In ‘The Psychology of Money’, Morgan Housel coins an interesting concept – ‘appealing fictions’. This happens when you are smart, you want to find solutions, but face a combination of limited information and high stakes. They can make you believe just about anything.
When it comes to tax laws, the financial stakes are sky high and business owners are currently having limited information. The business community and tax fraternity need to introspect if they have already started believing in ‘appealing fictions’ instead of a robust analysis of the tax laws.
AskPankaj Tax Advisors takes pride in contributing - through its regular columns in leading newspapers – to tax awareness and, tax policy discussions in UAE. With the growing importance of taxation in the country, business owners would need to ask the right questions to comprehensively understand its actual implications.
