The Central Bank of the United Arab Emirates (CBUAE) has announced that it will maintain its base rate for the Overnight Deposit Facility (ODF) at 5.40%, following the U.S. Federal...
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…
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…
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…
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…
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…
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…
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….
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…
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…
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…
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…
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…
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…
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…
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…
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…
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,…
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….
Abu Dhabi Offshore Power Transmission Company has secured more than $3.2 billion in financing with export credit agencies and banks for an offshore electricity transmission project, the Japan Bank…
Companies in the United Arab Emirates are largely resisting demands for higher pay to offset the impact of inflation, according to a survey that showed two-thirds of companies have…
A British man accused by Denmark of masterminding a USD 1.7 billion tax fraud has been ordered by a Dubai court to pay Copenhagen’s tax authority USD 1.25 billion,…
The United Arab Emirates’ economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday. Real gross domestic product…
The United States and United Arab Emirates have reached an agreement to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts globally by 2035,…
EU Removes UAE from High-Risk Money Laundering List – What It Means for Businesses
