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  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

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

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

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

According to the latest IAB World Survey rankings, the ANTEA Alliance of Independent Firms has once again secured a coveted position among the world’s leading associations by holding on to the 15th spot among the world’s leading alliances. The firm’s worldwide members and their teams are commended for their exceptional expertise and their commitment to achieving this level of success.   For any of our services, Contact Us

Cabinet Decision No. 85 of 2022 – Issued 2 Sept 2022   Brief overview The new decision effectively provides us with guidelines on determining the tax residency for both natural and legal persons. It also outlines the requirements and conditions for identifying a person as a Tax Resident in the UAE.   Publication and Enforcement The decision shall be effective from March 01, 2023.   Coverage 1. Natural persons shall be considered UAE tax residents if they: Have their primary residential place and financial

It is mandatory for all passengers entering or leaving the UAE with more than Dh60,000, or equivalent amounts in currency, financial assets, precious metals, or stones, to declare them to customs. Families members over 18 years old may carry an amount not exceeding Dh60,000 or the equivalent in foreign currency without disclosing it to customs officers under the UAE’s disclosure system. The cash and other valuable items carried by passengers less than 18 years of age, including children and adolescents, are added