United Arab Emirates Introduces Country By Country Reporting Rules
On 30 April 2019, the Cabinet Resolution No. 32 of 2019 (the “Resolution”) on Country-by-Country Reporting Rules (“CbCR”) was issued in the United Arab Emirates (“UAE”).
Country-by-Country Reporting: UAE MOF Notification
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.
Dubai Offshore at Glance
In 2003, Dubai Ports and Customs Authority issued the Regulation “On Offshore Companies” and authority of Jebel Ali got authorized to register offshore companies in Dubai.
BVI Limited Liability Partnership Act – A Complete Guide
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 companies.
UAE Residency Visa
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.
VAT Return Filing in the UAE
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 Tax Authority).
Bookkeeping Services – Why do Companies in the UAE Need it now more than ever?
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.
Impact of VAT on Hotel and Leisure Sector
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:
RAK International Company – New Legal Structures
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.