News

The UAE’s financial condition will considerably change in 2025, and at the same time, it will put businesses under increased scrutiny regarding Corporate Tax, VAT, Anti-Money Laundering (AML), and Economic Substance Regulations (ESR). Recent audits from the industry have identified an increase in compliance gaps, often stemming from inadequate documentation and a lack of internal controls These businesses are experiencing the same repeating compliance issues: missing invoices, incorrect VAT reporting, inconsistent statutory reporting, and an inability to substantiate account balance assertions

The UAE Federal Tax Authority (FTA) has released Public Clarification CTP007, which explains how Tax Groups should prepare and audit their financial statements under the Corporate Tax Law. What’s a Tax Group? A Tax Group is when two or more related companies are approved by the FTA to be treated as a single taxable person. This allows them to file a single corporate tax return instead of multiple

Dubai, UAE – July 2025 The UAE Federal Tax Authority (FTA) has announced expanded corporate tax compliance requirements for various business structures, as per FTA Decision No. 5 of 2025, issued on May 19, 2025, and effective from July 1, 2025. The updates are part of the ongoing implementation of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, aimed at strengthening the country’s tax framework

The UAE interest rate will remain unchanged at 5.40%, as announced by the Central Bank of the United Arab Emirates (CBUAE). This follows the U.S. Federal Reserve’s decision to hold its benchmark rate steady. This move reinforces the UAE’s commitment to maintaining financial stability and aligning the UAE’s interest rate with the U.S. dollar peg. It ensures consistent borrowing costs for businesses and consumers. Global and Regional Context The Federal Reserve’s pause comes amid ongoing efforts to balance inflation control

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