EDGE and Brazilian Navy Join Forces to Develop Advanced Anti-Drone Systems

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  In a major step toward strengthening maritime security and defense capabilities, EDGE, one of the world's leading advanced technology and defense companies, has announced the signing of a strategic Letter of Intent (LoI) with the Brazilian Navy. This agreement, made through the Navy’s Weapons Systems Directorate, focuses on the joint development of cutting-edge anti-drone systems to counter evolving aerial threats. Strengthening Maritime Defense As drones become increasingly sophisticated and accessible, their potential use in surveillance, reconnaissance, and even offensive operations poses a significant challenge for military forces worldwide. Recognizing this, EDGE and the Brazilian Navy have come together to explore advanced counter-drone technologies tailored for naval applications. With Brazil's extensive coastline and its growing maritime interests, securing naval assets from unmanned aerial threats is a top priority. This collaboration aims to create state-of-the-art ...
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Aspects of the UAE corporation tax are discussed by experts

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UAE

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Questions are on the minds of businesspeople and professionals as the UAE prepares to implement corporate tax (CT) in the near future. On April 13 at India Club, an event co-hosted by IBPC, India Club, and Taxation Society drew more than 200 businesses, professionals, and other guests.

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Naveen Sharma, director of cultural activities and chairman of the Taxation Society, emphasized that it is now imperative for businesses to assess the adequacy of their IT systems and books of accounts. The tax code is simple, but compliance and documentation are crucial.

During the panel discussion, which was conducted by Nimish Makvana, co-founder of the Taxation Society and senior partner at Crowe UAE, Dilip Jain discussed IAS 12 while Pavithra Balaji, Girish Chand, and Shailesh Kumar answered questions about taxes.

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According to Girish Chand, the small business relief (SBR) program is a positive initiative that will enable the SME sector to enjoy lowered corporation tax compliance. To qualify for SBR, accurate bookkeeping is a crucial necessity. Prior to choosing SBR, entities must assess their financial situation in light of their projected profitability and leverage level.

All freezone businesses must register and submit CT returns, Pavithra Balaji retorted. The FTA has made it clear that freezone businesses will receive the same corporate tax treatment. Like Mainland enterprises, they must adhere with transfer pricing regulations and must maintain accurate accounting records. The tax relief offered allows freezone enterprises to benefit from a 0% tax rate on eligible income, provided that certain requirements are met.

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According to Dilip Jain, in order to comply with the requirements of the corporate tax law, the companies will need to review their accounting system and make adjustments to the chart of accounts. Reports pertaining to company taxes should also be able to be produced by the accounting system. The needed guidance on the accounting treatment of current taxes and deferred taxes, as well as the related presentation and disclosures in the financial statements, is provided by international accounting standard (IAS) 12 - income taxes. 

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