News

30 Sep

FTA sets September 30 deadline for submitting tax returns

The Federal Tax Authority (FTA) has called on businesses registered in the Value Added Tax (VAT) system whose tax period ended on 31st August, 2018, to submit their tax returns as soon as possible and not wait until the deadline to avoid any delays. The Authority stressed the need to submit tax returns and settle […]

24 Sep

Federal Tax Authority sets requirements for recovering tax on entertainment services for employees

The Federal Tax Authority (FTA) has determined the “Entertainment Services” supplied to employees, for which registered businesses cannot recover the taxes they incurred, explaining that these are mainly the expenses associated with activities to entertain personnel, such as staff parties that are free to attend. The Authority noted that according to Federal Decree-Law No. (8) […]

23 Sep

Smart Dubai Office launches blockchain-based Payment Reconciliation and Settlement system

The Smart Dubai Office, SDO, today launched the “Payment Reconciliation and Settlement” system, in collaboration with the Dubai Department of Finance, which is a block-chain-based upgrade to its financial system. The new system will enable transactions to be performed accurately and in real time, and economise time and effort. The department’s current procedures rely on […]

22 Sep

FTA urges retail companies to register in ‘Tax Refund Scheme for Tourists’ system

The Federal Tax Authority, FTA, has invited retailers, outlets and shops registered for Value Added Tax, VAT, to register in the digital system of the Tax Refund Scheme for Tourists, which will come into effect as of the fourth quarter of 2018. The Authority is implementing the Scheme in cooperation with Planet, and has identified […]

16 Sep

FNC Financial Affairs Committee approves plan for draft federal law approving unified budget

The Financial, Economic and Industrial Affairs Committee of the Federal National Council, FNC, has approved its plan to discuss a daft federal law on the approval of the Union’s unified final budget and the final budget of independent authorities for the fiscal year ending 31st December 2017. It made the approval during a meeting that […]

15 Sep

Ministry of Finance, World Bank Group enhance financial coordination

The Ministry of Finance, in collaboration with the World Bank Group (WBG), has held a roundtable discussion to strengthen financial coordination between the health and education sectors in the presence of representatives from the Central Bank of UAE. The sessions was opened by ministry officials, followed by a presentation by the WBG’s team led by […]

21 Aug

VAT will attract more global investors to UAE realty

When value-added tax (VAT) was introduced in the UAE and Saudi Arabia on January 1, 2018, initially stakeholders were wary on the potential impact of the new tax policy on the economy. A study conducted by Alliance Business Centers Network said that the UAE would be least affected by the imposition of VAT because it […]

25 Jul

MoF, RAK International Corporate Centre signs MoU on exchange of information for tax purposes

The Ministry of Finance, MoF, signed a Memorandum of Understanding, MoU, with RAK International Corporate Center on the exchange of information for tax purposes, as part of the UAE’s international tax agreements. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance and Dr. Sameer Al Ansari, CEO of the RAK International Corporate Centre signed the […]

05 Jul

More relief as three UAE free zones are out of VAT Scope

The UAE’s Federal Tax Authority (FTA) has added three new free zones to the list of designated zones that will be out of the five per cent VAT scope imposed earlier this year. The new addition sees the total designated zones increasing to 23 across the UAE. Federal Decree Law No. (8) of 2017 on […]