There is some excellent news for skilled foreign workers who are considering moving to the UAE in search of better opportunities. UAE’s cabinet has introduced a few changes to the golden visa scheme that will streamline the immigration process and enable foreigners to contribute more to the economy. Expatriates comprise 80% of the population in the UAE and they have…
UAE enjoys excellent economic prosperity, and one of the main reasons for it is that they have strict laws to prevent any malpractices. To strengthen the efforts to curb tax evasion and other financial crimes, UAE has launched ‘Raqeeb,’ a whistleblower program. From April 15, 2022, onwards, any individual who provides information regarding tax evasion, money laundering, tax evasion violations,…
The year 2018 witnessed a change in the Taxation laws in the UAE. Over 150 countries implemented VAT to raise revenue. Like others, UAE implemented the same to raise revenue. In this blog, you’ll know important things about VAT in UAE. Value Added Tax is also known as VAT did come into force on the 1st of January 2018. The…
On 31 January 2022, the UAE Ministry of Finance (MoF) announced the introduction of a federal corporate tax (CT) in the UAE. The tax will be effective for financial years starting on or after 1 June 2023. The UAE federal corporate tax regime will be based on international best practices, with a low/minimal compliance burden on businesses. Rates for Corporate…
Overview of VAT Penalty in UAE: A list of administrative penalties has been updated by the Government of the UAE that is imposed on businesses for violation of the tax laws. The minimum amount of VAT penalty UAE starts from the amount of 500 AED as well as raises until the triple value of the tax on the transaction in…
UAE addresses the essence of implementing the laws relating to the VAT. The impact of increase in Value Added Tax, compulsory and voluntary registration, methods of payment, the required amount of payment, even the items not subject to VAT Law in UAE – collectively impact individuals. Moreover, sudden transformations in the Tax Policies and VAT Law in UAE make it…
An Audit and Assurance is the most important health check of your finances. It is a highly specialized realm and needs to be done with utmost accuracy and transparency. You need FTA authorized auditors to represent your company before the authorities. Qualified auditors in UAE bring a myriad of benefits to the table to design and implement the best accounting…
Finding the right auditing company in UAE takes a lot of doing. It is an inseparable part of your business. Besides, an audit is a specialized realm that needs in-depth knowledge and expertise. Businesses fail to comply with the UAE regulations primarily due to the wrong selection of auditing companies in UAE. It is the cornerstone of your financial credibility…
A new Cabinet Decree No. 105 of 2021 was issued on 28th December 2022 by the Federal Tax Authority on Controls and Procedures for paying administrative penalties by instalments and waiving and refunding administrative penalties. The new decree will come into effect on 1st March 2022. Details The approval requests regarding the administrative penalties would be subject to the following…
On 28 April 2021, the Cabinet issued Decision No. 49 of 2021 on Amending some Provisions of Cabinet Decision No. 40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE (“Cabinet Decision No. 49 of 2021”) Cabinet Decision No. 49 of 2021 amended some of the administrative penalties applicable to certain violations and allowed for a…