UAE’s Finance Ministry clarifies the country’s tax residency rules
The Ministry of Finance in the UAE recently issued a decision regarding the determination of tax residency for individuals residing in the Emirates. The ministry clarified that, for tax purposes, an individual’s “usual place of residence” will be considered to be in the UAE if that is where they normally or habitually reside. The clarification […]
Comprehensive guide to taxes in UAE – Income Tax, Property Tax, Corporate Tax UAE and more.
Apart from the incredible skyscrapers, golden beaches, and countless tourist destinations to explore, UAE has one of the most liberal tax policies in the world. Many people consider the UAE to be the financial and commercial hub of the Middle East and coupled with the attractive tax policies make the country an alluring option for […]
What is an MIS Report and why does it deserve your attention? Explained.
Thanks to the implementation of new economic reforms by the UAE government, businesses in the country are slowly but surely realigning themselves to comply with these accounting practices. In order to comply with the amendments to the Commercial Companies Law, VAT, Economic Substance Regulations (ESR), Anti-Money Laundering and Combating Financing of Terrorism (AML-CFT), and Ultimate […]
Attestation mandatory for import invoices worth AED 10,000 and above.
Companies in the UAE will soon be subject to a new compliance requirement as they would be required to attest import invoices with a value of AED 10,000 and above by the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC). Effective February 1, 2023, The Ministry of Foreign Affairs, and International Cooperation (MoFAIC) has […]