2(29A): “liable to tax”, in relation to a person and with reference to a country, means that there is an income-tax liability on such person under the law of that country for the time being in force…

On 30 October 2018, the UAE government issued UAE Federal Law No. 19 of 2018 on Foreign Direct Investment (FDI Law). Cabinet Resolution No. 16 of 2020 clarifies that companies that operate under all economic sectors that appear on the “positive list”…

The UAE Commercial Companies Law No. 2 of 2015 which came into force on July 1, 2015 requires all companies to apply international accounting standards and practices when preparing their accounts. This is interpreted as the need to apply IFRS when preparing their financial statements…

When the input tax is greater than the output tax on a VAT return, the taxpayer can request a VAT refund after filing their VAT return. When a taxpayer submits a claim for refund, the FTA will process and review the application within 20 business days of submission…

A natural person may own a number of sole establishments, which may perhaps undertake different lines of business. There has been uncertainty on whether each sole establishment needs to obtain VAT registration separately or whether all such establishments could be included under one VAT registration…

The UAE government has published a VAT refund scheme which enables businesses/ business visitors to claim the VAT paid on the purchase of goods and services incurred in UAE…

The earlier applicability of VAT on forward charge, wherein, VAT is collected by the supplier at the time of supply, led to cash blockage for businesses purchasing gold and diamonds..

The Federal Tax Authority (“FTA”) published On 29 July 2018, a VAT Guide on Designated Zones – VAT Guide (VATGDZ1). Designated Zone is an area which is specified by the cabinet decision and that meets the conditions prescribed in the UAE Executive Regulation…

Cabinet Resolution No. (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) came into effect on 28 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year…

Tax domicile certificate (also known as tax residency certificate) is a certificate issued for eligible government entities, companies and individuals to take advantage of agreements of double taxation avoidance on income signed by the UAE…