16 Jan, 23
Ultimate Beneficial Owner UAE FAQs
What is an Ultimate Beneficial Owner? The natural person who ultimately owns or controls the Legal Person, whether directly or through a chain of ownership or control or any-other indirect means, and also the natural person on whose behalf the transactions are being conducted or who exercises ultimate control over a legal person. How do […]
13 Jan, 23
Anti-Money Laundering FAQs
What is Money Laundering? Money laundering is defined as any financial or banking transaction aimed at concealing or changing the source of illegally obtained funds, by passing it through the financial and banking system in order to make it appear as originating from legitimate sources, and then re-pumping and investing it illegally. What is Terrorist […]
10 Jan, 23
New Dubai Customs duty charges 5% will now apply on Import of Goods exceeding AED 300 -effective date 01 Jan 2023
Dubai Customs Notice No. 5 of 2022 (Notice) issued in June 2022, have come into effect from January 1, 2023 Following notice from Dubai Customs – Notice No. 5 of 2022 – items with a value above AED 300 are now subject to customs clearance and customs duties. All goods with value that does not […]
09 Dec, 22
Key Features UAE Corporate Tax Law- Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses
The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by the United Arab Emirates (“UAE”), on 09 December 2022. The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE […]
04 Nov, 22
SIGNIFICANT VAT CHANGES IN THE UAE- FEDERAL DECREE-LAW NO. 18 OF 2022
The UAE has issued Federal Decree-Law No. 18 of 2022 to amend a number of provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (the VAT Decree-Law). The amendments will take effect from 1 January 2023. The main changes to the VAT Law are summarized below: Article 1 – Definitions The […]
03 Oct, 22
LETTER OF CREDIT -TRADE FINANCE SOLUTION
WHAT IS A LETTER OF CREDIT? A Letter of Credit (LC) is a document issued by a bank or other financial institution to another party that provides evidence of financial obligations. It can be used in international trade between parties who have no direct contact, such as buyers and sellers that do not have a […]
22 Sep, 22
The Economic Substance Test for Holding Company Business and High-Risk IP Business in the UAE
The UAE issued economic substance regulations (the “Regulations”) in April 2019, amended by Cabinet Resolution No.57 of 2020 in August 2020, which introduced a requirement for UAE entities to maintain an adequate “economic presence” in the UAE relative to the activities they undertake. The UAE economic substance requirements apply to all UAE onshore and free […]
16 Sep, 22
UAE-Dubai Government Issues New Law on Musataha Rights Over Commercial Lands
Government of Dubai has issued Decree No. 23 of 2022 (the “Decree”) to control the granting of Musataha rights in the Emirate of Dubai in July 2022. Purpose of the Decree The objective of the Decree is to regulate & control the use of commercial and industrial land in the Emirate and to enhance investments […]
08 Sep, 22
UAE AML- Real Estate Activity Report (REAR) Reporting Requirements for Real estate agents and brokers as per Circular Number: 05/2022
What is Real Estate Activity Report (REAR)? Real estate agents and brokers licensed in the UAE are required to file the REAR effective from July 1st, 2022. They need to report the transaction related to the purchase/sale of Freehold Real Estate, which involves cash or virtual assets. The purpose of REAR is to curb the […]