The PICPA Dubai Annual General Assembly was successfully held on June 8, 2024, at the prestigious Shangri-la Hotel in Dubai. This year’s assembly gathered an impressive array of accounting professionals, industry leaders, and experts to discuss pivotal topics and share valuable insights relevant to the financial landscape in the UAE.
The new set of officers for the Fiscal Year July 2024 to June 2025 took their solemn oath officiated by the guest of honor, no other than the Philippine Ambassador to the UAE Ambassador Alfonso Ferdinand A. Ver.
Making the annual assembly a worthwhile learning experience for the PICPA Dubai members, the following are among the key topics presented during the general assembly.
UAE Corporate Tax: Navigating the New Regime
With the recent introduction of corporate tax in the UAE, this session was highly anticipated and was presented by Mr. Abdelhamid Attala of The Cragus Group – Dubai. Highlights included people who are covered, taxable base, tax computation, key dates and phases of the corporate tax rollout, and assessing how the new tax regime affects different sectors and businesses
Panel Discussion on How Can Filipinos Excel in the UAE Market
The very first panel session in the annual general assembly pitted the PICPA Dubai Board of Directors and provided practical advice for accountants aiming to thrive in the competitive UAE market. Some of the essential tips shared were Continuous Learning: Emphasizing the importance of staying updated with the latest accounting standards and technological advancements, Networking: Building strong professional relationships, and leveraging networking opportunities to advance one’s career. Cultural Competence: Understanding and respecting the diverse cultural landscape of the UAE to foster better client relationships and workplace harmony, and Certifications and Credentials: Pursuing relevant certifications to enhance professional credibility and marketability.
Leadership in Finance
In this session, Ms. Valiza Alfonso, Head of Finance for GHA Group, shared her experience going up the Finance world. She elaborated that being a Finance leader means more than just managing numbers. It involves strategic thinking, risk management, decision-making, and driving sustainable financial success. She also presented what are the qualities of a good leader and the challenges of a leader and how to overcome them.
Transfer Pricing Points: Updates and Compliance
This session provided a comprehensive overview of the current transfer pricing landscape, emphasizing the importance of compliance and strategic planning. Key takeaways included a conceptual understanding on the latest transfer pricing regulations and guidelines in the UAE, best practices for maintaining proper documentation to support transfer pricing policies, and methods for resolving transfer pricing disputes efficiently and effectively. Additionally, Mr. Aman Chhabra, Associate Director for the Corporate and International Tax division of MBG Corporate Services, elaborated on the relevance of transfer pricing in framing tax policy for free zones and tax groups and the profit attribution issues.
Business and Financial Analysis for Effective Decision Making
The final session provided practical advice for accountants on financial analysis from the viewpoint of entrepreneurs and was presented by Chairman Lyndon Magsino. Starting from the sources of business capital, he navigated the analysis of the balance sheet and income statement clearly.
Networking and Collaboration
The assembly also provided ample opportunities for networking and collaboration. Attendees engaged in meaningful questions and answers after each discussion, shared experiences, and explored potential collaborations to drive their company’s accounting practice forward in the region. Our strategic partners, aside from the prizes for the attendees, likewise provided ample insights on their products and services which the members may find fruitful and rewarding.
The evening and dinner were a level up 10X indeed as the audience was treated to a sumptuous dinner and a host of soulful songs belted by Andrew James Muncay, an outstanding world-class singer and at the same time a PICPA Dubai member.
PICPA Dubai would like to send its gratitude to their partners which include MBG Corporate Services, Tally Solutions Private Ltd, Rockwell Land Corporation, Zurich Middle East, and The Filipino Times for making this event a success. The PICPA Dubai Annual General Assembly 2024 was a resounding success, offering valuable insights and practical advice to all participants. PICPA Dubai extends its heartfelt thanks to all speakers, partners, and attendees for their contributions and support and looks forward to seeing its members all again next year for another enriching and impactful event.
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