The Abu Dhabi Criminal Court presides over money laundering and tax evasion matters in its jurisdiction. Such crimes are taken very seriously and can have disastrous consequences for perpetrators. A US citizen named Assem Abdul Rahman Ghafour was sentenced to 3 years of rigorous imprisonment while fined 3M dirhams for committing two crimes last month in July 2022. The court…
The UAE economy has been on an upward trajectory lately. It witnessed a whopping 8.2% growth at the beginning of 2022. The primary reason for this sharp growth spike is higher oil prices and the UAE government’s measures to stabilize the economy in the wake of the Covid-19 pandemic. As per a statement released by UAE’s Central Bank in its…
The UAE government introduced VAT (Value Added Tax) in 2018. Companies should always be prepared, knowing that the FTA can conduct a surprise tax audit whenever they want. Under the federal laws concerning taxation, the FTA has the authority to subject any individual/entity to tax audits to ensure compliance with the relevant laws. How Do you Define an FTA Tax…
According to the latest World Bank annual ratings for 2021, the UAE ranked 17 among 190 countries in the ease of doing business. Additionally, Dubai was hailed as the most lucrative destination for foreign direct investments in the tourism sector. Gulf Today reports that the UAE generated $1.7 billion through 30 FDI projects while generating over 5540 jobs. These results…
Earlier this year, Dubai announced a regulatory framework for virtual assets, including cryptocurrency. Apparently, this move promotes Dubai as a global hub for digital assets. The Dubai authorities also created a regulatory body known as the Virtual Assets Regulation Authority (VARA) to supervise the proceedings. Another major announcement in this direction came from Dubai’s authorities on 18th July 2022. The…
The UAE Ministry of Finance on January 31 announced the much-awaited introduction of the Federal Corporate Tax on business profits effective as of 1st June 2023. It is seen as a paradigm change and marked a watershed moment in the history of the UAE. This detailed infographic will walk you through every aspect of The new Federal Corporate Tax. Please…
The UAE government introduced the Economic Substance Regulations (ESR) to curb harmful trade practices. Economic Substance Regulations in Dubai is a set of rules, regulations, and requirements that apply to particular businesses. What is the main objective of Economic Substance Regulations in Dubai? The primary objective of ESR is to regulate & monitor the activities of all onshore and free…
The UAE is a popular destination for businesses all over the globe because it is a tax haven. To our surprise, the UAE government introduced VAT (Value Added Tax) in 2018 to reduce its dependence on oil and hydrocarbons for its revenue. Not too long ago, the Corporate Income tax in UAE only applied to oil companies and foreign banks.…
The government of the UAE announced the milestone Data Protection Law in the UAE on 20th September 2021. UAE’s authorities implemented it on 2nd January 2022 to be at par with the transparency & data protection practices worldwide. What Does the New Data Protection Law in UAE Accomplish? This new law clarifies what is acceptable for aspects like collection, processing,…
The government of the UAE implemented the Virtual Assets Law on 28th February 2022. It was introduced by Sheikh Mohammed Bin Rashid Al Makhtoum. This law is a crucial legislative development in Dubai. It applies to virtual services that companies provide in Dubai & the other special development and free zones [excluding DIFC (Dubai International Financial Centre)]. Additionally, the Virtual…