Insights

Extension of VAT Tax Return and Payment in the Month of April 2020
Insights Apr , 2020

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), allowing registered businesses sufficient time to fulfil their tax obligations before the deadline.

Extension of Excise Tax Return and Payment in the Month of April 2020
Insights Apr , 2020

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
Insights Mar , 2020

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
Insights Jan , 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
Insights Dec , 2019

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
Insights Sep , 2019

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
Insights Jul , 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
Insights Mar , 2019

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
Insights Jan , 2019

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
Insights Nov , 2018

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
Insights Dec , 2017

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!
Insights Jun , 2017

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.