News

23 Jan

Combatting cheque fraud a priority for UAE Banks Federation

Counterfeit cheques currently expose banks, businesses and customers to financial, reputation and legal risks, and with sophisticated printing technologies incidences of fraud have increased. This phenomenon has led the UAE Banks Federation, UBF, to combat such risks, including the hosting of a workshop, in coordination with the UBF IT Committee, dedicated to addressing new and […]

22 Jan

Federal Tax Authority issues guide on foreign business refunds

The Federal Tax Authority (FTA) has outlined four conditions that would allow foreign businesses to recover Value Added Tax (VAT) incurred in the UAE in a new guide on “VAT Refunds for Business Visitors”, published on its official website. To be eligible for the VAT refund, the first condition is that foreign businesses must not […]

13 Jan

Federal Tax Authority clarifies criteria for date VAT is accounted for on board fees of independent directors

The Federal Tax Authority (FTA) has confirmed that the date of supply for Value Added Tax (VAT) with regard to Independent Directors’ services is determined either in accordance with the general rules or the special rules, depending mainly on whether the fees for the said directors were known from the outset or not. Where such […]

12 Jan

Federal Tax Authority clarifies criteria for date VAT is accounted for on board fees of independent directors

The Federal Tax Authority (FTA) has confirmed that the date of supply for Value Added Tax (VAT) with regard to Independent Directors’ services is determined either in accordance with the general rules or the special rules, depending mainly on whether the fees for the said directors were known from the outset or not. Where such […]

05 Jan

Federal Tax Authority announces results, successes of first year of VAT implementation

Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), asserted that in the first year of implementing Value Added Tax (VAT) in the UAE, the Authority registered many successes from deploying easy-to-use, hi-tech electronic systems to ensuring high compliance rates among businesses across the country. The VAT system has been praised by […]

02 Jan

UAE transfers AED1 billion customs duties for GCC in 2018

The Federal Customs Authority has announced that the total value of customs duties transferred by the UAE to the GCC countries amounted to about AED 1 billion in 2018, as well as transfers from the GCC to local customs administrations. The transfers were through the implementation of 168,726 transactions in the Automated Transfer Customs Duty, […]

26 Dec

FTA to implement Tobacco marking scheme in 2019

The Federal Tax Authority, FTA, has announced the completion of all preparations required to implement its ‘Marking Tobacco and Tobacco Products’ scheme. Entering into effect on 1st January 2019, the scheme involves the electronic monitoring of all types of imported, produced and locally-traded cigarettes, from production to consumer, to ensure full compliance with payment of […]

20 Dec

UAE Central Bank to raise interest rates applied to the issuance of its Certificates of Deposits

The Central Bank of the UAE (CBUAE) has announced that, effective,Thursday 20th December, 2018, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points […]