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In a major leap toward financial transparency and digital transformation, the UAE Ministry of Finance has officially announced the rollout of the Unified Digital Audit Reporting System (UDARS) — a centralized platform that will become mandatory for all licensed audit firms starting October 1, 2025. This new regulation is designed to strengthen the accuracy, integrity, and traceability of financial reports filed across the UAE. Key Features of UDARS: ✅ Mandatory Filing Portal

• afs_admin
• 31.05.2025
• News

The UAE is shaking up its corporate tax landscape, and businesses must be ready. In a bold move to align with global tax standards, the UAE is introducing a minimum 15% corporate tax for large multinational companies starting in 2025. This change isn’t just about taxes; it’s about the UAE stepping up as a transparent, competitive, and investor-friendly business hub. Why Should You Care? Whether you’re a startup or a multinational giant, these tax reforms

  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

  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,

  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

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

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, 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