UAE’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.
Read MoreHSBC Makes History with Pioneering International SLB Transaction on Dubai Financial Market
Adnan Hussain, Global Head of Agency Securities Lending and Liquidity Services at HSBC, expressed his pleasure in collaborating with Dubai Clear and harnessing HSBC’s profound local and global market expertise to achieve this pioneering feat on DFM. The impact of securities lending activities on creating a vibrant and robust marketplace cannot be overstated, fostering efficient capital market functioning and attracting more international investors to the UAE.
Read MoreExpert Answers to 5 Essential Questions About UAE Corporate Tax
Every new tax endeavor comes with its set of challenges, but timely tax regulations have played a pivotal role in smoothing the process. As corporate tax (CT) becomes a reality, businesses must grasp its implications. Key awareness seminars by the Ministry of Finance / FTA play a crucial role in ensuring all stakeholders are well-informed.
Read MoreFederal Tax Authority Sets Global Benchmark with Prestigious Corporate Ethical Procurement and Supply Certificate
The Director General of the FTA, His Excellency Khalid Ali Al Bustani, was presented with the prestigious certificate at a grand ceremony held at the Museum of Union in Dubai. Sam Achampong, the Regional Head of the Middle East & North Africa (MENA), had the honor of conferring the certificate to H.E. Al Bustani, amidst the presence of FTA officials and representatives from the Chartered Institute of Procurement and Supply.
Read MoreUAE Corporate Tax Sparks Transformation in Business Landscape, Fueling Economic Expansion, Ministry Reveals
While the announcement of the corporate tax was made 18 months ago, its implementation today marks a pivotal moment for the UAE. This taxation system will not only diversify the government’s revenue streams but also forge stronger links between business activities and income generation
Read MoreHow Will a Free Zone Branch of UAE Mainland Company Be Treated?
Taxation laws can be complicated, and this is true even for the UAE Corporate Tax Law. To fully understand the law, one must first examine its intent. The Explanatory Guide provides clarification that the law should be simple and permissive, yet it is not necessary to foresee all possible tax exploitation scenarios. This guide also emphasizes the importance of the general anti-abuse rule included in the law. If the law remains silent about a specific scenario, it does not necessarily mean that the activity is permissible.
Read MoreNew UAE VAT Rule: Ecommerce Businesses Must Specify Emirate Where Order Is Delivered
Starting July 1, 2023 ecommerce businesses in the United Arab Emirates (UAE) must disclose the emirate in which an order was placed and delivered. This disclosure will be necessary for VAT compliance. The Federal Tax Authority has stipulated that ecommerce-generated sales worth Dh100m or more in a calendar year must enter in their VAT returns the exact location of their customers, whether it is Dubai, Abu Dhabi, or any of the other emirates.
Read MoreNew UAE Freezone to Focus on Digital and Virtual Assets Companies
The UAE Supreme Council Member and Ruler of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, has announced the establishment of the world’s first free zone dedicated to digital and virtual assets companies. Under Law No. 2 of 2023, the Ras Al Khaimah Digital Assets Oasis will operate as an independent governmental authority, connected to the newly created Department of the Future.
Read MoreDubai’s Real Estate Market Sees 80% Increase in Q1-2023
Dubai’s real estate sector has recorded a significant increase in total transactions valued at Dh157 billion in Q1-2023, a surge of 80 percent compared to the same period in the previous year. 2022 saw annual transactions worth Dh528 billion, highlighting the sector’s importance in driving economic growth and bolstering Dubai’s global position.
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