Decision No. 98 of 2024: UAE Cabinet Ends Economic Substance Regulations
In a major development, the UAE Cabinet of Ministers, through Decision No. (98) of 2024, announced that the Cabinet Ends Economic Substance Regulations (ESR), which will no longer apply to financial years starting on or after January 1, 2023. This change brings significant regulatory relief for UAE businesses, as the
New Grace Period from the Federal Tax Authority : An Opportunity for Tax Record Accuracy
The UAE Federal Tax Authority (FTA) has announced a new grace period for registrants to update their tax records without incurring administrative penalties. This initiative, effective from January 1, 2024, to March 31, 2025, reflects a proactive approach by the FTA to support registrants in maintaining accurate tax information while
Becoming a Tax Agent in the UAE: A Step-by-Step Guide for Professionals
The registration of tax agents in the UAE is a meticulous process governed by stringent requirements to ensure the integrity and efficiency of the tax system. This guide provides a detailed overview of the qualifications necessary for both natural and juridical persons to become tax agents in the UAE, as
UAE eInvoicing Programme 2024: A Step Towards Digital Transformation
The UAE is rolling out its new eInvoicing programme in 2024 as part of its vision to become a digitally-enabled, paperless economy. This initiative not only aims to streamline and modernize invoicing processes but also to foster transparency, improve audits, and enhance taxpayer compliance across the country. What is eInvoicing?
Real Estate Investment for Natural Persons: Guide to Corporate Tax Exclusions
The UAE’s Corporate Tax regime, introduced under Federal Decree-Law No. 47 of 2022, affects businesses and individuals alike. However, for natural persons earning income from real estate investments, there are specific exclusions from Corporate Tax. The article is aligned with Cabinet Decision No. 49 of 2023 & Corporate Tax Guide
Manpower vs Visa Facilitation Services: Understanding VAT Treatment
Understanding VAT Treatment is essential when distinguishing between manpower services and visa facilitation services to ensure compliance with Value Added Tax (VAT) regulations. This article delves into the specifics of these services, providing a detailed analysis based on VAT Public Clarification VATP038, dated May 30, 2024. Manpower services Manpower services
