UAE Corporate Tax Developments Bring Relief for Commodity Traders in Free Zones
Qualifying commodities, encompassing metals, minerals, energy, and agriculture commodities traded in raw form on recognized commodities exchange markets (in the UAE or abroad), benefit from this provision. It pertains to the physical trading activities of such commodities and associated derivative trading deployed for risk hedging.
Read MoreDLD Urges Property Owners to Adhere to Corporate Tax Norms through Accredited Channels
In a bid to enhance transparency in the real estate market and ensure compliance with corporate tax legislation, the Dubai Land Department (DLD) has advised property owners to collaborate with accredited valuation offices. This move aligns with the department’s commitment to reinforcing transparency and upholding the relevant laws and regulations within the real estate sector.
Read MoreCan UAE Free Zone Logistics Firms Lose Their 0% Tax Status for Mainland Services?
A scenario discussed in the UAE corporate tax consultation document issued in August concerns free zone logistics firms performing services within a free zone but providing last-mile delivery on the mainland UAE or in a foreign country. It suggests that income attributable to activities outside the free zone might be subject to a 9% corporate tax if they create a permanent establishment or operate through a mainland branch.
Read MoreUAE Cabinet Approves Dh192 Billion Budget for 2024-2026
During the meeting at Qasr Al Watan, Abu Dhabi, Sheikh Mohammed highlighted the budget’s focus on social development and benefits, which represent 42% of the total budget. Government affairs account for 39%, while the remainder is allocated to investments in infrastructure, economic resources, financial assets, and other federal expenses.
Read MoreCorporate Tax Implications for the Real Estate Sector in the UAE
In general, resident parties can be classified as either resident juridical persons or resident natural persons. Juridical persons are businesses with separate legal personalities, such as limited liability companies and public joint stock companies. If these companies are registered in a free zone, they are termed free zone juridical persons. Qualifying Free Zone Persons (QFZPs) are free zone individuals who meet specific criteria.
Read MoreUAE Private Banking Reimagined
Mashreq Private Banking distinguishes itself by offering an extensive range of solutions, encompassing bespoke investment portfolios, insurance products, legacy planning, lending, and everyday banking services like current and savings accounts, along with premium cards.
Read MoreTax Considerations for UAE Logistics Businesses
In the intricate realm of taxation, logistics businesses in the UAE find themselves at a pivotal crossroads, especially when it comes to Value Added Tax (VAT) and Corporate Tax. The industry must tread cautiously through the labyrinth of tax concessions and regulations.
Read MoreUAE Economy Set to Soar: 3% Growth in 2023, 4% in 2024, Says S&P
Get ready for economic fireworks in the UAE! According to S&P, the United Arab Emirates is primed for a 3% economic growth spurt in 2023, with an even more impressive 4% projected for 2024. Hold on to your camel saddles because here’s what’s driving this economic rocket
Read MoreAbu Dhabi’s Prison Makeover: Judicial Department Takes the Reins
In other exciting news, Dubai is launching a digital service that’s set to revolutionize how fines are handled in criminal cases. If you find yourself in a legal pickle, this new service allows you to pay your fine with ease and, here’s the kicker, automatically lifts any travel bans once the court’s verdict is in.
Read MorePalm Jumeirah’s Sky-High Property Stuns with Record Dh44 Million Sale
Brace yourself for some real estate excitement on the Palm Jumeirah! A lavish three-bedroom duplex apartment in the Royal Atlantis has just shattered records, setting the bar sky-high at Dh44 million. But that’s not all; the eye-popping part is the price per square foot: a jaw-dropping Dh12,387, securing this property’s spot in the real estate hall of fame.
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