Running a Foreign Company from Dubai? Here’s What POEM Means for You
In simple terms, POEM stands for Place of Effective Management. Under the UAE Corporate Tax rules, POEM helps determine where a company is really managed from, especially if it’s not a company officially registered in the UAE but in another country such as the UK or Germany. The following things you should keep in mind […]
Corporate Tax in a nutshell
Since its initial introduction, Corporate Tax has been the talk of the UAE with laws, guides, ministerial decisions and quite a few workshops all happening within the short space of a few months. This blog will help break down everything we know about it thus far as it is important for (almost) all businesses in […]
UAE Corporate Tax: 5 most important fines
FTA issued much awaited list of penalties for violations related to Corporate Tax application. Here is the 5 most important ones: # Violation Name Fine Amount, AED 1 Failure of the Person to keep the required records and other information specified in the Tax Procedures Law and the Corporate Tax Law. One of the following […]
Changes to Tax Procedures Every UAE Business Owner Should be Familiar With
Last week UAE FTA issued a new Tax Procedures Regulation which repealed Cabinet Decision No. 36 of 2017 on the Executive Regulation of Federal Law No. 7 of 2017 on Tax Procedures that was issued back in 2017. The new regulation comes into force on the 1st of August 2023 and contains some very important updates that every business owner should be compliant with.
Cabinet Decision No. 56 of 2023 on Determination of a Non-Resident Person’s Nexus in the State for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses
Summary: This decision, issued by the Cabinet, provides clarity on the criteria for determining a non-resident person’s connection to the state regarding the taxation of corporations and businesses. It outlines definitions and rules related to immovable property and taxable income. The decision also addresses artificial transfer of property rights and the requirement for non-resident persons […]
What you should know about UAE Tax Invoices
As in many other countries, in the UAE there is a Value Added Tax (VAT) charge on most goods and services provided and once your business has exceeded the mandatory registration threshold of AED 375,000 you are required to register for VAT. Thus you become what is referred to as a registrant and now you […]
UAE Corporate Tax Law and what it means for your business
Following the recent news about big changes with the implementation of the EmaraTax portal, yet another milestone has been achieved by the UAE Federal Government – the introduction of the Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses. Although many of the fine details are still not public, we wanted to […]
EmaraTax – what is it and what you need to do to prepare
The UAE is no stranger to innovation and when it comes to financial services, there is no exception. With their goal to have the best tax management system in the world, the UAE Federal Tax Authorities (FTA) are launching the new e-services portal – EmaraTax on 5th of December 2022. As it stands, the current […]