Introduction: The business terrain in the United Arab Emirates (UAE) is evolving, with recent changes in corporate tax regulations shaping a new landscape. In this article, we present a comprehensive roadmap to assist businesses in navigating the intricacies of corporate taxation in the UAE. By offering practical advice and valuable insights, we aim to empower… Continue reading Navigating the UAE Corporate Tax Landscape: A Roadmap for Business Success

Introduction In a significant shift from its long-standing tax-free reputation, the United Arab Emirates (UAE) commenced its first tax period for corporate tax, marking a pivotal moment in its economic landscape. This historic move, aligning with international tax standards, not only redefines the UAE’s fiscal framework but also signals a strategic evolution in its approach… Continue reading A New Fiscal Era: UAE Commences First Tax Period for Corporate Tax

Transaction Monitoring (TM) is an essential component of customer due diligence and helps the entity develop a holistic understanding of the client-entity relationship. It is considered as a powerful tool to detect any suspicious activity or transactions, and hence financial crimes. Transaction Monitoring is a proactive step. Entities can detect crimes even before their occurrence… Continue reading IMPORTANCE OF TRANSACTION MONITORING

Investment can indeed be a powerful way to grow our savings and wealth over time and Investing on the government issued bonds and securities are often considered as a relatively safe and stable options. The SGB scheme introduced by RBI on the behalf of government is a unique financial instrument that allows investors to participate… Continue reading Sovereign Gold Scheme (SGB) – Whether The Best Fund Raising Option

The Executive Office for Control & Non- proliferation (EOCN), a department of Ministry of Economy has issued a guidance note stating “Red Flags” on “Terrorist & Proliferation Financing”.  The objective of this guidance is to provide a comprehensive list of “Terrorist Financing” (TF) and “Proliferation Financing” (PF) indicators of Red Flags concerning Financial Institutions (FI),… Continue reading RED FLAGS GUIDANCE ON TERRORIST & PROLIFERATION FINANCING

At Suntech Auditors, we understand the critical role that understanding tax requirements plays in business success. With recent developments in the UAE Corporate Tax landscape, it has never been more essential for companies to get up-to-speed. This in-depth article offers an exhaustive look at the Corporate Tax registration process in the United Arab Emirates, making… Continue reading Navigating Corporate Tax Registration in the UAE – The Ultimate Guide

In December 2022, the United Arab Emirates introduced a seismic change in its corporate taxation landscape through the enactment of Federal Decree-Law No. (47) of 2022, commonly referred to as the Corporate Tax Law (CTL). This regulation, effective from June 1, 2023, establishes a corporate tax rate of 9% on income over AED 375,000. Special… Continue reading UAE Corporate Tax Law for Freezones: A Comprehensive Guide

UAE introduced Economic Substance Regulations (ESR) in April 2019 to prevent harmful tax practices like tax evasion. These Regulations were later on amended by Cabinet of Ministers Resolution No. 57 of 2020 in August 2020. Further, Ministerial decision No. 100 for the year 2020 on the issuance of directives for the implementation of the provision… Continue reading Scope of UAE ESR

This public clarification replaces the original public clarification VATP029. Purpose : Amendment to tax treatment of Making service of Gold & Diamonds. Amendment in Cabinet Decision no. 25 As per Article 1 of Cabinet Decision no. 25, the original definition of “GOODS” consists of  However, the above definition has been amended and replaced for a… Continue reading VATP032 – Interpretation

“FTA: The transition to the new platform was done seamlessly in an effort to ensure all current users can easily navigate EmaraTax.” What is EmaraTax? The Federal Tax Authority (FTA) on 5 December 2022 had launched its newly integrated and fully developed digital tax administration platform named “EmaraTax”. The upgraded portal is believed to provide… Continue reading EmaraTax – FTA portal 2.0