Updates

Important Guidelines for Correcting Errors or Omission in VAT Returns  The UAE FTA issued Decision No.8 of 2024 which outlines the Mechanism for correction of error or omission in the tax return submitted for VAT in UAE (effective from 1…

The UAE Ministry of Finance (MoF) announced amendments to Ministerial Decisions under Federal Decree-Law No. 47 of 2022 on Corporate Taxation. The Ministerial Decision No. (301) of 2024 on Tax Groups and Ministerial Decision No. (302) of 2024 on Participation…

On 30 September 2024, The Federal tax Authority in UAE included key provisions in the VAT regulations for the introduction and implementation of electronic invoicing (e-invoicing).  To establish a groundwork for e-invoicing, the UAE government amends certain provisions on the…

Domestic Minimum Top-up Tax (DMTT) for MNEs Will be Effective from 1, January 2025  The UAE Ministry of Finance (MoF) announced a significant update in the corporate tax regulation by introducing a 15% Domestic Minimum Top-up Tax (DMTT) for Multinational…

A new framework has been introduced by the financial markets of a Gulf Cooperation Council (GCC), to streamline fund passporting that integrate & strengthen the position of GCC financial markets in the global investment landscape. During the 29th meeting of…

Discover a complete guide to Mainland Company Setup in Dubai. Learn about legal requirements, licenses, benefits, and step-by-step processes for starting your business in the UAE’s thriving market.

The FTA’s introduction of corporate tax in the UAE mandates certain entities to prepare their financial statements based on IFRS or IFRS SMEs for reporting, which has elevated significant difficulties for entities that do not previously adopt IFRS standards. According…

The IFZA Free Zone offers exclusive benefits like a Lifetime Visa, tax benefits, & more for entrepreneurs, startups, & global establishments, to set up a business in the thriving market of the UAE.

Planning to kick-start your dream business in Dubai or across UAE in 2025?  Here’s a clear roadmap to get started with your company formation process in Dubai or across the UAE and get down to business.  The business setup procedure…

Is Audit Season approaching? No worries! We are here with this ultimate checklist to navigate your internal auditing process smoothly and confidently. From a mere compliance check to a strategic decision-making process. Internal auditing has evolved from a mere compliance…

From data analysis to decision making, AI is revolutionizing the accounting and finance industry. As we investigate the dynamics of accounting and finance, the practical implementation of AI technology presents impressive growth in enterprises by increasing efficiency and accuracy. Embracing…

Tax Alert! Bahrain to Introduce Domestic Minimum Top-up Tax for MNEs On September 1, 2024, the Kingdom of Bahrain introduced the domestic minimum top-up tax (DMTT) for large multinational enterprises (MNEs), by releasing the Decree Law (11) of 2024.  Moreover,…

Key Updates to DMCC Regulations and Licensing Rules You Need to Know The Dubai Multi Commodities Centre (DMCC) has recently updated its regulatory framework, with new rules coming into effect on October 10, 2024. These changes are designed to simplify…

Navigating FTA’s UAE Corporate Tax Guide – Real Estate Investment for Natural Persons On 24 October 2024, the UAE’s Federal Tax Authority released a comprehensive guide that outlines the implications on income derived from real estate investments for natural persons….

The International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs) were developed by the International Accounting Standards Board (IASB) as a simplified framework for smaller businesses. These standards cater specifically to entities that do not have public accountability,…