Key Highlights of Corporate Tax in UAE Overview of Corporate Tax A type of direct tax imposed on the net income or profit that corporations and other entities make from their operations is called corporate tax. Federe-Law No. 60 of 2023 Amending Certain Provisions of the Federal Decree-Law No. 47 of 2022 on the Taxation...
International Tax Compliance: Explaining FATCA and CRS Automated Information Sharing – FATCA and CRS 1) Automatic Exchange of Information, or AEOI, is the automatic sharing of information between competent authorities across national borders in accordance with international agreements incorporated into national legislation in support of the worldwide movement for tax transparency. 2) As a type...
UAE Double Taxation Treaties Double Taxation Agreements The Ministry is working to expand its network of UAE Double Taxation Agreements (DTAs) and Bilateral Investment Treaties (BITs) in order to strengthen the competitiveness of the United Arab Emirates and to form global strategic partnerships. To date, the Ministry has concluded 193 DTAs and BITs with the...
Ministerial Decision No. 247 of 2023 On Issuance of Tax Residency Certificate for the Purposes of International Agreements 1) The States Minister for Financial Affairs 2) After reading the Constitution 3) Federal Law No. (1) of 1972 on the Authority and Responsibilities of the Ministries and the Modifications to It 4) Federal Decree-Law No. (13)...
Corporate Tax Anti-Abuse Rules in UAE (In the UAE, anti-abuse rule that specify when a transaction qualifies as tax-abusive are outlined in Article 50 of the tax legislation. Let’s talk about some key provisions of the tax code.) What is Tax Abuse? a) The employment of unlawful methods to lower the amount of taxes owed,...
UAE Announces Fees on International Imports in 2024 The UAE has changed the regulations governing UAE international imports and exports deliveries since the start of 2024. These modifications attempt to: Streamlining Customs Processes Streamlining Commercial Communications with Customs Authorities Boosting Global Trade Principal Modifications: The implementation of an electronic system for product declaration, which greatly...
Revolutionizing Internal Audit: The Blueprint for Next-Gen Success Internal audit’s responsibility to safeguard and improve corporate value includes providing assurance. By offering objective, risk-based assurance and guidance, internal audit seeks to increase and safeguard organizational value. Internal auditing is beneficial to all organizations, and the activity’s effectiveness depends on having an internal audit charter. Integrity,...
Dubai Customs’ Vigilant Efforts Against Smuggling and Counterfeiting Dubai Custom has consistently shown itself to be a very proactive organization within the Dubai Emirate. It is essential to the nation’s attempts to combat the threat of illegal trade, as evidenced by the discovery of smugglers’ attempts to transport illegal substances in a variety of forms,...
Accounting for Crypto in Dubai, UAE Since Cryptocurrency is not an equity or debt security, it cannot be treated under the same accounting rules as cash. Still, a lot of experts would consider IAS 38, which specifies intangible assets for cryptocurrencies, to be a suitable norm. Law No. (4) of 2022 Regulating Virtual Assets in...
Adjustments For Transitional Rules Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and the Modifications Made Under the Transitional Rules, Ministerial Decision No. 120 of 2023 State Minister for Financial Affairs: • After looking over the Constitution, • Federal Law No. 1 of 1972, as amended, on the Authority and...
