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This article explains the agency concept under VAT along with the VAT treatment and processes to be followed to ensure appropriate compliance. The concept is different from ‘tax agency’ under VAT. A tax agent is a person registered with the tax authority who is appointed on behalf of another person to represent him/her before the authority

Learn about the latest updates in Tax, Indirect Tax, and International tax in the UAE and GCC Region.

During the current economic environment, it is crucial for businesses to manage their cash-flows. Cash-rich or cash-sufficient businesses need to survive to embrace the future which could be uncertain for few sectors. Having said this, businesses which import or produce excisable products would have felt the impact on the cash-flows due to high tax rates of tax and long credit period for recovery from the customers. There is an opportunity for businesses to manage their cash-flows further by setting up operations in an Excise Designated Zone (i.e. excise warehouse) and manage the cash-flows. This Article deals with the intricacies for setting up operations in Excise Designated Zones.

Learn about the latest updates in Tax, Indirect Tax, and International tax in the UAE and GCC Region.

Learn about the latest updates in Tax, Indirect Tax, and International tax in the UAE and GCC Region.

Learn about the latest updates in Tax, Indirect Tax, and International tax in the UAE and GCC Region.

UAE Ministry of Finance amends Economic Substance Regulations

Read about the recent updates regarding VAT, indirect tax and excise tax in the GCC region.

The financial services sector is one with complex transactions and new products evolving continuously due to various factors including technological developments. These complexities and the progression have a direct impact on the tax landscape, and hence, we have gathered our FS and Tax experts for an insightful discussion on some of the key tax issues revolving around the FS sector in the UAE.

With respect to Economic Substance Regulations, the Central Bank of the UAE has recently announced a notification filing update to be carried out through the Central Bank Services Portal.

Following the introduction of the Economic Substance Regulations ("ESR") in the UAE back in 2019, all the UAE-registered licensees are required to submit an annual notification to their respective Regulatory Authority.

With respect to Economic Substance Regulations, Dubai international Financial Center has recently announced a notification filing update to be carried out through the DIFC Client Portal.

Read about the recent updates regarding VAT, indirect tax and excise tax in the GCC region.

Following the introduction of the Economic Substance Regulations (“ESR”) in the United Arab Emirates (“UAE”), all Licensees are required to submit an annual notification to their respective Regulatory Authority (trade license issuing authority).

Read about recent updates regarding customs and excise tax in this edition of Tax Alert.

As a member of Organisation for Economic Development and Cooperation (“OECD”), and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group, the UAE has committed to ensuring standards related to Base Erosion and Profit Shifting (“BEPS”) are implemented.