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VAT on Gold

VAT Public Clarification VATP029 on Gold – Making charges

VAT Public Clarification VATP029 on Gold – Making charges The Federal Tax Authority (FTA) has issued a new VAT Public Clarification VATP029 on Gold – Making Charge (“VAT Public Clarification VATP029”, “Public Clarification”) providing guidance on the application of the UAE VAT legislation regarding the fee received for the crafting of a gold item by […]
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Overview UBO Regulations

Overview UBO Regulations in the United Arab Emirates

Objective & Scope of Ultimate Beneficial Owner Maintain UAE’s economic position with international requirements To regulate minimum obligations in disclosure of Beneficial Owners, Shareholders, Partners & Nominee Board Members To have effective & enduring regulatory mechanism & procedures for the beneficial owner data Who is a beneficial owner? The Cabinet Decision No. 58 of 2020 […]
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ESR Deadline Fast Approaching!

Overview of UAE Economic Substance Regulation Requirements. Companies in the UAE are required to conduct an annual self-assessment to determine the applicability of Economic Substance Regulations (ESR). The time for assessment has neared as the UAE entities are required to file their ESR notifications on or before June 30, 2022, for the financial year ended […]
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Crypto Currency

Cryptocurrency Money Laundering using Virtual Currency Exchanges.

Cryptocurrency Money Laundering using Virtual Currency Exchanges. According to a 2022 report from the leading blockchain analytics company Chainalysis, criminals laundered $8.6 billion in cryptocurrency in 2021, a 30% increase over the previous year. The report says, “while billions of dollars’ worth of cryptocurrency are transferred annually from illicit addresses, the majority of it ends […]
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Wash Trading and Money Laundering in NFTs

In the last one-year, non-fungible tokens (NFTs) have gained popularity between brands as well as consumers. Chainalysis – blockchain data platform tracked NFTs made news for exponential sales from just $106 million sales in 2020 to $44.2 billion in 2021. However, as is the case with any new technology, NFTs offer potential for abuse. Chainalysis, […]
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Top Technology Trend in 2022

In today’s fast-paced life, technology has taken the rein of the world and emerged rapidly. The rate at which technology is evolving is almost exponential today. For business organizations, new technology helps to reduce costs, enhance customer experiences, and increase profits. Nearly 50 billion devices will have internet connectivity by 2030. Below are few tech […]
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Virtual Asset Law

What You Need to Know About UAE Virtual Assets Law?

On 28 February 2022, the Ruler of Dubai issued Law No.4 of 2022 on the Regulation of Virtual Assets (the “DVAL”) in Dubai, which came into effect on 11 March 2022. The DVAL is the first law in Dubai, which specifically regulates virtual assets and shall apply throughout Dubai (including free zones and special development […]
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Administration of Corporate Tax

Administration of Corporate Tax- Under UAE Corporate Tax Law Consultation Document

𝐀𝐃𝐌𝐈𝐍𝐈𝐒𝐓𝐑𝐀𝐓𝐈𝐎𝐍 𝐎𝐅 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐄 𝐓𝐀𝐗 |  𝐔𝐀𝐄  𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐄 𝐓𝐀𝐗 𝐋𝐀𝐖 |  𝐂𝐎𝐍𝐒𝐔𝐋𝐓𝐀𝐓𝐈𝐎𝐍 𝐃𝐎𝐂𝐔𝐌𝐄𝐍𝐓 On 31 January 2022, the UAE Ministry of Finance announced the introduction of Federal Corporate Tax (CT) in UAE w.e.f. 1 June 2023. While the UAE Federal Tax Authority (FTA) is finalizing the UAE CT regime, on 28 April 2022, it issued a […]
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