UAE VAT Deregistration Penalty: How to Cancel VAT Registration UAE VAT Deregistration Penalty: Deregistration of VAT in the UAE means business in UAE cancels its VAT registration with the Federal Tax Authority (FTA). It means de-activation of the registration and the VAT number of the taxable person. Tax de-registration can be applied for by a
100% Foreign ownership for businesses in UAE UAE Allows 100% Foreign Ownership of Businesses to boost economy – Commercial companies law key amendment 100% Foreign ownership for businesses in UAE: The UAE has repealed the need to have UAE nationals as sponsors, thus allowing expatriate investors 100 per cent ownership with effect from December 1, 2020.
UAE Real Estate Management Entities – Accounting for VAT VAT Public Clarification: Dubai Owners’ Associations and Management Entities On 3 November 2019, all rights and obligations of Dubai Owners’ Associations were transferred to Management Entities, which resulted in Dubai Owners’ Associations no longer making taxable supplies. Dubai Owners’ Associations were, therefore, required to apply for
UAE- Tax Evasion Cases UAE- Tax Evasion Cases: Money Laundering and Tax Evasion Crimes – establishment of New court On 10 November 2020, His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of the Abu Dhabi Judicial Department issued Resolution No. 35 of 2020 (the “Resolution”).
UAE Tax Residency Certificate: Tax Domicile Certificate UAE Tax Residency Certificate : In line with the Cabinet Decision No. 65 of 2020 on Fees for Services provided by the Federal Tax Authority issued in October 2020. The Federal Tax Authority (FTA), and in coordination with the Ministry of Finance (MOF) will start receiving applications for
ESR (Economic Substance Regulations) Filing Deadline Economic Substance Regulations Update: Notice issued by Ministry of Finance regarding ESR Filing Requirement and Deadline: The Ministry of Finance has issued notice which is intended to provide guidance to entities undertaking one or more Relevant Activities that are required to submit a Notification and/or Economic Substance Report in
Ultimate Beneficial Owner (UBO) Declaration: On 24 August 2020, the UAE Cabinet published Cabinet Decision No. 58/2020 on the Regulation of Procedures Related to Real Beneficiaries. The Resolution introduces new requirements for entities to disclose its beneficial owners which is intended to enhance transparency of the UAE registered entities. These requirements help to develop effective and sustainable
UAE : FTA on VAT free offers FTA on VAT free promotions: The Federal Tax Authority of the United Arab Emirates has published a public clarification on VAT free special offers (VATP020).This clarifies the VAT treatment of promotions where the seller absorbs VAT on promotional goods. VAT registered businesses should not advertise taxable goods or