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VAT News – UAE Tax Penalty Update April 2021

VAT News - UAE Tax Penalty Update April 2021 The UAE Cabinet of Ministers issued Decision No. 49/2021 amending provisions of Cabinet Decision No. 40/2017 regulating tax penalties (the “new Decision”) dated 28th April 2021. These changes are effective 60 days from the...

UAE Bounced Cheque Law Amendment

UAE Bounced Cheque Law AmendmentThe UAE Cabinet has made a critical amendment to Federal Law No. 18 of 1993 i.e. The Commercial Transactions Law concerning the bounced cheques. The changes to the law will be in effect from 2022. The Penalties For Bounced Cheques The...

FTA Audits – What Should You Expect?

FTA Audits – What Should You Expect? Your VAT returns form a legally binding statement of your tax liabilities as a self-declared assessment, this means the preparation and accuracy is the responsibility of the taxable person. As the VAT system settles in the...

Economic Substance – Compliance and Administrative Penalties

Economic Substance - Compliance and Administrative Penalties Annual Compliance and Key Actions The Economic Substance Regulations (ESR) apply to all United Arab Emirates (UAE) onshore and free zone legal entities. It carries out one or more of the Relevant...

VAT Refunds – Improving Your Probability Of Success

VAT Refunds - Improving Your Probability Of Success During the course of submitting your VAT returns, your business may be in a VAT refund position which enables you to claim a refund from the Federal Tax Authority. VAT refunds are not automatically granted,...

Ministry Of Economy goAML Registration Due By 31st March 2021

Ministry Of Economy goAML Registration Due By 31st March 2021 The UAE's Ministry of Economy has extended the grace period for the targeted establishments to register until March 31, 2021. This initiative is governed by the MoF under the enacted Legislation Federal...