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 […]
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 […]
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 […]
The UAE Cabinet issued Federal Decree-Law No. 28 of 2021 on 16 September 2021 that amends some of the provisions of Federal Law No. 7 of 2017 on Tax Procedures (Tax Procedures Law). The amendments are effective from 1st November 2021. WHAT’S NEW? I. Extended timeline The timeline has been increased from 20 to 40 […]
The Federal Tax Authority (FTA) recently updated the list of Designated Zones (DZ) in the UAE by adding one DZ and excluding three DZs from the existing list of DZs. The UAE Cabinet has issued Decision Number 88 of 2021 to amend Article 51 of the UAE VAT Executive Regulations to be effective from 30th […]
The Organisation for Economic Cooperation and Development (OECD) recently announced that 136 countries agreed to the Statement on the Two-Pillar Solution to address the tax challenges arising from the digitalization of the economy that will have a fundamental impact on international tax rules. By joining this tax reform, countries have agreed to set a minimum […]
The Kingdom of Bahrain (Bahrain) implemented Value Added Tax (VAT) on 1 January 2019 at a standard rate of 5%. It is understood from news sources that in less than 3 years since the implementation of VAT, Bahrain plans to double its VAT rate to 10 % in a bid to boost state revenue and […]
Saudi Arabia’s Minister of Finance and Board Chairman of the Zakat, Tax and Customs Authority (ZATCA) issued Ministerial Decree No. 3852 introducing new rules of origin for GCC manufactured goods and the conditions to qualify those goods as ‘national’ for applying the GCC preferential treatment during the import into the KSA as per the GCC […]
The UAE Federal Supreme Court ruled on the first Tax Evasion case ordering payment of five times the amount of the evaded tax, amounting to approximately 4 million Dirhams. Tax Evasion is defined in the Tax Procedures Law as “the use of illegal means resulting in the reduction of the amount of the Due Tax, […]
Introduction Expo 2020 is scheduled to be hosted by Dubai in the United Arab Emirates from 1 October 2021 to 31 March 2022. The official participants of the Expo can claim the VAT incurred on the expenses. The Federal Tax Authority (FTA) had announced Cabinet Decision no. 1 of 2020 on the ‘Refund of VAT […]
Etiam magna arcu, ullamcorper ut pulvinar et, ornare sit amet ligula. Aliquam vitae bibendum lorem. Cras id dui lectus. Pellentesque nec felis tristique urna lacinia sollicitudin ac ac ex. Maecenas mattis faucibus condimentum. Curabitur imperdiet felis at est posuere bibendum. Sed quis nulla tellus.
63739 street lorem ipsum City, Country
+12 (0) 345 678 9
info@company.com