What is the ‘Unemployment Insurance scheme’? In the event that a UAE employee working in the Private sector or under the Federal government loses their job as a result of termination by their employer, they will receive the benefits of Unemployment Insurance (60 percent of their average basic salary, calculated on an average of the six months leading up to unemployment), which is a form of insurance or social security. An insurance premium will be paid by the worker
The Ministry of Finance (MOF) announced that the tax registrants supplying Gold are not required to impose VAT on the supply of Gold and products which mostly consist of Gold, if the conditions of Cabinet Decision No. 25 are met. In such instances, VAT in respect of the Gold is accounted for under a special reverse charge mechanism which requires the registered recipient to account for VAT on the supply instead of the supplier. Based on a new decision by the
Federal Decree-Law No. 18 of 2022 – Issued 26 Sep 2022 (Effective from 1 Jan 2023) January 1, 2023, will mark a significant date for the UAE’s Value-Added Tax (VAT). During this time, the country will have completed five years under its tax regime, and the first major changes to VAT laws will take effect. Listed below are the changes that all business owners should be aware of: Article 1 – Definitions New definitions are added for Relevant
Over the past several decades, money laundering has become an increasingly prevalent issue. Both financial institutions and governments are constantly looking for new ways to fight money laundering, and several anti-money laundering policies have been put in place to help this effort to the maximum. Anti-money laundering laws entered the global arena soon after the Financial Action Task Force was created. The FATF was responsible for the creation of most anti-money laundering standards, and it made a framework for countries to
The United Arab Emirates, which already boasts the world’s tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse. In a project launched at Dubai’s gleaming Museum of the Future, it announced that the UAE’s economy ministry was setting up shop inside the immersive virtual world that is now taking shape. The metaverse is an online world where users will eventually be able to game, work and study, its proponents say
Non- UAE citizens can fully own businesses in the Country – A law that is going to boost the economy. The UAE has announced changes to laws surrounding business ownership and commerce in the country. This has been implemented this year to make the UAE more expat-friendly and to open up the country to business and foreign investment to boost the local economy. President HH Sheikh Khalifa bin Zayed Al Nahyan has issued a decree overruling foreign ownership
An acquisition is a corporate transaction where a company purchases most or all of the other company’s shares to gain control over the acquiring company. The acquisition is a good strategic move if proper planning and analysis are done. The acquisition is a big-budget process than starting from scratch. Even though the acquisition is costly, there are many benefits like getting financial assistance, acquiring valuable legal rights, accessing a wider customer base, obtaining human resources, etc. The following is the summary
Over the last few years, there has been rapid development in technology which affects every industry and in a highly competitive global market. It’s very important to adopt these technologies to stay competitive in the market. The finance department within a company is key for measuring the performance of the company, managing the risk, and assessing the return on investment. Therefore it’s important to keep the finance department up to date with the latest technology. One of the ways to increase
Nowadays, information technology has affected the structure of businesses. Technology has given new focus and identity to all aspects of organizational structure and functions including policy formulation, decision-making, administration, production, sales, marketing, communications, and human resources. The invention of faster internet connectivity and powerful online tools has resulted in a new commerce arena i.e., E-commerce, which offered many advantages to companies and customers. Electronic commerce also known as “E-commerce’ is the process by which businesses and consumers buy and sell
Introduction of Corporate Tax in the United Arab Emirates In the past couple of years, UAE has gone through significant changes in the tax system to modernize and cope with the international best standards. UAE has taken wide steps to enhance tax transparency long before by introducing various laws. One of them was the Value Added Tax (VAT). The main objectives of the UAE CT are that it will boost UAE’s position as a world-leading hub for business
