Following Cabinet Decision No. 46 of 2020 to replace the words “or” by “and” in Article 31(2) of Executive Regulations to the VAT Law (“Regulations”), the UAE Federal Tax Authority (“FTA”) published a VAT Public Clarification on the zero-rating of export of services (“Public Clarification”). According to the Regulations, the export of services would be […]
The deadline for UAE Licensees to file the ESR Notification is now passed. Missing the deadline will trigger fines unless Authorities make use of their discretion to apply a grace period. So far, no grace period for any of the Authorities has been published. ESR took effect on 30 April 2019. There are a number […]
The UK’s big four accounting firms; PwC, Deloitte, KPMG and EY have until 2024 to separate their audit practices from their other provided business services. This move by the accounting regulator will be the biggest shakeup in the history of the accounting industry for decades. The Financial Reporting Council (FRC) has issued a 22-point plan […]
Introduction His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai announced the new ministerial structure, appointment of new ministers and merging of departments. The aim for such a change was to ensure the government is quicker in its decision-making, seizing opportunities and up to date with changes. The […]
Introduction On 14 June 2020, the Dubai Financial Services Authority (DFSA) in collaboration with Deloitte Middle East published a whitepaper on digital asset custodian[1] highlighting their role and importance in the digital asset market eco-system coupled with challenges and uncertainties currently faced by the industry. For the purposes of this paper, digital assets are characterized […]
Introduction The Financial Services Regulatory Authority (“FSRA”), the financial services regulator in the Abu Dhabi Global Market (“ADGM”), issued the Consultation Paper No. 1 of 2020 on proposed expansion of the regulatory framework applicable to money services business in order to capture the evolution of new business models and methods for fund transfer within payments […]
30 June has emerged as the almost-consensus notification deadline date for most UAE registrars and authorities with respect to ESR compliance. DDA has issued an update stating that the deadline for the ESR filing obligations of its Licensees has been extended to 30 June 2020. All Licensees irrespective of whether they carry out a Relevant […]
Dubai Aviation City Corporation (DACC) and Umm Al Quwain Freezone Authority (UAQFZA) issue updates on Economic Substance Regulation (ESR) deadline and submissions DACC has issued a new circular stating that the deadline for the ESR filing obligations of its Licensees has been extended to 23 June 2020. Umm Al Quwain Freezone authority has also issued […]
Introduction The Dubai Financial Services Authority (“DFSA”), the Financial Services Regulator in the Dubai International Finance Centre (“DIFC”), recently amended its legislation to introduce money/payment services business as one of the regulated activities within DIFC. The amended regulation is covered under various DFSA Rulebooks including Conduct of Business, General, AML, Prudential Rules and Auditor. These […]
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