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 […]
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 […]
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 […]
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 […]
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 […]
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