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 Federal Tax Authority (FTA) recently published a Public Clarification VATP031 on the treatment of the services of a member of a Board of Directors (hereafter referred to as “Director”). Effective from 1st January 2023, the provision of the Director’s services is no longer considered a “supply of services for VAT purposes” if the following […]
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 […]
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, […]
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 […]
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