creative zone

UAE Economic Substance Regulations and Its Impact on the SME Sector


11:00 am


12:00 pm

UAE Economic Substance Regulations and Its Impact on the SME Sector

We are joined by Mr Nilesh Ashar, Tax Partner at KPMG Middle East, who will engage in a conversation about the recently introduced UAE Economic Substance Regulation and how will the SME sector be affected by some of its resolutions. The panellists will guide the attendees in classifying the relevant trade activities incorporated in the resolution and help understand their options and the way ahead. The webinar will deconstruct the regulation and address the several concerns of SME owners regarding the same.



    Lorenzo Jooris

    Lorenzo Jooris

    CEO, Creative Zone

    Lorenzo Jooris is the CEO of Creative Zone, Dubai’s leading business advisory firm. Mr Jooris holds extensive and diverse experience in the Middle Eastern and South Asian business markets and retains an expert opinion on the regions’ SMEs and startup culture. He was the founder of One World Communications, a full-fledged multi-media powerhouse advising governments around the world in branding and communication strategies. He, later on, started LEADERS Middle East Magazine in the UAE and formulated ‘Leaders without Borders’ an initiative that promotes young social entrepreneurs’ development and Power Women of Arabia Debate. In 2018, he joined Arton Capital as the Vice President of global growth and strategy where he oversaw the international expansion of the company and was in charge of sales, marketing and events worldwide. Lorenzo is a firm believer in giving back to the community, and within Creative Zone he has spearheaded significant initiatives to help and support promising startups and entrepreneurs. He is also the author of “Recipes for a Better World” and serves as an advisor to the James Michel Foundation.


    Nilesh Ashar

    Tax Partner, KPMG

    Nilesh Ashar is a Tax Partner with KPMG based in Dubai with over 24 years of Big 4 International and M&A tax experience advising clients across emerging (Middle East / India) and mature economies (UK / Europe).

    He has significant experience in advising a wide variety of clientele spread across sectors like real estate and infrastructure, financial services, SWF/ PE, oil and gas, retail, family owned businesses, etc. on international tax matters, cross border tax structuring, M&A tax, economic substance advisory, tax governance, transfer pricing, FATCA/ CRS advisory and VAT. He has an extensive experience in helping businesses manage tax risks, effective tax rates and improve their tax processes in the ever evolving business and transactional environment.

    Nilesh has extensively advised MNEs on developing tax manuals/ governance frameworks to help them shape the tax function in the current global tax environment and managing their regional/ global tax compliances including meeting BEPS Action 13 documentation requirements, or the more recent economic substance regulations. He has also advised GCC headquartered MNEs on tax structuring and foreign investment regulations requirements and tax due diligence for global acquisitions / expansions.

    He serves as the lead Tax Partner on a number of key accounts and advised on a range of tax issues including international and corporate tax, transfer pricing, VAT, customs duty, and global mobility tax issues.

    He started his professional career with EY in India (Arthur Andersen upto 2002) and was relocated to EY London to set up the India Tax Desk, with business development, tax structuring and foreign investment advisory responsibilities for international companies in the UK and the European region, before relocating to UAE to lead KPMG’s tax practice in the UAE.

    He is a regular speaker at seminars, conferences, client workshops and various industry forums and has contributed to many thought leaderships and views on tax matters in print and television/ radio.

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