Other Briefings
UAE Tax Authority Announces Grace Period for Updating Tax Records: Key Details
The UAE Federal Tax Authority (FTA) has introduced a grace period from January 1, 2024, to March 31, 2025, allowing businesses to update their tax records without incurring administrative penalties.
UAE to Implement E-Invoicing Mandate by July 2026: What Businesses Need to Know
The UAE e-invoicing mandate will be implemented in three stages from Q4 2024 to July 2026, starting with accrediting service providers, followed by legislative updates, and culminating in mandatory compliance for B2B and B2G transactions via the Peppol network.
UAE Real Estate Investment Income and Tax Liability
Real estate income for individuals in the UAE is generally excluded from Corporate Tax unless the activity requires a business license.
Bahrain to Implement 15% Domestic Minimum Top-Up-Tax on MNEs from January 1, 2025
Bahrain has introduced a 15% Domestic Minimum Top-Up Tax (DMTT) on profits of Bahraini subsidiaries of large multinational enterprises, effective from January 1, 2025. This marks Bahrain’s first general profit tax beyond the oil and gas sector.
Managing ESR Compliance in the UAE After 2024 Legal Amendments
The 2024 legal amendments exempt UAE businesses from compliance under the Economic Substance Regulations (ESR) for financial periods starting after January 1, 2023. However, compliance for the 2019–2022 ESR Period is required, with records retained for six years for potential Federal Tax Authority review.
UAE Amendments to Economic Substance Regulations: Impact on Businesses
The UAE Ministry of Finance announced amendments to the Economic Substance Regulations (ESR) through Cabinet Resolution No. (98) of 2024, published on September 16, 2024. A key change limits the ESR’s application to accounting periods from January 1, 2019, to December 31, 2022.
Saudi Arabia Expands E-Invoicing Regime to Cover More Businesses in 2025: Key Details
More businesses will be subject to e-invoicing compliance in Saudi Arabia by 2025 as the 15th and 16th waves of integration get implemented by March 1 and April 1, respectively. We discuss the criteria of applicability and how businesses can prepare.
UAE Amends VAT Executive Regulations, Effective November 15
The UAE has made substantial changes to its Value Added Tax (VAT) Executive Regulations, effective from November 15, 2024, carrying implications for businesses across various sectors, especially trade and financial services.
UAE VAT Exemptions: Impact on Crypto and Investment Firms
From November 15, 2024, businesses in the UAE, including cryptocurrency firms and investment funds, will benefit from new VAT exemptions.
A Guide to AML/CFT Compliance and Reporting in the UAE
This guide provides an overview of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance requirements for Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) in the UAE, reporting best practices, and area-wise supervisory authorities.
