The Ministry of Foreign Affairs and International Cooperation (MOFAIC) has put in place a new system for attestation of commercialinvoices relating to Import of Goods into United Arab Emirates (UAE) which will be effective from 01 February 2023. Key Highlights of the new system: The commercial invoices for Import of goods having a value of…
The Federal Tax Authority (FTA) released the Federal Decree-Law No.47 of 2022 (Federal Decree-Law) on Friday, 9 December 2022 regarding taxation of Corporations and Businesses. The Federal Decree-Law is broadly in line with the internationally accepted taxation principles. It may be noted that though the Federal Decree Law provides the broad framework of the Corporate…
The UAE Federal Tax Authority (FTA) aims to launch a New Integrated Platform, ‘EMARATAX’ on 05th December 2022 for all existing ‘E-services’ related to VAT & Excise which aims to enhance the user experience and improve the online tax administration process. The existing ‘E-Services’ web address (https://eservices.tax.gov.ae/) will remain unchanged, while the user interface may…
“The Federal Tax Authority (FTA) has recently amended The Executive Regulation to the Federal Decree-Law No. 8 of 2017 on Value Added Tax (ER) vide Cabinet Decision No. 99 of 2022 issued on 21 Oct 2022 (w.e.f 1 Jan 2023). The following Articles have been amended: Article 3: Supply of Services Article 72: Record…
“The Federal Tax Authority (FTA) has recently amended Value Added Tax Decree Law (Federal Decree-Law No. 8 of 2017 on Value Added Tax) vide Federal Decree-Law No. 18 of 2022 on Value Added Tax w.e.f. January 01, 2023. The new provisions or amendments have streamlined certain provisions and removed ambiguity on certain interpretations under UAE…
The new rules for issuance of Tax Residency Certificate are quite comprehensive and in line with the internationally accepted principles. The new rules not only seek to cover legal entities formed in the UAE, but also possibly foreign entities having effective control & management in the UAE (as per proposed UAE Corporate Tax law). For…
Public Consultation Document (‘the document’) released by the UAE Ministry of Finance (‘MOF’). This document contains information on the proposed UAE CT regime and it is released for the purposes of obtaining inputs from the businesses. Through this document, MOF intends to seek views on UAE CT’s main features and its implementation. The prescribed process of…
It is the responsibility of the management of a company to present financial information accurately and fairly to their shareholders, creditors, and other stakeholders. When preparing financial statements for such stakeholders, the management typically presents financial information in accordance with the applicable financial reporting and accounting standards. These standards require certain assets and liabilities to…
Background and Introduction The Ministry of Finance (‘MOF’) of the United Arab Emirates (‘UAE’) announced on 31 January 2022 that the UAE will introduce Federal Corporate Tax (‘UAE CT’) (applicable across all Emirates) on accounting net profits (after certain adjustments) that will be effective for financial years starting on or after 1 June 2023. UAE…
The recent amendment made to Federal Law No. 7 of 2017 on Tax Procedures (‘Tax Procedures Law’) is evident that increased impetus is provided by the Government of UAE to encourage business friendly environment in UAE, remove possible obstacles against it and at the same time promote increased compliance of Taxation Laws of UAE. Federal…