its original and present form.

An engineer wants to be a doctor, accountant wants to be an engineer and engineer accountant, sales people want to work sitting at one place like admin and admin people want to travel whole state/country/world like sales people.

A wants to Become B and B wants to Become A.

C wants to have what D Possesses and D wants to have what C Possesses.

If someone has become an engineer, then renouncing the pain of not becoming a doctor, one should try to become a good engineer.

Similarly, accepting other circumstances of life, where you are living, where you are working, the vehicle you are using, etc.

There can be a thousand reasons to be unhappy, but there is only one reason to be happy: by accepting the present and making every effort to change.

Shri Ram never opposed the circumstances, whether it was the abdication of the throne for Bharata, the order to wander into the forest by taking exile, a war with a mighty king like Ravana for mother Sita, and sent same mother Sita to forest to set an example to the people of state.

In short, be happy as you are, instead of blaming others, accept the circumstances thinking that whatever has happened or is happening is happening of your own free will.

Jai Shri Ram. Thank You. _/\_

Compliance Calendar for the month of April - 2022 (GST/PF/ESI/MCA/TDS/Income Tax)

Hi Friends, Just Sharing Compliance Calendar for the month of April - 22. It contains dates for common compliance, for trade/industry related, kindly refer related Laws. Also, for any changes Keep reading Govt’s Notifications/Circulars/Press Releases. Thanks with Best Wishes for Next FY 2022-23 and Happy Chaitra Navratri to All.

 

Compliance Calendar for the month of March - 2022 (GST/PF/ESI/MCA/TDS/Income Tax)

Hi Friends, Just Sharing Compliance Calendar for the month of March - 22. It contains dates for common compliance, for trade/industry related, kindly refer related Laws. Also, for any changes Keep reading Govt’s Notifications/Circulars/Press Releases. Thanks.

 

Startup Lessons from KGF Chapter 2

Surprised ? अचंभित ? अभी तो फ़िल्म रिलीज़ होने मे 50 दिन पड़े हैं। (14th April’22 is Release Date. )

यदि आप बॉक्सिंग का शौक रखते हैं और इस खेल की बारीकियाँ सीखना चाहते हैं तो जितना आप एक बड़े खिलाडी को रिंग मे लड़ते हुए देखते हुए सीखेंगे उससे कई गुणा आप तब सीखेंगे जब उसे फाइनल फाइट की तैयारी करते हुए देखेंगे। वो किस तरह रस्सा कूदता है, पुश अप्स के तरीके, वेट लिफ्टिंग, उसकी अटैक और डिफेंस तकनीक, वार्म अप्स, स्ट्रेचिंग आदि।

जब twitter खोला तो देखा #KGFChapter2 ट्रेंड कर रहा था, कुछ बड़े हैंडल्स के tweet देखे तो उनकी स्ट्रेटेजी समझ में आयी और लगा ये उन लोगों के लिए भी बहुत useful होगी जिन्होंने अभी अभी अपना बिज़नेस शुरू किया है।

1. Show You are in Competition with Big Brands : आज विपक्ष मे ऐसे अनेक नेता हैं जो राजनीति मे एक अच्छी Position पर हैं, उन सबमे एक बात कॉमन है, कि वो सब मोदी जी को कोस कोस कर बड़े बने हैं। पर क्या वो तब भी इतने बड़े बन पते अगर वो मोदी जी की जगह बीजेपी के किसी और नेता के नाम का Use करते ? शायद कोई उन पर ध्यान भी न देता। इसी तरह अगर कोई FinTech की दुनिया मे उठना चाहता है तो उसे Paytm जैसे बड़े नाम का सहारा लेना पड़ेगा। KGF Team को भी पता है Chapter 2 का सफ़र आसान नहीं होगा इसलिए उन्होंने इस पूरी पब्लिसिटी को Pushpa Vs KGF कर दिया।   

2. Let Companies Fight not People : जितने भी बड़े हैंडल्स हैं ट्विटर पर सब Pushpa Vs KGF पर focus कर रहे हैं, कोई भी इसे Yash (Rocky) Vs Allu Arjun (Pushpa Raj) नहीं बता रहा। एक राजनीति को छोड़ दो तो कोई भी लड़ाई पर्सनल नहीं होती। कभी नहीं सुना चंदा कोचर Vs आदित्य पूरी, दीपिंदर गोयल Vs श्रीहर्षा मजेटी बल्कि ICICI Vs HDFC, Zomato vs Swiggy, OLA Vs Uber etc .  

