UAE Archives - Page 39 of 94 - LexisNexis Middle East

UAE: Federal Tax Authority Issues Corporate Tax Guide

13/09/202313/09/2023
by Tanya Jain

The UAE’s Federal Tax Authority has announced it has issued a Corporate Tax Guide. The Guide has been issued following the issuing of Federal Decree-Law No. 47/2022 on the Taxation of Corporations and Businesses (Corporate Tax Law) on 3 October 2022 and its publication in the Official Gazette on 10 October 2022.

The law provides the legislative basis for imposing a federal tax on corporations and business profits in the UAE. The provisions of the law will apply to tax periods commencing on or after 1 June 2023.

Various Cabinet and Ministerial Decisions have since been published. The Guide is aimed at providing general guidance on corporate tax in the UAE with a view to making the provisions of the Corporate Tax Law as understandable as possible to readers.

It provides readers with an overview of the main corporate tax rules and procedures, including the determination of the corporate tax base, the calculation of corporate tax, the filing of corporate tax returns and other related compliance requirements and assistance with the most common questions businesses might have. In addition, the guide explains where further assistance should be sought if there are questions about the guide’s contents or areas not specifically dealt with in the guide.

It covers the fundamentals of the corporate tax regime in the UAE, including what corporate tax is, who is subject to it, what types of income are taxable and how a taxable person’s corporate tax liability is calculated as well. Finally, the guide explains the corporate tax administration process, from Tax Registration and record keeping to submitting returns and making payments.

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News developments

Dubai: DIFC Data Protection Regulation Amendments Enacted

13/09/202313/09/2023
by Tanya Jain

The Dubai International Financial Centre (DIFC) has announced it has enacted amendments to its Data Protection Regulations.

Among other amendments, the Centre has enacted the region’s first regulations on the processing of personal data via autonomous and semi-autonomous systems such as Artificial Intelligence or generative, machine learning technology. Regulation 10 creates space for the DIFC to be a platform for interoperability of the many and varied guidelines and principles issued by sovereign governments and non-governmental organisations. The creation of a plug-and-play space for the application of best-fit principles to Artificial Intelligence technology development is fundamental, responsible and ethical processing of personal data in such systems.

The amendments also provide clarity on personal data breach assessments and reporting obligations. This will include situations where a temporary custodian finds personal data that has been inadvertently left behind or lost.

In addition, they provide clarity on the use and collection of personal data for marketing and communication purposes, particularly in terms of appropriate notices when employing systems that may impair data individuals’ rights to restrict or remove their personal data, default cookies settings and conditions for consent.

They also provide clarity on investigations and the enforcement powers of the Commissioner when a controller or processor may employ unfair or deceptive practices.

The Commissioner’s Office is also considering testing use cases through participation in a regulatory sandbox comprised of technology developers, users, regulators and non-governmental or quasi-governmental organisations.

Guidance to accompany the updated Regulations will be issued in due course.

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News developments

Abu Dhabi: First Investment Fund Manager Launched

13/09/202313/09/2023
by Tanya Jain

Arabian Business, 11 September 2023: Abu Dhabi’s Investment Company has announced it has launched the first investment fund manager under new Securities and Commodities Authority regulations.

Invest AD Global Asset Manager will launch investment products in alternative asset classes and equities, together with leading global asset managers.

The manager aims to provide investors in the UAE with access to tailored investment solutions.

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Sold Out Lexis Social | 09 October 2023 l 06:30 PM to 09:30 PM l The Guild, ICD Brookfield Place DIFC

12/09/202306/10/2023
by Tanya Jain

We're sorry, but all tickets sales have ended because the event is expired.

Lexis Social | 09 October 2023 l 06:30 PM to 09:30 PM l The Guild, ICD Brookfield Place DIFC
09/10/2023
6:30 PM - 9:30 PM

Join us at Lexis Social for an evening of networking excellence, where connections are made and innovations flourish. Don’t miss this opportunity to engage with industry leaders on October 9th, 6:30 PM, at The Guild, DIFC.

The Guild, ICD Brookfield Place DIFC

12/09/2023
by Tanya Jain

News developments

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

07/09/202307/09/2023
by Tanya Jain

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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News developments

Dubai: Dubai International Financial Centre Proposes Employment Law Amendments

04/09/202304/09/2023
by Tanya Jain

Dubai’s International Financial Centre has proposed various legislative amendments, including amendments to its Employment Law. They have also proposed amendments to its Trust Law, Foundations Law and Operating Law.

The DIFC has launched a consultation on these proposed amendments and the consultation ends on 29 September 2023. The proposed changes are aimed at ensuring the DIFC legislation remains aligned with international best practices and Organisation for Economic Co-operation and Development (OECD) requirements.

The Centre is also proposing amendments to its Operating Regulations to strengthen the Registrar of Companies’ (RoC) powers to regulate entities that operate outside of standard business hours. In terms of the Employment Law, the Centre is proposing amending Part 10 of DIFC Law No. 2/2019 to require DIFC employers of eligible GCC nationals to make top-up payments into a Qualifying Scheme, in addition to GPSSA contributions.

This will mean DIFC employers have to pay the positive difference into a Qualifying Scheme where there is a shortfall between what would have been payable into a scheme if the individual had not been a GCC national, and what is paid under the GPSSA.

Monthly payments are subject to a de minimis threshold of 1,000 AED.

Other amendments deal with situations where a Qualifying Scheme is prohibited from accepting contributions from an Employer, or in respect of an Employee, as a result of sanctions prohibitions.

The Centre is proposing amending the Trust Law (DIFC Law No. 11/2005) and Foundations Law (DIFC Law No. 3/2018) in terms of the DIFC Courts’ rights of jurisdiction over the administration of DIFC Trusts. The Centre is also proposing amending the Foundations Law to expand the role of Registered Agents, to allow them to enter into an arrangement with the RoC to provide certain compliance functionality on behalf of a Foundation. This is already allowed for corporate service providers under the Prescribed Company and Family Office regimes.

The amendments to the Operating Law (DIFC Law No. 7/2018) relate to OECD requirements regarding record retention following the winding up of an entity and an update to the definition of Privileged Communication.

The amendments to the Operating Regulations are aimed at providing the ROC with specific powers to deal with bars and restaurants that operate late hours and may disturb other DIFC tenants through noise or other anti-social behaviour.

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News developments

Abu Dhabi: Farms and Caravans Can Now be Included in Holiday Homes Policy

01/09/202301/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 29 August 2023: Abu Dhabi’s Culture and Tourism Department has announced it has updated its holiday homes policy. Under the updates, farmhouse owners in the Emirate will be able to convert their properties into holiday homes after securing licences.

They have six months to initiate the licensing process for their properties. Caravans and recreational vehicles will also be included.

The aim is to help support farmhouse owners as they look to diversify their income. In addition, landlords and residential unit owners can obtain more than one holiday home licence for multiple units.

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News developments

UAE: Foreign Affairs Ministry Announces Visa-free Travel List

31/08/202331/08/2023
by Tanya Jain

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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News developments

Fujairah, UAE: New Real Estate Laws Approved

29/08/202329/08/2023
by Tanya Jain

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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