Chief Financial Officers and Regional Tax Leaders Discuss Corporate Tax Compliance, OECD Pillar Two and Autonomous Finance Intelligence within the Gulf.
Overview of the New Age Finance and Accounting Summit
World-leading Finance Directors, Regional Controllers and Tax Leaders attended the New Age Finance and Accounting (NAFA) Summit which took place in Dubai.
With the UAE continually implementing new corporate tax regulations, e-invoicing and OECD guidelines, there has never been more pressure on Finance Leaders to stay compliant and drive growth.
Managing Corporate Tax Compliance and E-Invoicing
One of the main topics discussed during the summit revolved around managing tax in the UAE.
- Corporate Tax & Pillar Two Readiness: Our keynote panel spoke about practical steps to manage your 9% corporate tax rate and comply with minimum tax requirements.
- E-Invoicing Mandate: Delegates discussed how organisations can implement e-invoicing in the UAE. This includes data standardisation, ERP integration and real time reporting.
- Transfer Pricing Compliance: Our speakers stressed the importance of using automation to ensure that all data is validated correctly. This will ensure that you have enough ‘substance’ to avoid being audited.
By having a centralised digital compliance approach, you can ensure that deadlines are met whilst avoiding costly penalties.
UAE CFOs Accelerate Real-Time Reporting and System Integration Following NAFA Summit Dubai
Finance leaders at NAFA Summit Dubai stressed the need for finance departments to move beyond traditional batch processing systems to meet the demands of dynamic markets in the region.
Modern ERP systems enable businesses in the region to comply with stringent tax requirements digitally, speakers said at NAFA Summit Dubai.
With real-time data sharing between subsidiaries, finance controllers will be able to instantly produce balance sheet updates during busy periods.
Using Artificial Intelligence in the Finance Sector
The New Age Finance and Accounting Summit showed how Generative AI and Agentic Automations are driving change within the sector:
- Automated Forensic Auditing & Risk Detection: Finance teams are using machine learning models to review data within the ledger to identify any incorrect payments to vendors. This removes manual reconciliation.
- Predictive Cash Flow Forecasting: Real time data is being used with predictive AI tools and technology to create sophisticated macro economic scenarios to aid the CFO.
- Data Security & AI Governance: The panel stressed the importance of having clear identity systems to ensure that your data is kept secure.
By using AI tools throughout your processes, you can ensure that your Finance team can focus on delivering strategically going forward.
Key Takeaways for Regional CFOs and Business Leaders
Overall, it is clearly evident that there is no place for organisations to hold onto old processes. The modern day CFO needs to embrace automation by using secure AI tools to help streamline repetitive reconciliations so that teams can focus on strategic issues and current risks.
Following the New Age Finance and Accounting Summit Dubai, Business leaders in the UAE will be able to easily adapt to new tax requirements by utilising centralised cloud finance platforms.
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