Palm Jumeirah’s Sky-High Property Stuns with Record Dh44 Million Sale
Brace yourself for some real estate excitement on the Palm Jumeirah! A lavish three-bedroom duplex apartment in the Royal Atlantis has just shattered records, setting the bar sky-high at Dh44 million. But that’s not all; the eye-popping part is the price per square foot: a jaw-dropping Dh12,387, securing this property’s spot in the real estate hall of fame.
Read MoreUAE VAT Rules Unraveled in Complex Leasing Contracts
Here’s the scenario that triggered a tax conversation marathon: What are the VAT implications when you’re dealing with a 4-year equipment lease split into eight semi-annual invoices? Seems straightforward, right? Well, in the realm of business, this seemingly simple question encompasses a myriad of transactions.
Read MoreUAE Announces New Penalties for Corporate Tax Violations
Championed by the UAE Ministry of Finance (MoF), this game-changing move encapsulated in Cabinet Decision No (75) of 2023 addresses administrative penalties for violations linked to the Federal Decree-Law No 47 of 2022, a decree that set the tone for the taxation of corporations and businesses.
Read MoreUAE’s Ministry of Finance Unveils Dynamic Blueprint for 2023-2026
The UAE’s Ministry of Finance is on the move with its ambitious Strategic Plan 2023-2026, a visionary roadmap unveiled by none other than Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai and Minister of Finance. With sights set on bolstering financial empowerment, sustainability, innovation, and future foresight, this transformative initiative is aligned with the UAE Centennial Plan 2071, propelling the nation’s financial landscape to new heights.
Read MoreUAE’s Banking Titans Shine Bright: Emirates NBD Emerges as Dubai’s Front-runner
Globally, Emirates NBD and First Abu Dhabi Bank continued to be shining stars among the strongest banks, claiming the coveted 85th and 90th positions, respectively. Right behind them, Abu Dhabi Commercial Bank, Dubai Islamic Bank, and Mashreq Bank secured their positions at 130, 169, and 256 on the list of global banking giants.
Read MoreHSBC Makes History with Pioneering International SLB Transaction on Dubai Financial Market
Adnan Hussain, Global Head of Agency Securities Lending and Liquidity Services at HSBC, expressed his pleasure in collaborating with Dubai Clear and harnessing HSBC’s profound local and global market expertise to achieve this pioneering feat on DFM. The impact of securities lending activities on creating a vibrant and robust marketplace cannot be overstated, fostering efficient capital market functioning and attracting more international investors to the UAE.
Read MoreExpert Answers to 5 Essential Questions About UAE Corporate Tax
Every new tax endeavor comes with its set of challenges, but timely tax regulations have played a pivotal role in smoothing the process. As corporate tax (CT) becomes a reality, businesses must grasp its implications. Key awareness seminars by the Ministry of Finance / FTA play a crucial role in ensuring all stakeholders are well-informed.
Read MoreFederal Tax Authority Sets Global Benchmark with Prestigious Corporate Ethical Procurement and Supply Certificate
The Director General of the FTA, His Excellency Khalid Ali Al Bustani, was presented with the prestigious certificate at a grand ceremony held at the Museum of Union in Dubai. Sam Achampong, the Regional Head of the Middle East & North Africa (MENA), had the honor of conferring the certificate to H.E. Al Bustani, amidst the presence of FTA officials and representatives from the Chartered Institute of Procurement and Supply.
Read MoreUAE Corporate Tax Sparks Transformation in Business Landscape, Fueling Economic Expansion, Ministry Reveals
While the announcement of the corporate tax was made 18 months ago, its implementation today marks a pivotal moment for the UAE. This taxation system will not only diversify the government’s revenue streams but also forge stronger links between business activities and income generation
Read MoreHow Will a Free Zone Branch of UAE Mainland Company Be Treated?
Taxation laws can be complicated, and this is true even for the UAE Corporate Tax Law. To fully understand the law, one must first examine its intent. The Explanatory Guide provides clarification that the law should be simple and permissive, yet it is not necessary to foresee all possible tax exploitation scenarios. This guide also emphasizes the importance of the general anti-abuse rule included in the law. If the law remains silent about a specific scenario, it does not necessarily mean that the activity is permissible.
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