Definition When we think of money, stored value means anything that is not cash, but one can still use it to transfer value – checks, debit cards, gift cards, and forms like that. These are used to transport some dollar/ currency amount which we can later exchange for goods and services. Each of these […]
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 […]
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 […]
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, […]
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 […]
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 […]
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published a consultation paper to seek views on revising fees for the late submission of regulatory returns. This Consultation Paper should be of particular interest to all entities that are required to submit regulatory returns to the FSRA, whether they are authorised […]
What is the FATCA/CRS self-certification all about? There are two scenarios in which FATCA/CRS self-certification are required in UAE. The first is where the Regulator initiates the request in order to determine which legal entities should be filing annual reports with the Ministry of Finance. The second is where the financial institution, which has an obligation […]
In the UAE, as in other countries, businesses too often prepare a budget without first giving due consideration to strategy and medium-term business planning. This is particularly the case for small and medium-sized entities (SMEs) whose management may not all have had exposure to best practice in this area. It is a statement of […]
The global market in financial services outsourcing is estimated to be USD130Bn with an expected annual increase of 7.5%. Earlier research also suggests that companies which opt for a single vendor to outsource multiple functions have realised savings of up to 32%. Just before the turn of the century, a new phenomenon was gripping the […]
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