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UAE VAT Update — Clarification on Natural person Performing the Function of Director on a Board of Directors

The Federal Tax Authority (FTA) recently published a Public Clarification VATP031 on the treatment of the services of a member of a Board of Directors (hereafter referred to as “Director”). Effective from 1st January 2023, the provision of the Director’s services is no longer considered a “supply of services for VAT purposes” if the following […]

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UAE VAT Updates – Amendments to the VAT Law effective from 1 January 2023

The UAE Cabinet (Cabinet) issued Federal Decree-Law No. 18 of 2022 on 26 September 2022, which amends some of the provisions of Federal Law No. 8 of 2017 on Value Added Tax (VAT Law). The amendments are effective from 1 January 2023. KEY UPDATES It is noteworthy that the VAT Law is amended to revise […]

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UAE Corporate Tax – Impact on transactions with connected persons

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, […]

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UAE Compliance Update: Dubai Virtual Asset Regulatory Authority Issues First VASP MVP License

We are starting to see greater precision around the regulatory process of the Dubai Virtual Asset Regulatory Authority (“VARA”) with the recent issue of its first operating license to FTX Exchange FZE (“FTX”), a subsidiary of FTX Europe. FTX is the first virtual asset service provider to receive a minimum viable product (MVP) license from VARA to […]

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 […]

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