Corporate 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.
Read MoreUAE VAT Rules Unraveled in Complex Leasing Contracts
Here’s the scenario that triggered a tax conversation marathon: What are the VAT implications when you’re dealing with a 4-year equipment lease split into eight semi-annual invoices? Seems straightforward, right? Well, in the realm of business, this seemingly simple question encompasses a myriad of transactions.
Read MoreUAE Announces New Penalties for Corporate Tax Violations
Championed by the UAE Ministry of Finance (MoF), this game-changing move encapsulated in Cabinet Decision No (75) of 2023 addresses administrative penalties for violations linked to the Federal Decree-Law No 47 of 2022, a decree that set the tone for the taxation of corporations and businesses.
Read MoreUAE’s Ministry of Finance Unveils Dynamic Blueprint for 2023-2026
The UAE’s Ministry of Finance is on the move with its ambitious Strategic Plan 2023-2026, a visionary roadmap unveiled by none other than Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai and Minister of Finance. With sights set on bolstering financial empowerment, sustainability, innovation, and future foresight, this transformative initiative is aligned with the UAE Centennial Plan 2071, propelling the nation’s financial landscape to new heights.
Read MoreUAE’s Banking Titans Shine Bright: Emirates NBD Emerges as Dubai’s Front-runner
Globally, Emirates NBD and First Abu Dhabi Bank continued to be shining stars among the strongest banks, claiming the coveted 85th and 90th positions, respectively. Right behind them, Abu Dhabi Commercial Bank, Dubai Islamic Bank, and Mashreq Bank secured their positions at 130, 169, and 256 on the list of global banking giants.
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