3. Image of Your Brand : Start working on your brand from first day, don’t wait for days, weeks or months. Start from Start. Image of Rocky in chapter 1 was set to be larger than life. Now it is going to be even bigger in chapter 2. With more powerful opponents, bigger challenges. One User Shared :

“From his childhood, Rocky wandered in search of power. But the moment he set his foot in Narachi he realised, he is THE POWER............” 

4. Invite People to Participate in Your Growth : You’ll see many polls on KGF2 just asking what KGF Fans would like to watch in movie - Action, Drama, Songs, Romance etc. KGF T-Shirts and Other Items. Similarly Ask them what colour they would like in your logo, what product/services they will prefer etc. (Kejriwal Style - सुनो सब की करो खुद की ). Let people feel themselves part of your company, establish a connection with them.

5. And at last See Big Picture – THINK BIG : रॉकी किसी गली मोहल्ले का दादा नही बना, न ही किसी कस्बे और छोटे मोटे शहर का डॉन। उसका सपना भी समंदर की तरह बड़ा था, सारी दुनिया पर राज करने का। साफ़ शब्दों मे बड़ा बनना है तो बड़ा सोचो। बड़े सपने देखो और उन सपनों को सच करने में जुट जाओ।

धन्यवाद।  #KGFChapter2 #startup

Books Every Accountant Must Read: Book Eighteen Book: CFO NITI

Books Every Accountant Must Read: Book Eighteen

Book: CFO NITI

Author: Pramod Bagri and Sandeep Kumar

 

So many years have passed, in one of companies, I worked, One Day I was finalizing Payroll for the month, one of my colleagues who also worked in same department, suddenly made a remark, “I get only Rs. X per month as Salary but Mr. XXXXX (Our CFO) gets Rs. 5X (Five Times of my Colleagues Salary). We both have same Years of Experience and Qualification, Then Why such a big gap, What Special Work He Does ?” (Aisa kya khas kaam wo Karte Hain ?).

 

I was busy in work, so did not pay attention at that time, but later his words struck in my mind ? We all are accountants, most with same qualification, same knowledge, then why some are treated like Kings and others like Pawns.

 

During those days working environment used to be very different as no transparency used to exist like now a days, even no social media was in use. All major decisions were taken in closed rooms, No Ordinary Employee could dare to put a question or get direct in the room of Top Managers.

 

Anyway, With Time I got the Answer, What Special Work They Do ?

 

There are many books with practical knowledge available for Founders/Promoters and Newly appointed CEOs, but as concerned to CFOs, most are with Tools and Techniques a CFO needs to use while performing his duties including areas like M&A, Corporate Governance, Due Diligence, Cash Management, Audit, Internal Controls, Taxes, Automations, Budgets, Financial Reports, and Dealing with all Stack Holders including Banks, Investors, Board and Govt.

 

It took many years for me to get the answer to this question, What CFOs Do ? But if today some one asks me same question, my advice would be to Read this Book, I am talking about today, “CFO NITI”. It will take you directly into the world of CFOs and just not limited to Official Duties but their personal struggles and explains their journey they travelled to reach at the top financial position of top Indian Companies. The questions asked by Authors are very relevant and would definitely help all accounting and finance professionals in handling all obstacles they face in their day-to-day professional life, also they will find many new things, they would like to implement in their companies. They will know what habits/qualities they need to develop to reach to top position or to work like a Financial Leader. They will know the areas need urgent attention. They will be in better position to manage their teams and Time. The limit and level of Delegation etc.

 

The CFOs who shared their life journey in the book:

 

1. Mr. Ajay Seth (Maruti Suzuki Limited)
2. Mr. Koushik Chatterjee (Tata Steel)
3. Mr. Raghava Rao (Amazon India)
4. Mr. R Shankar Raman (Larsen & Tourbo Limited)
5. Mr. Srinivas Phatak (Hindustan Unilever Limited)
6. Mr. Sushil Agarwal (Aditya Birla Group)

 

At Last, As Sai said, “A guide is always necessary to show us the right way in small or great matters.” If you can’t find a mentor or Guide to help you or show you the right path, a Good Book is a best Guide. Keep Reading. Keep Growing. Thanks.