Do you want to know the latest financial update and regulations by the federal tax authority and government? Do you want to stay up-to-date with the financial accounting world? We offer the latest scoop on all major activities of the financial world. From major reforms to new rules and regulations, our blog is a one-stop hub for all your accounting news.
A new Companies Law Federal Decree-Law Number 32 of 2021 on Commercial Companies (the New Law), which amends and replaces the Federal Law Number 2 of 2015 on Commercial Companies (the Old Law), became effective on 2 January 2022. The New Law mandated that all the companies make their memorandum of association in line with
Economic Substance (ESR) filing reporting deadline. Reporting deadlines as per the latest guidelines issued by the Ministry of Finance, companies conducting Relevant Activities must submit a Notification within 6 months and an Economic Substance Report within 12 months of their Financial Year (FY) -end. Failure to complete and submit the Notification may result in penalties
ESR Report Template Released The Ministry of Finance (MoF) has just released the format of the ESR report required for the reporting of the economic substance regulations in the UAE in accordance with Cabinet Resolution No. 57 of 2020 (“Amended Regulations”), along with updated Guidance clarifying the amended ESR through Ministerial Decision 100 of 2020
E-Commerce VAT Guide in the UAE E-commerce (also known as “electronic commerce” or sometimes referred to as the “digital economy”) generally refers to supplies of goods and services over the Internet or a similar electronic network, with products and services being sourced or supplied by electronic means, such as through a computer, phone website or
A recent FTA’s published ‘Public Clarification on the Time Frame for Recovering Input Tax’. According to the clarification, inputs tax can be claimed when: the tax invoice is received; and an intention to make the payment of consideration of the supply before the expiration of six months after the agreed date of payment is formed.
FTA’s latest VAT Public Clarification on Zero-rating of export of services is an answer for a widespread misconception on the Zero-rating VAT treatment on services being classified as “export” by the taxpayer. Under this clarification, the FTA clarifies once again what we have emphasized in our latest Webinar on the place of supply role in
The Executive Regulation of the Federal Decree-Law No. 8 of 2017 on Value Added Tax, that was issued by the Cabinet Decision No. 52 of 2017 – on 26 November 2017, has been updated through the Cabinet Decision No. 46 of 2020 – dated 4 June 2020. The primary and essential change is related to
The UAE Ministry of Finance (“MoF”) has provided an update under its FAQ section on clarifications of the requirements to file a Notification to Relevant Authorities under the UAE Economic Substance Regulations (“ESR”) by 30 June 2020. These clarifications confirm that businesses with fiscal years ended after 31 December 2019 are not required to file