Department of Economic Development The Department of Economic Development (DED) in the United Arab Emirates (UAE) is a government agency responsible for regulating and supporting economic activities within the country. Each emirate in the UAE has its own Department of Economic Development, and these departments work at both the federal and emirate levels. Here are …
Dealers in Precious Metals and Stones in UAE must undertake the following procedures under the AML Regulations effective 12 June 2021: Ministry of Education go-Anti-Money LaunderingDownload
Tax Group A tax group, often referred to as a VAT (Value Added Tax) group or tax consolidation group, is a mechanism in some tax systems that allows related companies to be treated as a single entity for VAT purposes. This arrangement is designed to simplify the VAT compliance process and eliminate certain tax-related transactions …
Tax Registration Number Linking with Customs Registration Number (TRN-CRN Linkage) The Federal Tax Authority has provided two options to link the Tax Registration Option 1 Update your customs registration number on your registration profile with the Federal Tax Authority (FTA) by logging onto the FTA’s e-Services portal. Multiple customs registration numbers can be providedby selecting …
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Term Definition ApprovedAuditors Advisory Panel the advisory panel constituted and maintained by DMCCA to oversee and effect implementation of these Rules. Approval Criteria the approval criteria for an Approved Auditor set out in Chapter 2 of the Approved Auditor Guidance Note. Approval Process the approval process for an Approved Auditor set out in Chapter 2 …
In April 2020, the international Financial Action Task Force (FATF) issued a Mutual Evaluation Report (MER) on the UAE’s AML/CFT measures. The assessment was conducted in 2019. The MER analyzed the UAE’s compliance with FATF 40 recommendations. It also analyzed the effectiveness of the UAE’s AML/CFT system. Thereby, providing recommendations on strengthening the system. It …
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Source: https://www.tax.gov.ae/en/ Charities in the UAE Charities in the United Arab Emirates (UAE) play a significant role in contributing to various social causes and community development. The UAE government and local authorities have established frameworks to regulate charitable activities and ensure transparency. Here are key points related to charities in the UAE: 1. Regulation and …
What is blockchain? Blockchain is a decentralized, distributed ledger technology that allows for the secure and transparent recording of transactions. It is a digital database that is used to store and record transactions that are made using cryptocurrencies, such as Bitcoin. In a blockchain, each transaction is recorded as a “block” and added to the …
Value-added tax (VAT) is a consumption tax that is levied on goods and services in many countries. VAT is typically collected by the seller at the time of sale and remitted to the government. If you are registered for VAT, you are required to charge VAT on your taxable supplies of goods and services, and …
Corporate Taxation in the United Arab Emirates was launched FAQ source Source: https://www.mof.gov.ae/en/resourcesAndBudget/Pages/faq.aspx What is Corporate Tax? Corporate Tax is a form of direct tax levied on the net income or profit of corporations and other businesses. Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions. …