Be Thankful you do Business in the UAE

The UAE has taken significant steps to enhance tax transparency and facilitate the exchange of tax information by bringing its domestic tax rules in line with international standards. One such major move is the introduction of Corporate Tax (CT) which will be levied on business profits on or after June 1, 2023. Here are some interesting aspects you should know about the UAE CT regime, that will assure you that corporate tax is the way forward and be thankful you do business in the UAE.

UAE Corporate Tax Application

The Ministry of Finance (MoF) announced that federal Corporate Tax (CT) will be levied on business profits at the rate of 9%, effective from 1 June 2023. The aim of introducing CT in the UAE is to cement its position as a leading global business hub and be in line with international standards for tax transparency.
In this article, we brief you on the key features of the UAE CT Regime and its applicability to natural and legal entities in the UAE.

VAT Deregistration in the UAE

Since the introduction of VAT in the UAE every business in the UAE has been oriented towards the importance of VAT registration with The Federal Tax Authority (FTA). However, companies also need to have an in-depth understanding of when and under what situations they must deregister their businesses from VAT.

All about Excise Tax in the UAE

The purpose of levying excise tax was to reduce the consumption of unhealthy and harmful commodities while also raising the revenue for the government to spend on beneficial public services. Any business which produces, imports, or stockpiles excise goods, or releases them from a designated zone in the UAE, should register for excise tax.

The VAT Marathon – Qatar-The Fifth State to Introduce VAT

The buzz in the region is Qatar is expected to introduce VAT in late 2021 or early 2022 depending on the stability of their economy, trade and other factors. In this article we brief you on the possible impact of this move on consumers and businesses in Qatar.

UAE’s New Weekend: Implication for Taxpayers

Insync with the World

In 2022 public sector weekends have officially switched to Saturday and Sunday in the United Arab Emirates (UAE), as the country aligned its working week with global markets. The good news is the government also announced a four-and-a-half day working week for federal government departments.

Moving Towards E-invoicing in Saudi Arabia

With Saudi Arabia having successfully introduced Phase 1 of E-invoicing on December 4, 2021, there’s a buzz that other GCC countries may follow soon. Here’s all you need to know about E-Invoicing, its relevance, phases and guidelines for taxpayers.

Guide for EXPO 2020 participants to benefit from the VAT Refund Scheme

Foreign businesses visiting the country for business purposes and exhibitors in EXPO 2020 are entitled to request a refund on the VAT expenses incurred on the goods and services related to the exhibition. The FTA has called on official participants to benefit from the special refund scheme on goods and services in connection with the EXPO.
In this article, we discuss the methods applicants can claim VAT refund, the categories of claimable VAT expenses and the supporting documents to be submitted.

Digital Tax Stamps to Track and Trace Excisable Products

In enhancing the excise tax regime in the UAE, the Federal Tax Authority (FTA) has announced the adoption of new design for ‘Digital Tax Stamps’ to be placed on the packaging of cigarettes, electrically heated cigarettes, and waterpipe tobacco (known in Arabic as ‘Mu’assel’) circulated in local markets.

Important Terms used in Anti-money Laundering Policies

Not many businesses are aware of important Anti-Money Laundering policies and their allied implications. Every business owner ought to be aware of the important terms related to AML during these current times, where a business could fall prey to money-laundering. Having clarity on the meaning of AML policies and their frequently used terms will help you better understand the rules.