Existing rental index operates with a basic formula that overlooks critical elements such as unit size, views, location, and access to unique amenities Dubai’s new smart rental index is expected to bring fair pricing for new and old buildings, reflect more precise rents of the building rather than the broader area and could prevent arbitrary rent increases by landlords, say…
Experts elaborate on how the domestic minimum top-up tax will be implemented and how it will impact businesses in the country All global companies that have operations in the UAE will come under the scope of the 15-per-cent domestic minimum top-up tax (DMTT) that will come into effect in 2025, say tax experts. The UAE’s Ministry of Finance on Monday said the…
A Domestic Minimum Top-up Tax will be effective in the UAE for financial years starting on or after 1 January 2025 Abu Dhabi, UAE – The UAE Ministry of Finance has announced updates in relation to certain provisions of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses These amendments include: Introduction of a Domestic Minimum…
The UAE Ministry of Finance has introduced Cabinet Decision No. 98 of 2024, amending the previous Cabinet of Ministers Resolution No. 57 of 2020. This amendment stipulates that the economic substance requirements no longer apply to any financial year ending after 31 December 2022. Moreover, the amendment clarifies that the Federal Tax Authority (FTA), acting as the National Assessing Authority,…
Dubai, United Arab Emirates; 15 October 2024: The Dubai International Financial Centre (DIFC) Courts today announced the launch of a new suite of digital public services, including the Digital Assets Will. Unveiled at GITEX Global 2024, live demonstrations showcased new service platforms, accessibility, functionality, and security protocol features. A new edition to the current group of Wills Service offerings by…
Innovative services enable global access to digital asset distribution and document notarization The Dubai International Financial Centre (DIFC) Courts introduced a groundbreaking ‘digital assets will’ on Tuesday, enabling owners to distribute their digital assets through a non-custodial wallet. This innovative wallet empowers individuals to reassign assets to designated beneficiaries within their wallet, maintaining full control over asset movement during their…
The FTA has introduced a new option allowing taxpayers to change their entity’s legal type directly, without the need for deregistration and re-registration Below is the first article under Khaleej Times’ new initiative designed to offer readers expert insights about the impact of VAT and Corporate Tax on UAE’s business environment. During VAT registration of our entity, we have chosen…
Additionally, the new decree introduces criminal penalties for fictitious recruitment, including fictitious Emiratization The UAE government has issued a federal decree-law amending specific provisions regarding the regulation of employment relationships in the ‘UAE Labour Law’. The decree is part of the UAE’s ongoing efforts to further develop its legislative and legal framework. It aims to ensure the efficiency and competitiveness…
The country supports the implementation of international regulations that hold countries accountable for developing AI tools that could cause harm or destabilisation The UAE Cabinet has approved the country’s official stance on global artificial intelligence (AI) policy, stating how the technology should be used and what its goals and priorities are. The nation’s position includes supporting the implementation of international…
FTA issues new decision postponing deadlines for corporate tax return filing. Image Courtesy: Federal Tax Authority Demonstrating its Commitment to Supporting Taxpayers Abu Dhabi, UAE – In a demonstration of its commitment to supporting taxpayers in fulfilling their Corporate Tax obligations, the Federal Tax Authority (“FTA”) has announced the postponement of the deadline to file a Tax Return and settle their…
