UAE Issues Strict Penalties for Data Infringement: Up to Dh3 Million Fine and 5 Years in Prison In the United Arab Emirates (UAE), the Public Prosecution has recently reiterated its stance on the severe penalties associated with data infringement. Violators of the law on combating rumors and cybercrimes may face imprisonment for a minimum of 5 years, coupled with fines…
UAE Corporate Tax: Considerations for Business Owners When Drawing Salaries and Bonuses In the ever-evolving landscape of the UAE’s corporate tax system, business owners are urged to exercise caution when determining their salaries and bonuses. While the corporate tax rules are relatively clear, the issue of business owners’ salaries remains contentious and bewildering, with multiple schools of thought on the…
UAE Minister Urges Businesses to Embrace Sustainability for Inclusive Climate Solutions In a bid to accelerate climate action and achieve the UAE’s Net Zero by 2050 goal, Mariam bint Mohammed Almheiri, the Minister of Climate Change and Environment, recently urged businesses to make sustainability a central part of their operations. Speaking at the 12th National Dialogue for Climate Ambition (NDCA),…
UAE’s New End-of-Service Scheme: A Comprehensive Guide The United Arab Emirates (UAE) has recently introduced a groundbreaking end-of-service scheme, offering an alternative to the traditional gratuity payment system. This new initiative is open to employees in both the public and private sectors, as well as those in free zones. Its primary aim is to safeguard end-of-service benefits while providing employees…
Dubai, UAE has recently implemented NEW requirements for Real Estate Golden Visa applicants. AS BEFORE, Real estate investors with property worth AED 2 million or more can apply for a 10-year renewable resident visa, allowing them to sponsor their spouse and unmarried children. If the property is mortgaged, a statement of account and a no objection certificate from the mortgagee…
UAE Ministry of Economy Implements Stricter Penalties Under Updated Commercial Agency Law The United Arab Emirates (UAE) is taking a bold step in enhancing its business environment by enforcing stricter penalties under the updated Commercial Agency Law. The Ministry of Economy in the UAE is cracking down on companies found in violation of this law, sending a clear message to…
UAE Ministry of Economy Intensifies Fight Against Money Laundering and Terror Financing The UAE Ministry of Economy has taken decisive steps to ensure compliance in the battle against money laundering and terror financing. This year alone, administrative penalties totaling approximately Dh76.9 million have been imposed on 225 companies, reflecting the nation’s commitment to combating financial crimes. In addition, 50 establishments…
Dubai’s Ambitious Water Reuse Plan: Towards a Sustainable and Green Future Known for its visionary projects and transformative development, Dubai is once again making headlines with its bold announcement: by 2030, the city aims to reuse 100% of its water while reducing desalination and related power consumption by 30%. Spearheaded by the Dubai Municipality (DM), this groundbreaking initiative reflects the…
UAE Ministry Clarifies Corporate Tax on Real Estate and Immovable Property: Neutrality Assured The UAE has taken a significant stride in enhancing its corporate tax regulations, particularly concerning income generated from real estate and immovable property. The UAE Ministry of Finance recently issued a clarification aimed at ensuring neutrality between domestic and foreign companies when it comes to earning income…
Dubai’s Housing Market Soars: 22% Annual Rise in Rents Amidst Record Transactions Dubai’s housing market has continued its upward trajectory, showcasing remarkable growth throughout the summer months. Recent data from commercial real estate services and investment firm CBRE reveals that average residential rents experienced a significant 22% surge in the year leading up to July, underscoring the emirate’s robust real…
