Skyline of Downtown Dubai with Burj Khalifa from a Helicopter. 27 May 2015. Author Tim Reckmann.

Tax in Dubai

December 6, 2018 UAE Business 0

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. Read more

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A.M. Best to Host 2017 Insurance Market Briefing – MENA

September 24, 2017 UAE Business 0

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. Read more

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E-archiving is an enabler in prepping for VAT

August 14, 2017 UAE Business 0

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. Read more

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How Small Business can prepare for VAT implementation in the UAE

July 21, 2017 Rayhan Aleem 0

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. Read more

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A.M. Best Briefing: VAT Implementation Poses Significant Challenges for GCC Insurers

May 28, 2017 UAE Business 0

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. Read more