Dubai, Apr 12: With the objective of bringing awareness among the NRI community on the proposed changes in tax laws with the implementation of Direct Tax Code (DTC) from the next financial year, Kanara Entrepreneurs Ltd (KEL), Dubai conducted a workshop titled “Direct Tax Code – Impact on NRIs” at the India Club on Saturday, April 9. Over 125 KEL members and guests attended this event along with lead members from KE Bangalore and the core members of Dimensions in Mumbai. The program started with a welcome address by the President of KEL Dubai, Mrs. Shobha Mendonca. Mrs. Mendonca introduced the key note speaker Mr. Mark D’Souza – Chartered Account and President Elect – KE Bangalore.
Mark also touched on the impact of Wealth Tax which if passed as is, which will have a significant impact on NRIs. As per the existing draft, the wealth taxes is applicable on all your global assets and are to be included in your tax filings. As per the proposed DTC, wealth tax is applicable at 1% on all assets exceeding Rs. 1 crore.
He concluded by saying that in view of the above and the proposed DTC, it is very important for NRIs to plan their presence in India during the relevant tax year, so that they are not only able to plan their residential status under the Act but also obtain optimum advantage under the applicable tax treaty.
The new KE Global web-site that integrates all its chapters under one umbrella and provides extensive opportunities for its members to interact with others online for both business and social networking in addition to providing information on all the news and events was launched jointly by the Presidents of KE Dubai and Bangalore along with the Mr. Freddy Mendonca, Chairman of Dimensions.
Immediate past President of KEL, Mr. Albert Rodrigues as part of the house keeping mentioned that KEL has been providing quality events and thereby gaining popularity, which is reflected in the growth of its membership. He said that this year we have inducted 60 new members and it is critical for members to utilize every opportunity provided for networking under KEL as well as their strategic partners such as TIE Dubai who conduct several events with similar objectives. He also urged members to register and exploit the opportunities provided through the new website (www.keglobal.org). Albert again stressed on the recent venture fund and asked members who are looking at equity funding to get in touch with KEL. He also updated on the business plan contest that was conducted by KE Global for MBA students from eighteen colleges as part of Verve 2011 in Mangalore. He encouraged members to participate in the activities of KEL and provide valuable suggestions on their needs and ideas for fostering a better network of entrepreneurs and professionals.
Mr. Michael D’Souza, Director of Mentoring, proposed the vote of thanks. He thanked the speaker, all the members of KE Bangalore and Dimensions who made the extra effort to come to Dubai and attend this program, the sponsors of the event, staff of India club and the audience. Mr. Alfred Vaz, Director of Events coordinated and anchored the event. This event was sponsored by Globelink West Star Shipping LLC, Dubai.