Blog – N R Doshi & Partners

AML/CFT Compliance Requirements in UAE

AML compliance is a fundamental requirement for all businesses and organizations in the UAE. We have summarised every step of the compliance process for your comprehensive understanding in this infographic. Mitigate financial risks and stay compliant with regulations with us. Know more about our AML services or simply write to us at enquiries@nrdoshi.ae or call us on +971 4 352…

FTA Public Clarification on Gold & Diamonds -Amendment to Tax Treatment of Making Services

On 29th November 2022, UAE’s FTA (Federal Tax Authority) issued a public clarification (VATP032) regarding gold and diamonds. This amendment addressed the tax treatment of making services in the jewelry industry (specifically for gold and diamonds), rendering the earlier public clarification VATP029 invalid. The revised public clarification will define how VAT (Value Added Tax) will apply to making charges for…

The Story of Asim Abdul Rahman Ghafoor: The US Attorney Convicted of Money Laundering in UAE

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…

Dubai Unveils Ambitious Metaverse Strategy – Aims to Create 40,000 Jobs in 5 years

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 Ultimate Guide to Comply with Economic Substance Regulations & Avoid Penalties in Dubai

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…

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