Insights

03/28/2021

The UAE’s Ministry of Economy reiterated the need for non-financial businesses in the UAE to register on goAML, an anti-money laundering platform developed by the United Nations. Businesses can register for free on both systems by visiting the Ministry of Economy’s official website. The grace period for the targeted establishments to register has been extended until March 31, 2021. The goAML............

11/30/2020

Medical equipment like disposable suits, hand sanitizers, face masks, respirators for air purification, and gloves will be subject to zero-rated value-added tax (VAT) in the UAE. A resolution stipulating this was adopted by the UAE Cabinet to mitigate the repercussions of Covid-19 and support the healthcare sector in the country.............

09/03/2020

Tax compliance rates in the UAE have shown a remarkable increase with the total value of tax returns submitted to the Federal Tax Authority (FTA) growing by 21 percent over the past year, compared with 2018............

18/17/2020

The Federal Tax Authority, FTA, has issued a decision to postpone the implementation of the ban on supplying, transferring, storing, and possession of waterpipe tobacco - known in Arabic as 'mu'assel' - and electrically heated cigarettes in the UAE that do not carry digital tax stamps until January 1, 2021.............

07/22/2020

The Electricity Tariff Incentive Program (ETIP), recently launched in line with the Abu Dhabi Development Accelerators Programs ‘Ghadan 21,’ is expected to contribute to the increase of companies’ capitals, which will enable them to further develop their industrial products, enhance their business value, and improve competitiveness across the local and wider markets..............

06/08/2020

Some free zones have extended the March 31 deadline for companies to file Notification of Economic Substance Regulation with their relevant activities and core income-generating activities for businesses managed within and from the UAE.............

05/21/2020

The UAE's Ministry of Finance (MoF) ruled out any plan to hike value-added tax (VAT) following Saudi Arabia's announcement of a three-fold increase in VAT on Monday..............

04/22/2020

In light of the unprecedented precautionary measures undertaken by the UAE to curb the spread of COVID-19, the Federal Tax Authority (FTA) has issued an alternative deadline to file tax returns for VAT and pay taxes on May 28 for the tax period ended on March 31..............

04/07/2020

H.H. sheikh Khalid bin Mohamed bin Zayed, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office witnessed today the signing of a Memorandum of Understanding (MoU) between Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi National Oil Company (ADNOC), to enhance cooperation and drive In-Country Value (ICV) for Abu Dhabi..............

04/04/2020

In a major push towards Abu Dhabi's vision of digital transformation and to boost business morale, an array of initiatives were launched on Saturday..............

10/14/2019

The Federal Tax Authority (FTA) has started the procedures related to implementing Cabinet Decision on Excise Goods, Excise Tax Rates, and the Method of Calculating the Excise Price, issued in August 2019, which expanded the scope of excise goods to include electronic smoking devices and liquids, and sweetened drinks...............

08/06/2019

His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and Chairman of the Federal Tax Authority, FTA, has issued a Decision whereby the "Marking Tobacco and Tobacco Products Scheme" will be implemented on water pipe tobacco and electrically heated cigarettes as of November 1, 2019..............

08/06/2019

Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Federal Tax Authority (FTA), issued FTA Decision No. (1) of 2019, setting a daily maximum of Dh7,000 for VAT cash refunds for tourists applying through the Tax Refunds for Tourists Scheme..............

07/02/2019

Dubai was the largest beneficiary among the seven emirates in value-added tax (VAT) collection last year, receiving 42 percent or Dh11.34 billion of the Dh27 billion total, Moody's Investors Service said...............

06/27/2019

UAE residents risk a fine of up to Dh500,000 for selling items on social media without a license, including mums who are operating online catering, tailoring, and beauty businesses from home, lawyers have warned...............

06/23/2019

Abu Dhabi: The Federal Tax Authority, FTA, has announced approving 390 VAT refund applications totaling Dh17.5 million, for Emiratis who paid it when building their homes...............

06/21/2019

A Limited Liability Company (“LLC”) is the most common type of corporate structure that is used in the UAE by investors who intend to carry on business in the mainland...............

06/19/2019

The UAE’s gross domestic product grew an annual 2.2 percent from a year earlier in the first three months of this year as the non-oil sector of the country’s economy continued momentum on the back of government spending, the central bank said..............

12/31/2018

Taxpayers in the UAE and Saudi Arabia will have to brace themselves for official audits next year as the roll-out of the 5 percent VAT since January 1 this year overcomes a number of hurdles and teething problems...............