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The pandemic was one of the most drastic black swan incidents of our times, which suddenly locked down infrastructures, industries, banking systems, and businesses, plunging the world into widespread chaos and financial uncertainty. Although a large number of employees continued to work from home for businesses to adapt to the new normal, there were reports …

How does financial sustainability boost the status of Dubai as a global business hub? Read More »

Be it online shopping, connectivity to work remotely or hybrid schooling, the one thing that makes Dubai and the UAE stand out is that how quickly it adopts innovative tech to make everyday life easier. The country which used online apps, telehealth for remote monitoring of patients and a range of remote services to bounce …

FTA plans to upgrade tax systems with digital innovation, after reviewing financial statements Read More »

The UAE has started thriving in non-oil sectors in the new normal and was also able to attract five million visitors even during the peak of the pandemic in 2020 by relaxing restrictions earlier than most countries, to ensure that lockdowns didn’t throw its tourism industry off track. Apart from being a destination for shoppers, …

UAE’s measures to protect workers ensure a global talent pool for businesses in the country Read More »

Thanks to its strategic position close to major international trade routes, and a strong digital as well as logistical infrastructure, the UAE has quickly evolved into a trade hub within the past decade as it started moving towards the development of a more diversified non-oil economy. This position at the centre of global trade and …

Small businesses to thrive on the UAE’s support for industrialisation Read More »

VAT on Purchase of Motor Vehicle for Business Purpose Article 53 of the Executive Regulation which deals with Non-recoverable input tax cases, states that Input Tax is not recoverable where a motor vehicle was purchased, rented or leased for use in the Business and is available for personal use by any Person. The word ‘motor …

VAT on Sale or disposal of motor vehicle held as business asset Read More »

Introduction An Standard Operating Procedure (SOP) is a procedure specific to your operation that describes the activities necessary to complete tasks in accordance with industry regulations, laws or even just your own standards for running your business.  Any document that is a “HOW TO” falls into the category of procedures. In a simple language, A …

Standard Operating Procedures (SOP) Read More »

Hello Friends, You must be receiving an email from FTA with a subject line: (Reminder) Restriction on VAT301 Form Lets understand! 1. What is VAT 301 form? VAT 301 is an Import Declaration Form used for making VAT Payment on imports made by a person registered under VAT and have valid TRN. 2. Why are …

FTA communication on VAT 301 Form Deactivation Read More »

Insurance Business means the business of accepting risks by effecting or carrying out contracts of insurance, in both the life and non-life sectors, including contracts of reinsurance and captive insurance arrangements. Core Income Generating Activities • Predicting and calculating risk • Insuring or re-insuring against risk and providing Insurance Business services to clients • Underwriting …

Insurance Business Read More »

Holding Company Business is a business that  Core Income Generating Activities (CIGA) The CIGAs of a Holding Company Business are all activities related to acquiring and holding shares or equitable interests in other companies, provided such activities do not constitute another Relevant Activity.   Special Points to Consider           Reduced Economic Substance Requirement (article 6.5 of …

Holding Company Business Read More »

Headquarters Business is the business of providing any of the following services toone or more Foreign Connected Person: Core Income Generating Activities Special Points to Consider Regulatory Authority   What Licensee has to do?   Who has to file the Notification?   The provisions shall apply to a Licensee that carries out any Relevant Activity. …

Headquarters Business Read More »