Dubai, the city of luxury and oil. This is the common impression that comes in peoples mind when they hear the name Dubai. But Dubai is not only limited to these two terms. There are many fascinating facts about this country in the United Arab Emirates. For example, this emirate is said to be completely tax-free. Or is it? To answer this question, yes it is indeed a tax-free country to some extent. To analyze this idea of free tax we have to consider some parameters like people already living there or people looking to move to Dubai, different types of taxes etc. The citizens and different workers working here are considered tax-free with epic tax advantages, but there can be various situations where you have to pay taxes.
Emirates NBD issued a statement to its customers warning that they should be aware of a new phishing attack. A customer receiving an email with the subject line ‘VAT Refund Notification’ claiming to be from Emirates NBD is a phishing e-mail.
According to government news outlets, the government of United Arab Emirates has exempted the value-added tax (VAT) on gold, diamonds and precious metals.
Business leaders from the UAE gathered together at an ACCA event in collaboration with Thomson Reuters which took place in Abu Dhabi and Dubai to discuss the first 100 days of VAT in the UAE and how organisations can navigate adoption challenges.
A.M. Best will host its annual Insurance Market Briefing – MENA on Wednesday, 4 October, from 1:30 p.m. to 5:45 p.m. (GST), at the Fairmont Dubai, United Arab Emirates. A.M. Best will present its perspectives on rating trends for (re)insurers in key segments of the MENA (re)insurance sector.
January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic archiving appears to be a true enabler and facilitator for GCC businesses, offering compliance with the legal changes and easy access to transaction documents for tax audits.
It has been a while since the UAE and the other GCC countries signed an agreement to implement VAT by 1 January 2018. For many companies, there may be a misconception that just because it is going live in 2018, they can wait until then before they start the process of preparing for VAT. The answer is no. Being able to capture VAT data and in a position to submit quarterly returns, managing cash flow, understanding the implications of how VAT affects the business model and educating the workforce on how the change affects them is not a task which can take a few weeks. It can take many months.
With less than six months until the GCC implements value added tax (VAT), a new survey from ACCA (the Association of Chartered Certified Accountants) and Thomson Reuters has found that there is a significant lack of preparation and awareness among businesses in the region of how it will affect them.
Uncertainty persists as to when precisely Value Added Tax (VAT) will be introduced in the member states of the Gulf Cooperation Council (GCC), and the process surrounding a roll-out. However, given the fiscal pressures in the region, the introduction of taxation seems inevitable and could cause short-term cash-flow issues for insurers.