Corporate Tax in UAE: Should Free Zone Companies be Worried?
The UAE businesses are required to embrace a new form of direct tax in a country that has been hitherto known as a low-tax jurisdiction. The news about the introduction…
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Customer Due Diligence: A Critical Component of AML Compliance in UAE
Financial Institutions and DNFBPs in the UAE are required to verify the identity of their customers before establishing a business relationship with them. As part of ensuring AML compliance in…
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Tax Invoices in UAE: Key Obligations Businesses Must Know
As per the UAE VAT Law, a tax invoice is a document made in written or electronic form, which records the occurrence and details of a taxable supply. Article 65 of…
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Change in Tax Penalty Amnesty Deadline: A Guide to UAE Tax Registrants
The Federal Tax Authority (FTA) has extended the grace period for the Tax Penalty Amnesty Scheme to 31st December 2022. The new decision by the FTA has provided much relief…
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A 2022 Guide to KYC and AML Terminology From a UAE Perspective
The global regulatory landscape is diverse, requiring Financial Institutions (FIs) and Designated Non-financial Businesses and Professions (DNFBPs) to ensure compliance. The FIs and DNFBPs must keep abreast of the evolving…
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A Guide to Best Accounting Practices to Sustain Your Startup in Dubai?
Entrepreneurs must devise strategies for financial planning & management to sustain their startups in Dubai, which is a highly competitive and dynamic market. Lack of robust financial strategies will push…
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UAE to Introduce Corporate Tax in 2023: Key Features You Must Know
The UAE is set to introduce the corporate tax in 2023 in a bid to modernise its economy in accordance with international norms. The introduction of corporate tax in the…
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Top Accounting Strategies in 2022 for UAE Manufacturing Businesses
Most manufacturing companies across the world rely on ”Lean Manufacturing”, which is all about minimising waste while maximising productivity. Companies that streamline manufacturing processes to reduce waste should also seriously…
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A 2022 Guide to VAT Obligations For Businesses in the UAE
January 2022 marks the fourth year of the introduction of Value Added Tax (VAT) in the UAE. The introduction of VAT has changed the entire regulatory landscape of the UAE,…
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TFS in the UAE: Top Entities Vulnerable to Terrorist Financing Risks
UAE entities are required to comply with the Targeted Financial Sanctions (TFS) requirements as stipulated by the Cabinet Resolution No. 74 of 2020. Both institutions (FIs), as well as Designated…
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