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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

A new rule by the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) states that companies would be required to attest import invoices with a value of Dh10,000 and above and the attestation of invoices will be done electronically.   Key Points: This will come into effect on February 1, 2023. There will be an attestation cost of Dh150 per commercial invoice. Customers will have a grace period of 14 days after the declaration of goods to comply with the attestation. Businesses that

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

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