Extension of Deadlines for Tax Assessment Review and Reconsideration Requests: FTA Decision No. 1 of 2025
Introduction The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) has issued Decision No. 1 of 2025, outlining the circumstances under which deadlines for submitting Tax Assessment Review Requests or Requests for Reconsideration may be extended. This decision is effective from March 01, 2025. Cases Where Deadline Extensions
UAE VAT Update: Reverse Charge Mechanism for the Supply of Precious Metals and Precious Stones
Introduction The UAE Cabinet has enacted Cabinet Decision No. 127 of 2024, establishing a Reverse Charge Mechanism (RCM) for transactions involving precious metals and precious stones among VAT-registrants. This regulatory amendment, issued on December 16, 2024, will come into force on February 15, 2025. The objective of this legislative measure
Transfer Pricing in UAE Corporate Tax: Compliance, Challenges & Best Practices
Introduction In May 2018, the UAE joined the OECD Inclusive Framework on BEPS, reinforcing its commitment to preventing profit shifting to low-tax jurisdictions. A key aspect of this commitment was the introduction of Transfer Pricing in UAE Corporate Tax regulations to ensure fair transactions between related parties. Initially, the UAE
Ministerial Decision No. 261 of 2024: Tax Guidance for Unincorporated Partnerships and Family Foundations
Introduction The Ministry of Finance of the United Arab Emirates (UAE) has issued Ministerial Decision No. 261 of 2024 to clarify the tax treatment of Unincorporated Partnerships, Foreign Partnerships and Family Foundations under Federal Decree-Law No. 47 of 2022 on Corporate Taxation. Effective retroactively from June 1, 2023, this decision
UAE EXCISE TAX UPDATE 2025: MINISTERIAL DECISION NO. 1 OF 2025
Introduction The UAE’s Ministry of Finance has introduced Ministerial Decision No. 1 of 2025, a critical update to the framework governing excise tax implementation. This decision, effective from January 3, 2025, focuses on refining the classification and pricing mechanisms for excise goods, particularly those related to electronic smoking devices, liquids,
VAT IMPLICATIONS FOR CRYPTOCURRENCY MINING
Introduction Cryptocurrency mining has emerged as a cornerstone of the digital revolution, playing a vital role in validating and securing blockchain transactions. As this innovative industry grows, understanding its regulatory and tax implications becomes critical. This article delves into the VAT treatment of cryptocurrency mining, particularly under proof-of-work mechanism, in
