‘ICAI assisted the UAE in developing legislation on bankruptcy, insolvency’

There is the insolvency and bankruptcy law that has come in and we are equal partners in this. On both occasions, we were called in by the standing committee, which drafts the legislation.

CA Naveen ND Gupta, vice-president, ICAI

dubai —The Institute of Chartered Accountants of India (ICAI) has a role in helping develop the UAE’s economic legislations, according to the vicechairman of the institute, CA Naveen ND Gupta.

Speaking at the 35th conference of the ICAI - Dubai Chapter, themed ‘Future of Future’, Gupta said the institute’s opinions were taken into consideration while the UAE was drafting the Insolvency Law.

“There is the insolvency and bankruptcy law that has come in and we are equal partners in this. On both occasions, we were called in by the standing committee, which drafts the legislation. Our contribution was given and most of our suggestions were accepted. So here also, if there are laws that are being drafted, in terms of goods and services, we do sound our suggestions,” said Gupta.

He said the UAE’s and India’s political and economic relationship has grown since the visit of Indian Prime Minister Narendra Modi to the UAE. “In 35 years, this was the first prime minister to visit this nation. Relationships are bound to increase.

“We have a strong network of chartered accountants here. We are almost 2,200 chartered accountants here. I would like to give an assurance that we are geared up and competent to take up any task given to us.

“Because we are discussing a very noble theme of future of future, the future trend today is bringing in more transparency, better governance, so looking at our role that we are playing within the country, we are partnering with the government banks in India to roll out legislations and the One Nation, One Tax, which is considered to be the biggest tax reform in the country.”

sarwat@khaleejtimes.com