The commodity trade market is significantly developing in the UAE, but the tax legislation does not address the developments as most of these are non-tax related. As a result, there is a range of potential risks areas for commodity market participants in the UAE.
The Federal Tax Authority (FTA) has proactively reacted with the publication of legislative amendments, taxpayer guidance, and private and public clarifications. Tax audits and enforcement actions by the FTA are also becoming increasingly sophisticated, with a focus on common errors and industry-specific issues. Significant penalties may apply to non-compliance, particularly on errors that are not voluntarily disclosed.
Attendees who joined our webinar with experts from Deloitte had the opportunity to understand and identify these potential risk areas for commodity market participants in the UAE, and effective risk mitigation actions.
Online. Upon registration, you will receive details on how to join the webinar.
11:00am - 12:00pm, 09 Mar 2022
EXECUTIVE DIRECTOR - COMMODITIES & FINANCIAL SERVICES
Sanjeev Dutta is the Executive Director of Commodities and Financial Services at DMCC. He oversees DMCC’s commodities vertical, and directs the development, implementation and regulation of the organisation’s financial products, platforms and services.
An expert on trade finance and commodity markets, Sanjeev is responsible for identifying new business opportunities for DMCC and nurturing existing commercial partnerships. He was instrumental in establishing the DMCC Tea Centre, DMCC Coffee Centre and the award-winning DMCC Tradeflow platform, and now tasked with enhancing the trade of agri and softs, precious metals and stones through Dubai.
Sanjeev is a senior member of DMCC’s executive leadership team and supports the general management, strategic direction and growth initiatives of the organisation. Sanjeev devised and implemented the organisation’s Code of Corporate Governance, and established its comprehensive risk management protocol.
Joining on its inception, Sanjeev has held a number of senior roles within DMCC and previously served as the Chief Financial Officer of Dubai Gold and Commodities Exchange (DCGX). A distinguished speaker, Sanjeev regularly represents DMCC at international industry events and is an expert on trade, commodities and Islamic Finance.
A Chartered Accountant by profession, Sanjeev has over two decades of multi-industry expertise in auditing, financial controls, consulting, risk management, corporate governance and general management with both PwC and KPMG.
PARTNER INDIRECT TAX – GLOBAL TRADE ADVISORY
DELOITTE GLOBAL TRADE ADVISORY LEADER MIDDLE EAST & AFRICA
Fernand is a partner in Deloitte and the Global Trade Advisory Leader for Middle East and Africa within Deloitte.
Before he led the Global trade function within Deloitte globally for 11 years. Fernand started his professional career as a Customs official before moving into the trade consultancy business.
Fernand has over 29 years of experiences advising authorities and (multinational) companies on various global trade topics/issues. Fernand specialises in a variety of customs, excise and global trade issues dealing with clients both in the public and private sector.
He regularly advises on projects such as business model optimisation, trade compliance, export controls & sanctions, excises, litigation, valuation, origin, customs classification, data analytics and trade automation/technology.
Fernand has also a vast experience in the design, roll out and implementation of global trade economic procedures like Free zones and Bonded warehouses, Duty drawback and Temporary Import schemes and helped various customs authorities and private sector companies in this respect.
Fernand is 55 years old, has a law degree from the University of Leiden in the Netherlands and is a certified and licensed Tax Advisor.
Fernand has a law degree (the University of Leiden, the Netherlands) with specialisation in Customs, International trade, Excises and VAT. He is a member of the Belgian Institute of Tax Advisors.
PARTNER - INDIRECT TAX
Michael is based in Deloitte’s UAE offices supporting the indirect tax team on VAT implementations and VAT advisory projects. Michael has significant experience in relation to VAT management, compliance and reporting matters, undertaking the VAT aspects of due diligences, prudent compliance reviews and managing VAT audits by taxation authorities for clients.
Before the UAE, Michael was an Indirect Tax Energy, Resource and Industrials Partner with the Deloitte Australian firm and has over 30 years of experience in the UK, Australian and GCC VAT systems. Michael commenced his career with the VAT Tax Authority in the UK as a VAT auditor and was in Australia and the UAE during the GST (VAT equivalent) and VAT implementation phases.
