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

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 …

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

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 …

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

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, …

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

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 …

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

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 …

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Insurance Business

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 …

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Holding Company Business

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 …

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