The new contribution to taxation in the UAE is VAT. It was placed into action on 1 January 2018. It is of interest in the current state that a corporation is registered in the UAE for VAT in order to be eligible to charge VAT to consumers. After the VAT registration procedure is complete, a…
What could be better than owning a small business? You get to make important business decisions but without the pressure of running a gigantic corporation. You get to lead a few employees with benevolence and wisdom. You get to panic come tax time when you realize that what the government is asking for is more…
The UAE has introduced new rules for private companies incorporated in the country in its attempt to develop into a highly transparent and sustainable economy. Recently, the Economic Substance Laws have significantly changed the company set-up in Dubai and now businesses are expected to conform with the new Ultimate Beneficial Ownership law. Cabinet Resolution No.…
COVID-19 has already triggered wide-scale damage, both locally and internationally, to many sectors. Although attempts are underway to avoid the spread and effects of COVID-19, for several months to come, the financial and social effects of the virus will be felt. As firms come to grips with operating from home and the new world in…
In order to align the entire region with global standards in the prevention of base erosion and profit/income shifting (BEPS), the UAE government introduced the Economic Substance Regulation (ESR). Economic Substance Regulations (ESR) have been enacted by the UAE and apply in all jurisdictions of the UAE, including financial free zones such as the DIFC.…
People are traveling frequently in today’s day and age and are becoming pragmatic on where they choose to live and function. In modern-day countries with minimal to no taxes is becoming increasingly common, this is a consequence of the value it holds over those places that have a high consistent tax bracket. The UAE is…