The United Arab Emirates has set out its plans to expand its tax stamps regime for the marking of tobacco & tobacco products. From January 1, 2019, all types of imported and locally manufactured and traded tobacco products were required to feature a digital tax stamp…

The DIFC has recently enacted a new Data Protection Law (DIFC Law No. 5 of 2020) (“New DP Law”), which came into force from 1st July 2020, replacing the Data Protection Law, DIFC Law No.1 of 2007…

Letter of Credit is a financial document used in international trade. It is a payment guarantee given by the bank to the supplier of the goods. A “Credit Letter” issued by the bank will be a sort of promise to the goods seller if the buyer fails to make the payments…

Individuals who make supplies in their personal capacity as performers, singers, dancers, stage artists, make-up artists, DJs, poets, song writers or any other individuals carrying out other activities. Such individuals are referred to as Artists…

The Public Clarification provides a high-level clarification of the FTA’s view of the zero-rating conditions in Article 31(1)(a) of the Executive Regulation relating to the residency and location of the recipient of services, taking into account the amendments made to Article 31(2) of the Executive Regulation in Cabinet Decision No. 46 of 2020…

Incoterms- The International Chamber of Commerce (ICC) developed Incoterms in 1936 and updates them periodically to conform to changing trade practices. Incoterms, widely-used terms of sale, are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers…

The Profit Margin Scheme is an important scheme for calculation of VAT in UAE. This scheme is applicable to certain specified goods and there are certain conditions to be fulfilled to be able to supply goods under the Profit Margin Scheme…

The FTA through Public Clarification VATP001 has laid down the principles that the businesses can use to determine if the VAT should be due on compensation payments…