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by in Corporate Tax 0 Comment

UAE Corporate Tax Update – Impact on Free Zone businesses

On 31 January 2022, the Ministry of Finance (MOF) announced that the United Arab Emirates (UAE) will introduce a Federal Corporate Tax (CT) on business profits effective for financial years starting on or after 1 June 2023. Since the announcement, the  MOF released a Public Consultation Document on CT (Consultation) that contains information on the […]

by in Compliance, Industry News 0 Comment

FATCA/CRS Compliance Alert: ADGM FILING DEADLINES CLARIFIED

ADGM FINANCIAL REGULATED ENTITIES  – 21st JUNE ADGM NON REGULATED ENTITIES – 30th JUNE All other ADGM non-regulated entities (e.g. Foundations, SPV’s) conducting ‘Investment Activities” may fall within the scope of FATCA / CRS reporting and have until 30th June to register and file (if applicable) via the Ministry of Finance portal. Significant administrative penalties […]

by in Tax, VAT 0 Comment

UAE Corporate Tax Update — Stop and Rethink on the decision to Tax Group under the UAE Corporate Tax

On 31 January 2022, the UAE Ministry of Finance (MOF) announced the introduction of Federal Corporate Tax (CT) on business profits effective for financial years starting on or after 01 June 2023, with a standard statutory tax rate of 9% and a 0% tax rate for taxable profits up to AED 375,000. Following the announcement, […]

by in Economic Substance Regulation(ESR), Tax 0 Comment

UAE ESR Update: ESR Audit — What Process?

With the issuance of the new Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements (“Regulations”) on 10 August 2020, the Federal Tax Authority (“the FTA”) was appointed as the National Assessing Authority. The FTA’s functions include, without limitation: (i) undertaking assessments to determine whether a Licensee has met the Economic Substance Test; (ii) […]

by in Compliance, Industry News 0 Comment

Newsflash — Dubai issues New Law (No.9 of 2022) to regulate the provision of digital services

The new law mandates government entities, judicial authorities and non-government entities in Dubai to provide digital services in Arabic, English and other languages to their customers within the next year. The technical requirements of the new law will be published on the Digital Dubai Authority’s website. Subject to the approval of the relevant authorities and […]

by in Compliance, Industry News 0 Comment

UAE’s Regulatory Ecosystem for Crypto Assets

Serious innovators, fintech enthusiasts, digital services operators, investors, businesses and entrepreneurs in search of the right digital marketplace can look to the UAE for a favourable to organise and carry out their affairs. With a framework of laws, policies and secure state-of-the-art infrastructure for digital services, complemented by pervasive smart government programmes, the UAE’s regulatory […]

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