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UAE’s Finance Ministry Seeks Input on Global Minimum Tax

  The UAE is embarking on a significant step towards global tax reforms by soliciting corporate feedback on implementing a global minimum tax (GMT) within the country. The Ministry of Finance (MoF) has opened a consultation period to gather insights from stakeholders, with a particular emphasis on multinational groups operating in the UAE and their associated entities. The consultation, which is open to all interested parties, aims to gather feedback on various aspects related to the implementation of the GMT. These include

New Maritime Law in the UAE

  Effective from 29 March 2024, the UAE’s maritime legal landscape is undergoing significant changes with the implementation of the Federal Decree-Law No. 43 of 2023 Concerning the Maritime Law (the “New Maritime Law”). This law marks a departure from the existing framework, governed by Federal Law No. 26 of 1981 (the “Existing Maritime Law”), and brings about several notable alterations impacting shipowners, charterers, P&I Clubs, shipping lawyers, and the broader maritime community.   Ownership and Registration of UAE-Registered Vessels Under the Old Law,

Tax for foreign banks

Dubai Implements 20% Annual Tax on Foreign Banks

  Dubai has enacted a law stipulating a 20 percent annual tax on foreign banks operating within the emirate, except for those licensed within the Dubai International Financial Centre, according to an announcement from the Dubai Media Office. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, passed the law on Thursday, outlining guidelines for determining taxable income, protocols for tax return filing, and procedures for auditing tax returns. The law applies to all foreign banks in Dubai, encompassing special

UAE removed from Financial Action Task Force ‘grey list’

The UAE has been removed from the Financial Action Task Force’s “grey list” following significant progress in combating money laundering and terrorism financing. This decision came after a thorough on-the-ground review, with the UAE being placed on the list in 2022. The task force also removed Barbados, Gibraltar, and Uganda from the grey list during its plenary meeting in Paris. The UAE’s Minister of Foreign Affairs, Sheikh Abdullah bin Zayed, applauded the move, attributing it to collective efforts and expressing a commitment

Piyush Goyal

India, UAE target $100 billion trade: Piyush Goyal

In a significant development, Union Commerce Minister Piyush Goyal announced that India and the United Arab Emirates (UAE) are ambitiously working towards expanding their bilateral trade to USD 100 billion. The revelation took place during the ‘UAE India Business Summit’ at the 10th edition of the Vibrant Gujarat Global Summit. Addressing the audience, Goyal emphasized the diverse nature of the India-UAE partnership, spanning various sectors such as space exploration, security, education, and climate action. He encouraged industry and businesses

Dubai Investments

Dubai Investments Highlights Sustainability at COP28

Dubai Investments, the leading diversified investment company, listed on the Dubai Financial Market [DFM], reiterated its commitment to sustainability and climate action during the COP28 summit in Dubai, UAE. As a Climate Support Sponsor present at the Climate Finance Hub within the Green Zone, Dubai Investments highlighted its alignment with UAE’s Vision 2031 and the 17 Sustainable Development Goals at COP28. The company’s resolute dedication to sustainability in 2022 was highlighted through notable achievements, including a commendable 32% decrease in total

Maktoum bin Mohammed- Deputy Prime Minister for Financial and Economic Affairs

New Deputy Prime Minister for Financial and Economic Affairs

Maktoum bin Mohammed has been designated as the Deputy Prime Minister for Financial and Economic Affairs in the UAE following a cabinet reshuffle announced on January 6. The reorganization, disclosed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister of the UAE, and Ruler of Dubai, signifies a new era in the country’s leadership and administration. The announcement of the reshuffle was made via Sheikh Mohammed’s official X account, with his tweet stating, “With the approval

Reverse Charge Mechanism for the supply of electronic devices

Introducing a special reverse charge mechanism for the supply of electronic devices.   Article (1) – Definitions The New Decision defines electronic devices as mobile phones, smart phones, computer, and tablet devices, along with their associated spare parts.   Article (2) – Description of the new mechanism When a supplier sells electronic devices to a registered recipient in the UAE, and the recipient plans to either resell these devices or use them in the production of electronic devices, the following rules come

UAE Finance Ministry bridges with emerging economies.

The Ministry of Finance, in partnership with the World Bank Group’s MIGA, hosted two workshops in Dubai and Abu Dhabi at the Chambers of Commerce as part of the Ministry’s efforts to boost the UAE’s business climate, the events brought together government officials, local business leaders, and investors. MIGA presented its range of financial products and services, including insurance solutions and guarantees to support credit for entrepreneurs and lenders in emerging economies. Discussions also covered investment concerns and optimizing capital

Virtual Asset Regulatory Authority (VARA)

Dubai’s Virtual Asset Regulatory Authority

Dubai’s Virtual Asset Regulatory Authority (VARA) is a transparent and trusted guiding authority in the world of virtual assets. Established in March 2022 by Law No. 4 of 2022, VARA is responsible for regulating, supervising, and overseeing virtual assets and their activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones (excluding the Dubai International Financial Centre). VARA has the authority to modify, refine, adjust, or expand its regulations as needed to adapt to