Country by Country (CbC) reporting is covered by the UAE’s cabinet resolution No. 32 of 2019. It is part of action 13 of the Base Erosion and Profit Shifting (BEPS) initiative led by the Organization for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) industrialized nation. Groups of companies meeting the following criteria are required to file…
British Virgin Islands (BVI) is well known for its fabulous natural beauty, impressive mountain ridges, jewel-colored waters, and soft sandy beaches. Entrepreneurs prefer BVI company registration because of the endless benefits. Firstly, the BVI is a Caribbean business hub with close ties and excellent connectivity to North America. Over 90,000 companies are registered on the island, the bulk being financial…
The United Arab Emirates is one of the most attractive countries in the world in terms of the operation of business and residence. The attractive advantages of the country include tax free status, high standards of living, excellent opportunities for business development, economic and political stability. This makes the UAE Residency Visa the most sought after visa in the world.…
The UAE government introduced VAT on 1st January 2018, and with time it has witnessed a few changes. In the beginning, businesses were sorting out their registrations, and now it is time for their first VAT return filing. Moreover, individuals and businesses registered for VAT must now submit VAT return filing in the prescribed format stated by the FTA (Federal…
VAT’s introduction is now a vital concern for companies in UAE as they try to prepare for it. Preparing for VAT is advisable for operational effectiveness, adhering to compliance, financial penalties associated with non-compliance, managing cash flow, the risk to goodwill, etc. VAT will apply to most goods and services except a few exempted ones. A proper bookkeeping system is now…
The Hotel & Leisure (H&L) sector is comprised mainly of the following subsectors: tourism and tour operators, hotel industry, airlines etc. (Impact of VAT on Hotel and Leisure Sector) The scope of Hotel & Leisure services under these sub sectors is quite broad and may include: Tour packages Transport services Hotel accommodation services Restaurant meals Ticketing fees Entertainment fees (internet,…
In this post, let’s look at some new legal structures in the form of RAK International Company. The term “International Company” relates to registering, managing, directing, and administrating a legal entity in a foreign country, usually with low or zero taxation policy and many more benefits. It has a lot of mutual features with traditional offshore companies in terms of…