Tax

June 14, 2022

by re think in Corporate Tax

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 […]

May 19, 2022

by re think in Tax, VAT

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, […]

May 6, 2022

by Rethink Publications in Economic Substance Regulation(ESR), Tax

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) […]

February 4, 2022

by re think in Tax, VAT

UAE VAT Updates – Timeline for Re-determination of Administrative Penalties extended until 31st December 2022

The UAE Cabinet issued Cabinet Decision No. 108 of 2021 (Decision) amending Article 3 of Cabinet Decision No. 49 of 2021 to extend the timeline for the re-determination of administrative penalties until 31st December 2022. The initial timeline was 31st December 2021. This Decision is effective from 1st January 2022. Consequently, the FTA released VAT […]

February 1, 2022

by re think in Tax, VAT

UAE TAX Updates – UAE TO INTRODUCE CORPORATE TAX FROM JUNE 2023

On 31 January 2022, the UAE Ministry of Finance (MOF) announced the introduction of Federal Corporate Tax (UAE CT) on business profits effective for the 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. The […]

January 31, 2022

by re think in Tax, VAT

UAE VAT Updates – Cabinet Decision on Controls and Procedures for Instalment Payment, Waiver and Refund of penalties

The UAE Cabinet issued Cabinet Decision No. 105 of 2021 (Decision) on 28th December 2021 that stipulates controls and procedures for installment payment, waiver, and refund of administrative penalties (penalties). This Decision is effective from 1st March 2022. WHAT’S NEW? I. Settlement of Penalties by Instalments The following conditions should be met to obtain […]

January 18, 2022

by Rethink Publications in Tax, VAT

Bahrain VAT Update – NBR Releases a Guide on Transitional Provisions for the Change of VAT Rate

The Kingdom of Bahrain (Bahrain) implemented Value Added Tax (VAT) on 1 January 2019, with the standard rate of VAT set at 5%. Bahrain amended VAT Law on 24 December 2021 to increase the VAT rate from 5% to 10% effective 1 January 2022. Supporting the transitional phase, the National Bureau of Revenue (NBR) released […]

November 21, 2021

by re think in Tax, VAT

UAE VAT Update – Reconsideration requests service is now available on the e-service portal

The UAE Federal Tax Authority (FTA) recently announced that the Reconsideration requests service is available to the tax registrants on their e-service portal from 19th November 2021. Earlier, the said service was available on the FTA’s website under the “E-from” section. This is a welcomed initiative that will improve the efficiency of the reconsideration process. We […]

November 16, 2021

by re think in Tax, VAT

UAE ESR Update – ADGM and MOF updated FAQs

The Abu Dhabi Global Market (ADGM) and the Ministry of Finance (MOF) have recently updated their dedicated ESR webpages with *new* FAQs sections. Key takeaways from the FAQs sections: Does ESR apply to Foundations and Trusts? Both ADGM and MOF recently confirmed that Trusts and Foundations may fall within scope of ESR should they be […]

November 14, 2021

by re think in Tax, VAT

UAE VAT Updates – New Guide on linking TRN with CRN

The UAE Federal Tax Authority (FTA) recently released a guide on linking the Tax Registration Number (TRN) with the Customs Registration Number (CRN). WHAT’S NEW? The guide provides the below two options for linking TRN with CRN. Option 1 VAT registrants can update CRN in its profile on the FTA’s e-service portal. Multiple CRNs can […]

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Tax

UAE Corporate Tax Update – Impact on Free Zone businesses

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

UAE ESR Update: ESR Audit — What Process?

UAE VAT Updates – Timeline for Re-determination of Administrative Penalties extended until 31st December 2022

UAE TAX Updates – UAE TO INTRODUCE CORPORATE TAX FROM JUNE 2023

UAE VAT Updates – Cabinet Decision on Controls and Procedures for Instalment Payment, Waiver and Refund of penalties

Bahrain VAT Update – NBR Releases a Guide on Transitional Provisions for the Change of VAT Rate

UAE VAT Update – Reconsideration requests service is now available on the e-service portal

UAE ESR Update – ADGM and MOF updated FAQs

UAE VAT Updates – New Guide on linking TRN with CRN

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