1.Introduction The Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by the United Arab Emirates (“UAE”), on 09 December 2022. The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) […]
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All about the Revised UAE Golden Visa Program
An economy that is growing faster than ever, a multifaceted technological hub, and a buzzing tourist spot- that’s what summarizes UAE. In 2019, the UAE government released the revised Golden Visa Program, a permanent residence visa for expatriates, which worked as a cherry on top to push the country’s progress further. What is the Golden […]
Why Do Companies Hire Bookkeeping Services in Dubai?
Managing and keeping track of finances is an integral part of every company. Analysing your company’s finances, bank accounts, and financial statements ensures your operations are running smoothly and helps you reduce and avoid extra expenditures. However, regardless of your business size, handling your finances alone is not easy, especially when you have a hundred […]
Global Tax Deal to Hurt Indians Who Moved Trust to the UAE
It is not new that the rich Indians have created and registered their family trusts in tax-friendly nations. As per the tax agents in UAE, they transferred their assets, including shares held in India and money repatriated from India, to the countries such as UAE, Singapore, and Malta to insulate themselves from the taxman status […]
How Can Business Owners Benefit from the Tax Agent Services in UAE?
Tax is a confusing term for many business owners. Hence, according to a study, most business owners who file the tax returns choose to use an accountant or tax agent services UAE. It is also noted that many companies would like to appoint tax representatives for increased accuracy, low stress, and maximum refunds. Tax agents […]
How to File ESR Notifications in UAE?
On April 30, 2019, the UAE issued Economic Substance Regulations as part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation. Cabinet Decision No. 58/2019 on the Determination of Regulatory […]
14
Mar
UBO Form – JAFZA
Jebel Ali Free Zone Authority, the regulator of Jebel Ali Free Zone (“Jafza”), would like to request its customers to provide the updated details of UBO Form by no later than 31 March 2021, to avoid paying the applicable late fine. The details can be updated on Dubai Trade Portal via this link (UBO form), […]
27
Jan
NON-RECOVERABLE INPUT TAX
As a general rule, the Input Tax recoverable is the total of Input Tax paid for Goods and Services which are used or intended to be used for making any of the following: • Taxable Supplies • Supplies that are made outside UAE which would have been Taxable Supplies had they been made in UAE. […]
21
Dec
The UAE Economic Substance Regulations Guidance on Notification
What is the purpose of the Notification? The purpose of the Notification is to provide the Regulatory Authorities with certain initial information in respect of Licensees and their activities in the UAE for the relevant Reportable Period. The information provided as part of the Notification is a prerequisite to filing an Economic Substance Report for […]
21
Dec
The UAE Economic Substance Regulations Guidance on Economic Substance Report
What is the purpose of the Report? This purpose of the Economic Substance Report is to provide the National Assessing Authority with information on the Licensee and the income, expenditure, assets, employees and governance related to its Relevant Activities in the UAE. Who needs to submit an Economic substance Report? An Economic Substance Report must […]