Michael’s long career has given him vast experience in the practical aspects of VAT and its impact on the businesses trying to manage their compliance. Michael specializes in advising some of the largest businesses focusing on the international trade (including complex supply chains) and operating government sectors in the UAE.
Importantly, with his experience in the UK tax and customs authority, Michael has a significant understanding of how best to interact with tax authorities during an audit process. It is this experience that allows Michael to advise his clients best on post-implementation reviews and audit processes from a VAT technical as well as practical perspective.
DIRECTOR - INDIRECT TAX
Adrienne has specialized in indirect tax for over 18 years and has provided VAT, customs, and excise advisory services to a wide range of clients in both the public and private sectors in the Middle East, United Kingdom, United States, Australia, New Zealand, and Asia Pacific region. She has also been involved in the development of VAT, customs, and excise policy both as an advisor and through tax authority industry committees.
Adrienne has provided a wide range of VAT, customs, and excise advisory services within both the international trade and government sectors in jurisdictions around the world, both in practice and industry. This has included advising on complex supply chain arrangements, agreeing sector-specific technical rulings with tax authorities, undertaking multi-jurisdictional VAT reviews, managing VAT, customs, and excise audits, assessments and disputes, advising on the use of analytics, supporting the customization of ERP systems for VAT, customs, and excise automation and providing training to a wide range of audiences.
Over the past five years in the Middle East, she has advised on the VAT, excise, and customs issues arising from complex international supply chains, supported the financial modelling supply arrangements, advised on the VAT transitional provisions impacting on long term contracts, reviewed and advised on contractual arrangements on trading hubs, advised on VAT and customs matters in respect of supply and commodities trading activities, obtained a range of technical clarifications from the tax authorities, and supported the development of controls and processes to manage VAT and customs risk in complex supply chains.
SENIOR MANAGER, GLOBAL TRADE ADVISORY
Shaimaa is Customs and Global Trade Advisory Senior Manager within Deloitte Middle East. With over 12 years of experience in the UAE, Shaimaa started her career in a law firm in the UAE, prior to moving to PwC ME in 2018 where she served a wide range of public and private sector clients as a Customs and International Trade Manager for three years. Her areas of specialism include audit support, as well as litigation, due diligence, health check review and advisory expertise, particularly with Free Zone companies. Shaimaa has very strong relationships with the Customs Authorities in the GCC and Egypt as well as UAE Free Zones (i.e. JAFZ, DMCC, DAFZ Authorities).
MARIA CRISTINA HERNANDEZ
SENIOR MANAGER, UAE - INTERNATIONAL & M&A TAX
Maria has over 11 years of experience providing international tax advisory to multinational companies in the Americas and Middle East. Maria specializes in a broad range of sectors including mining and metals, oil and gas, renewable energy and telecommunications. Maria joined our Dubai office in 2019 and has been extensively involved in tax advisory and structuring projects for regionally-based companies and groups. More recently, Maria has been involved in Pillar Two and introduction of Corporate Tax in the UAE.
Maria holds an Advanced Master in International Tax Law from the University of Leiden in the Netherlands and Bachelors in Law from the Pontificia Universidad Catolica Madre y Maestra in the Dominican Republic.
MANAGER - INDIRECT TAX
Shudja joined the Indirect Tax Team in the Middle East in January 2018. Prior to this, Shudja was working at Deloitte Netherlands. With over 6 ears, Shudja has substantial experience in the delivery of tax consulting services in VAT related matters for multiple industry sectors including Energy & Resources in the GCC region (UAE, KSA, Oman).
Shudja is part of the GCC VAT Energy and Resources team with a particular focus on the commodity traders (international trade & complex supply chains) and has supported businesses (also in the government sectors) in the region on VAT matters since January 2018. Shudja successfully managed project teams throughout the VAT implementation in the UAE, KSA and Oman and has continued to support businesses in the oil and gas sector since VAT was introduced on 1 January 2018.
Shudja has served a wide variety of clients from SME enterprises to large corporates in meeting their tax obligations and achieving tax-efficient outcomes.
Shudja’s tax consulting engagements have included assisting clients with large VAT audits/health checks, due diligence, tax review processes and VAT strategy planning including grouping and registration. He also provides ongoing technical advisory and compliance services to clients across the wider GCC region.
Shudja holds a Master of Tax Law from the Erasmus University Rotterdam.