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Landmark VAT legislation update since 2018; amendments effective 1 January 2023

While UAE VAT legislation is about complete its 5th year since its implementation back in 2018, the Ministry of Finance introduced a major revision to the original VAT legislation (by issuance of Federal Decree-Law No. 18 of 2022). The proposed changes are effective 1 January 2023. The revised legislation have minor amends to various articles ... Read more Landmark VAT legislation update since 2018; amendments effective 1 January 2023

Soft Close Audit

Preparation and finalization of management accounts for getting ready and reconciling the supporting schedules, while the audit is being conducted, may result in delays in meeting the deadline to deliver the audited financial statements promptly, and further distract and pile up the day-to-day operational tasks of the company’s management. Having a comprehensive audit strategy and ... Read more Soft Close Audit

Corporate Tax (0% and 9%) in UAE from 1 June 2023

Introduction and effective date In a landmark decision the Ministry of Finance (“Ministry”) on 31 January 2022 announced the United Arab Emirates (“UAE”) will introduce Corporate Tax (a type of direct taxes) effective on or after 1 June 2023. The Federal Tax Authority (“FTA”) will be responsible for the enforcement, collection, and administration of UAE ... Read more Corporate Tax (0% and 9%) in UAE from 1 June 2023