The UAE Corporate Tax Law was issued through the Federal Decree-Law No. 47 of 2022 regulating the taxation of businesses and corporations. The Corporate Tax structure was established on top international standards to encourage investors and to make sure the legal foundations are well-known and comprehended. Additionally, reflecting the diversity of the UAE’s economic system … Read more
To change a few clauses of the Federal Decree-Law 7 of 2017 on Excise Tax UAE, a new Federal Decree-Law No. 19 of 2022 has been published. These excise tax amendments go into effect on 14th Oct 2022. Furthermore, on 13th Oct 2022, The Federal Tax Authority published a recent public clarification (EXTP009) outlining the … Read more
The UAE Ministry of Finance issued Federal Law No. 47 of 2022 on Income Corporate Tax. As highlighted, the levied Corporate Tax will be effective for fiscal years commencing from 1st June 2023. What is the Scope of the Corporate Tax UAE? The entities underneath will be subject to the corporate tax(levy) UAE; All registered … Read more
Eligible foreign businesses visiting the United Arab Emirates can enjoy refunds on taxes paid while in the country. Read on to learn how a visiting unregistered foreign business can claim a VAT refund in UAE. Steps to Reclaim VAT Refund for Visiting Foreign Businesses in UAE The steps on how to reclaim VAT under … Read more
In the United Arab Emirates, on April 30, 2019, the Cabinet Resolution No. (32) of 2019 (the “Resolution”) on Country by Country Reporting (CbCR) was released. On the one hand, it has been modified and is now covered by Cabinet Resolution No. (44) of 2020. The Organization for Economic Cooperation and Development’s (“OECD”) guidelines on Country by … Read more
What Is IFRS 6 and Why It Exists as an Interim Standard The International Accounting Standards Board issued IFRS 6, Exploration for and Evaluation of Mineral Resources, in December 2004, with the standard taking effect for accounting periods beginning on or after 1 January 2006. It was never intended as a permanent solution — the … Read more
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