New VAT recordkeeping requirements for E-commerce transactions
New VAT recordkeeping requirements for E-commerce transactions The UAE Ministry of State for Financial Affairs has issued Ministerial Decision No. 26 of 2023 on the Criteria and Conditions for Electronic Commerce for Purposes of Keeping Records of Supplies Made, in response to the need for better control and oversight of e-commerce transactions and tax revenues. […]
Amendment to the UAE VAT Executive Regulations
Amendment to the UAE VAT Executive Regulations Criteria and conditions for Electronic Commerce for the purpose of the amendment to Emirates’ reporting of VAT Ministerial Decision No. 26 of 2023 on the Criteria and Conditions for Electronic Commerce for the Purposes of Keeping Records of the Supplies Made was released by the Minister of State […]
Dubai Customs Voluntary Disclosure Program “Self-Audit Finding Service”
Dubai Customs Voluntary Disclosure Program “Self-Audit Finding Service” In order to improve Dubai-based businesses customs compliance levels and reinforce trust, transparency and engagement. Dubai customs on August 11th, 2022, has launched a new voluntary disclosure program (“Self-Audit Finding Service”), that is aiming to encourage importers and exporters to voluntarily disclose errors and report irregularities that […]
New UAE tax residency criteria applicable from 1st March 2023
New UAE Tax Residency criteria applicable from 1st March 2023 Decision No. 85 of 2022, issued by the UAE Cabinet of Ministers on 9 September 2022, introduces a new domestic definition and criteria for determining when an individual or legal entity is considered a Tax Resident of the UAE under any UAE tax law or […]
The FTA in the UAE Eases VAT Compliance for Directors’ Fees: An Overview of Recent Changes
The FTA in the UAE Eases VAT Compliance for Directors’ Fees: An Overview of Recent Changes The Federal Tax Authority (FTA) in the UAE has recently made changes to the Value Added Tax (VAT) treatment of director’s fees. The FTA has amended Article 3 of the Cabinet Decision No. 52 of 2017 on the Executive […]
Corporate Tax In The UAE : Implications On Freezone Business
Corporate Tax In The UAE : Implications On Freezone Business On January 31st, 2022, the UAE Ministry of Finance (MoF) announced the introduction of Corporate Tax (“CT”) in the United Arab Emirates which will be effective for financial years starting on or after June 1st, 2023. On 28 April 2022, MoF also released a Public […]
UAE Corporate Tax Law Published
UAE Corporate Tax Law Published The UAE Corporate Income Tax Law has been published today, and it is available on the new digital tax administration platform, EmaraTax. It is now confirmed that the businesses will become subject to UAE Corporate Tax from the beginning of their first financial year, which starts on or after 1 […]
Corporate Tax In the UAE
Corporate Tax In The UAE A corporate tax is a tax levied on the profit of a business. The taxes are paid on the company’s taxable income, using the below-simplified formula: Taxable Income = Gross revenue – COGS – Tax allowable Expenses (Deductions) When the deduction (expenses) claimed is more than the total revenue earned by […]
UAE issues resolution on Tax Residency
UAE issues resolution on Tax Residency The UAE government has approved Cabinet Resolution No. 85 of 2022 providing guidelines to determine the tax residency for “natural and legal” persons and shall be effective from 01 March 2023. Prior to such Cabinet Decision, no statutory definition was available on the procedure for applying for a Tax […]
The Ministry of Finance signed an agreement for the Avoidance of Double Taxation with Tanzania
The Ministry of Finance signed an agreement for the Avoidance of Double Taxation with Tanzania The Ministry of Finance signed an agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income with Tanzania, a part of efforts to strengthen cooperation in tax matters, protect taxpayers from double […]
