UAE Customs Update: Customs Notice No. 11/2022 on Procedure & Fees for Electronic Attestation for Import Commercial Invoices

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…

PKF Tax Update: Executive Summary on Federal Decree Law No.47 of 2022- Taxation of Corporations and Businesses

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…

Update on FTA’s New Integrated Platform – ‘EMARATAX’ (w.e.f. 05th December 2022)

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…

Valuations for Financial Reporting

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…

UAE to introduce federal corporate tax effective for financial years starting on or after 1 june 2023

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…