As perhaps the densest center of wealth worldwide, the Middle East is home to an increasingly larger number of family offices. Irrespective of geography, the motivations behind setting up a family office are often similar: preserving family wealth, ensuring inter-generational transfer, mitigating family conflicts, consolidating assets, dealing with a sudden liquidity influx, increasing wealth management […]
To reassure the tourists visiting the UAE to shop tax-free, Federal Tax Authority (FTA) issued Cabinet Decision No. (41) of 2018 introducing Tax Refund for Tourists Scheme (the “Scheme”). Incorporating state-of-the-art digital technology, the FTA’s Tourists Refund Scheme allows eligible tourists to reclaim Value Added Tax (VAT) incurred on purchases they have made whilst in […]
The Kingdom of Bahrain (Bahrain) has enacted the Value Added Tax (VAT) Decree-Law No. (48) for VAT to be introduced from 1 January 2019 in line with GCC Unified Agreement for VAT, making Bahrain the third GCC country to implement VAT after the UAE and KSA. The key features of the VAT regime in Bahrain […]
The Bahrain Parliament today approved the VAT Law and the new tax regime is slated to be implemented on 1 January 2019. Information available in public domain reports that the VAT Decree Law has been passed, following a closed door meeting of the Parliamentary Finance and Economic Committee and the Chairman. The draft Decree Law […]
On 10th September 2018, Abu Dhabi Global Market (“ADGM”), the International Financial Centre in Abu Dhabi, United Arab Emirates, launched a new framework to regulate the operators of Private Financing Platforms (“PFPs”) serving equity investment, debt financing and trade receivables funding needs of private enterprises including start-ups and SMEs (the “Framework”). The Framework provides a […]
Application of VAT to real estate transactions has been contentious across the world, owing to the differential treatments being applied to transactions, usually based on ownership and type of use. In the GCC region, KSA and UAE implemented VAT with effect from 1 January 2018 and Bahrain is expected to follow suit by introduction of […]
The UAE VAT Law and the Executive Regulations provide for special treatment of Designated Zones. Free Zones notified by the Federal Tax Authority (FTA) are identified as Designated Zones for the purpose of UAE VAT Law. In addition to the existing Designated Zones, FTA recently notified the following free zones as Designated Zones with effect […]
Globally, “cryptocurrencies” have created a massive hype in the recent past and it is impossible to ignore the rise in crypto-trading. Blockchain has disrupted the functioning of the financial services sector in a big way by reducing the lead time in transaction processing and the costs involved and has introduced a new type of financial […]
Cross-border tax evasion is one of the vexed issues faced by the national governments worldwide. As globalisation of business transactions continues to advance, in order to address tax evasion and avoidance through offshore financial structures, the Organisation for Economic Cooperation and Development (“OECD”) developed the “Common Reporting Standards” (“CRS”) in July 2014, a global reporting […]
The UAE Federal Tax Authority recently published a guide on Clarifications. The FTA has set up a mechanism to provide written guidance on the FTA’s interpretation and position on specific tax matters of uncertainty. Any person may seek a clarification from the FTA on tax matters, provided that such person has analysed the tax law, […]
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