For VAT purposes, two or more legal persons (or entities) can be declared related parties if they meet criteria around control, influence, or shared economic interest. These criteria, categorized into economic, financial, and regulatory factors, establish that the connection between these entities justifies recognition for tax purposes: Economic Practices Economic practices refer to the commercial … Read more
Virtual assets are changing conventional conceptions of money, investing, and ownership through the impact of the given transformation as per emerging trends in the system; today, virtual assets have taken on a number of forms, and all the types contribute to the ongoing disruption of the financial and ownership sphere. Also read: VARA Company Rulebook … Read more
VARA regulations in Dubai have been introduced by Law No. (4) in 2022. The regulations provide that persons shall only carry out virtual asset activities in accordance with the Virtual Assets Regulations and with the permission and a license granted by VARA. This article analyzes the structure of these regulations, the recent changes in the … Read more
UAE Corporate Tax was introduced under the Law, known as Federal Decree-Law No. 47 of 2022. The tax applies to companies and individuals conducting business in the UAE. Every business in the UAE should necessarily ensure compliance with registration, maintenance of records, filing, and payment with the FTA. Corporate Tax Compliance means following all tax … Read more
The modes of transportation that qualify for zero-rating under Article 45 of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“VAT Law”) are listed in Article 34 of Cabinet Decision No. 52 of 2017. This article explains the definition of “public and private transportation” and its interpretation to identify the buses and … Read more
Input tax, VAT paid by a business for the purchase of supplies and services. VAT in UAE allows all registered businesses in the country to recover tax. That is paid for producing goods and services that are sold to clients and customers. Input tax that is eligible for a business to recover plays a significant … Read more
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