Corporate Tax Highlights
E-Invoicing Requirements
Corporate Tax
New UAE Labour Law Coming Into Effect
Expo 2020: VAT Refund Scheme
New Federal Company Law
Recharge of Expense Transactions | A Look at the Differing VAT Treatments
Dubai Issues “Retire in Sun” Visa Scheme
Extension of VAT Tax Return and Payment in the Month of April 2020
Extension of Excise Tax Return and Payment in the Month of April 2020
COVID-19: Memo
Two Years of VAT in the UAE
Public Clarification on the Time-Frame for Input Tax Recovery
Economic Substance Regulations
UAE Issues Country-by-Country Reporting Rules
Liquidating a Company in the UAE
Appealing a Decision by the UAE Federal Tax Authority
Setting up an Offshore Company in the Jebel Ali Free Zone Authority (“JAFZA”), Dubai, UAE
General Overview of Enforcement Agency of VAT in the UAE
Getting Ready for VAT in the UAE!
Insights
Corporate Tax Highlights
The Federal Decree-Law No. 47 of 2022 (the “UAE Corporate Tax Law”) was recently issued and has provided clarification on several key aspects of the new Corporate Tax (“CT”) regime in the United Arab Emirates. Please note that we are still waiting for the related Executive Regulations and Cabinet Decisions, so the following highlights are […]
E-Invoicing Requirements
A Tax Invoice is a key document for VAT. As such, it is important to make sure that the accounting software includes certain requirements for the issuance of electronic invoices in the UAE. As per the relevant regulation issued by the FTA in October 2017 entitled “Requirements Document for Tax Accounting Software”, please see below […]
Corporate Tax
In July 2021, the UAE Ministry of Finance (“MOF”) confirmed the UAE supports the global minimum effective tax rate under the Organisation for Economic Co-operation and Development (“OECD”)/G20 Base Erosion and Profit Shifting (“BEPS”) 2.0 project. Subsequently, the MOF has announced that Corporate Tax (“CT”) will commence in the UAE for financial years starting on […]
New UAE Labour Law Coming Into Effect
The UAE Ministry of Human Resources & Emiratisation (“MOHRE”) has just announced the introduction of the Federal Decree Law No. 33 of 2021 (“New Labour Law”), which will come into effect from 2 February 2022. The New Labour Law replaces the Federal Law No. 8 of 1980 (“The Old Labour Law”) in its entirety. The […]
Expo 2020: VAT Refund Scheme
Expo 2020 is a World Expo currently hosted in Dubai, United Arab Emirates from 1 October 2021 to 31 March 2022. The Expo 2020 was rescheduled due to the global COVID-19 pandemic from October 2020 to April 2021. During the world expo, individuals and businesses from around the world are descending upon Dubai to display […]
New Federal Company Law
The new Federal Decree-Law No. 32 of 2021 (“New Company Law”) issued on 20 September 2021 to replace the Federal Company Law No. 2 of 2015 (“Old Company Law”). The New Company Law comes into effect from 2 January 2022, and includes several aspects designed to further strengthen the UAE’s position as a leader for […]
Recharge of Expense Transactions | A Look at the Differing VAT Treatments
Recharges of expenses are common transactions between related parties and entities under common management control and ownership.
Dubai Issues “Retire in Sun” Visa Scheme
The Government of Dubai recently announced a new 5-year residency Retirement Visa for foreigners aged 55 years and above looking to retire in a city that offers year-round sunshine.
Extension of VAT Tax Return and Payment in the Month of April 2020
On 21 April 2020, the Federal Tax Authority (“FTA”) announced an extension and to provide an alternative date of 28 May 2020 as the deadline for submitting VAT returns and settling payable tax for the tax periods ended 31 March 2020 (monthly and quarterly VAT returns)
Extension of Excise Tax Return and Payment in the Month of April 2020
On 14 April 2020, the Federal Tax Authority (“FTA”) issued an extension of the tax period, which began on 1 March 2020 for businesses registered for Excise Tax for one month on an exceptional basis.
COVID-19: Memo
Reflecting the severity of the Coronavirus impact on the world and its over 7.5 billion inhabitants, the World Health Organization declared COVID-19 a pandemic on March 11, 2020.
Two Years of VAT in the UAE
The UAE has just marked two years of Value-Added Taxes in the United Arab Emirates, and the Federal Tax Authority (“FTA”) has highlighted some key metrics……
Public Clarification on the Time-Frame for Input Tax Recovery
The Federal Tax Authority (“FTA”) recently issued a public clarification (VATP017) to VAT registered businesses and individuals in the UAE concerning the allowed time frame for input VAT recovery.
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 (“EU”) Code of Conduct Group on Business Taxation, the UAE introduced a Resolution on the Economic Substance (Cabinet of Ministers Resolution No.31 of 2019, the “Regulations”) on 30 April 2019.
UAE Issues Country-by-Country Reporting Rules
The new Country-by-Country (“CbC”) Reporting Rules were issued by the UAE Ministry of Finance (“MoF”) introducing formal regulations for demonstrating economic substance, effective 30 April 2019 in line with OECD Inclusive Framework.
Liquidating a Company in the UAE
Whether on a voluntary or involuntary basis, our company liquidation services involve complete assistance to successful wind up a company listed in one of the free zones in the United Arab Emirates or a local company registered by the Department of Economic Development of one of the Emirates.
Appealing a Decision by the UAE Federal Tax Authority
As a first step, the taxpayer should request the FTA to reconsider its decision. This reconsideration request should be made within 20 business days from the date the taxpayer was notified of the original decision of the FTA, and the FTA will have 20 business days from receipt of such application to provide its revised decision.
Setting up an Offshore Company in the Jebel Ali Free Zone Authority (“JAFZA”), Dubai, UAE
Jebel Ali is an area located in the Emirate of Dubai home to the Jebel Ali Free Zone and the Port of Jebel Ali, which is the largest manmade sea port in the world and the busiest sea port in the Middle East.
General Overview of Enforcement Agency of VAT in the UAE
The newly-formed Federal Tax Authority (“FTA”) will be the enforcement agency headquartered in the capital city, Abu-Dhabi, with full authority to administer, collect, and enforce federal UAE taxes, including VAT.
Getting Ready for VAT in the UAE!
The UAE VAT Laws and related Implementing Regulations are expected to be issued very soon that will be the primary source of information and guidance for VAT in the UAE.