UAE: Federal Tax Authority Urges Businesses to Register for Corporate Tax

Gulf News (United Arab Emirates), 5 September 2023: The UAE’s Federal Tax Authority has urged businesses not to delay registering for corporate tax. Listed companies and private businesses whose financial years start on 1 June 2023 especially should not delay registering.

These companies have until February 2025 to pay their corporate tax obligations for the current financial year. Registration can be done via the EmaraTax portal on the Authority’s website.

Those who are already registered for VAT and excise tax can log in to their tax account on the EmaraTax portal. They will then need to select the taxable person, select the option to register for corporate tax and proceed with filling the registration form and providing documentation.

Once the application is approved, a Tax Registration Number for corporate tax will be issued.

Taxpayers who are not registered for VAT or excise tax will need to create a new user profile on the portal using the eservices.tax.gov.ae link and create an account using their email ID and phone number. Once the user profile has been created, registration can be completed by creating a taxable person profile, selecting the option to register for corporate tax and applying for registration.

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UAE: Foreign Affairs Ministry Announces Visa-free Travel List

Gulf News (United Arab Emirates), 28 August 2023: The UAE’s Foreign Affairs Ministry has announced nationals from more than 80 countries can now enter without a visa.

They are nationals from Australia, Switzerland, the Czech Republic, Slovakia, France, Greece, Hungary, Saudi Arabia, the UK, the US, Mexico, Japan, Andorra, Liechtenstein, Monaco, Ukraine, Barbados, Brunei Darussalam, the Solomon Islands, Azerbaijan, Estonia, Argentina, Uruguay, Albania, Brazil, Portugal, El Salvador, China, the Maldives, Germany, Austria, Ireland, Iceland, Italy, Paraguay, Bulgaria, Poland, Peru, Belarus, Chile, San Marino, Slovenia, Singapore, the Seychelles, Serbia, Finland, Cyprus, Kazakhstan, Croatia, Korea, Costa Rica, Colombia, Kiribati, Latvia, Lithuania, Malta, Mauritius, Nauru, Honduras Georgia, Luxembourg, Israel, Kuwait, Qatar, Vatican City State, Russia, Romania, Saint Vincent and the Grenadines, Oman, the Bahamas, Canada, Malaysia, Hong Kong, Spain, Bahrain, Denmark, Sweden, Norway, Belgium, the Netherlands, Montenegro and New Zealand.

More information can be found on the Foreign Affairs Ministry website or the Federal Authority for Identity, Citizenship, Customs, and Port Security’s website.

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Fujairah, UAE: New Real Estate Laws Approved

Arabian Business, 24 August 2023: Fujairah’s Ruler has approved two new real estate laws in the Emirate. They have issued Fujairah Law No. 3/2023. This regulates joint property ownership in the Emirate.

They have also issued Fujairah Law No. 4/2023. This regulates real estate development guarantee accounts in the Emirate.

The two laws state that developers, management companies, associations and owners’ unions have to comply with the law within six months of their issued date. The relevant authority’s director may extend the deadline for compliance by another six months when required.

In addition, the two laws do not affect contracts signed between developers and owners before they come into force. Fundamental association systems approved and deposited by a relevant authority are also not affected unless they relate to the formation of owners’ associations.

Also reported in Al Bayan on 24 August 2023. Read the full story here.

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UAE: Comprehensive Economic Partnership Agreement with Indonesia to be Implemented Next Month

Khaleej Times, 17 August 2023: Indonesia’s ambassador to the UAE has announced the country’s Comprehensive Economic Partnership Agreement with the UAE will be implemented next month.

He made the announcement to mark Indonesia’s 78th Independence Day.

The agreement was signed in July 2022 and is expected to increase annual bilateral trade to $10 billion within five years and could increase the total value of trade in services between the two countries to $630 million by 2030.

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UAE: New Regulations for Seventh Freedom of Air Transport Rights Issued

The UAE General Authority of Civil Aviation (GCAA) has announced new regulations on the exercise of the seventh freedom of air transport rights have been issued.

The seventh freedom of air transport rights is a privilege granted by one country to another to allow its airlines to operate air services between the granting country’s territory and any third country without the need for the flight to pass through the territory of the operating airline’s country.

This freedom gives airlines unprecedented flexibility.

It allows them to increase their connectivity between destinations and boost global connectivity. The new regulations will also provide this freedom to UAE airlines which want to take advantage of it in foreign countries with which the UAE has air services agreements that include the seventh freedom of air rights.

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UAE: Timeframe to Request Permission to Sell Mortgaged Property Explained

Alkhaleej, 6 August 2023: Federal Decree-Law No. 50/2022 (the new Commercial Transactions Law), which came into force at the beginning of 2023, provides detail on commercial mortgages.

The law explains that a commercial mortgage is one that is over a movable asset as security for a commercial debt.

The law clarifies that if a debtor does not pay the debt secured by the mortgage on the due date, the creditor may, after seven days from the date of warning the debtor to pay, request the court to authorise them to sell the mortgaged property. The request is considered urgently, and the court determines the method of sale.

For the full story, click here.

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