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Waiver of Penalty by FTA
Tax Registration Penalty The Federal Tax Authority has announced an initiative to waive the administrative penalty for Late Submission of Corporate Tax Registration Applications within the specified deadline. This initiative is intended to further support the UAE business sector by enabling mechanisms that allow taxpayers to meet their tax obligations. FTA page to refer: https://tax.gov.ae/en/about.fta/waiver.of.penalties.aspx Waiver Conditions To […]
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KSA Withholding Tax Impact on UAE Businesses
What is Withholding Tax in KSA? Withholding Tax (WHT) in Saudi Arabia (KSA) is a tax deducted at source on payments made to non-resident entities for services, royalties, dividends, or other taxable transactions. The payer (Saudi company) deducts the tax and remits it to the Zakat, Tax and Customs Authority (ZATCA). KSA Withholding Tax Rate Table Type of Payment Withholding Tax […]
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ESR Compliance Abolished
Economic Substance Regulations (ESR UAE) Alert! Amendments to/Cancellation of UAE Economic Substance Regulations (ESR UAE) Published in the Official Gazette on 16 September 2024, Cabinet Decision No. 98 of 2024 amends Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements, by adding Article (2) B to limit its overall application to fiscal years between […]
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How to Link Emaratax with UAEPASS
FTA recently announced change in FTA login process. Starting September 2024, taxable persons can login to Emaratax Dashboard using only UAEPass authentication process. It involves few steps to complete in given scenarios. How to approach the linking process, it depends on one scenario in hand. The process is simple, follow the steps explain below. Scenario-1: You have […]
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Tax Registration New Dates to Register (UAECT Registration)
Article2– Registration of Persons for Corporate Tax Purposes For the purposes of Clause 1 of Article 51 of the Federal Decree-Law No. 47 of 2022 referred to above, any Taxable Person shall submit an application for Tax Registration in accordance with the timelines prescribed in Articles 3, 4 and 5 of this Decision. Article 3 […]
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Corporate Tax Registration in UAE
FTA opened Corporate Tax Registration FTA is now inviting businesses to register for UAE Corporate Tax, the registration is opened for two types of legal persons: How to Register: Login to EmaraTax portal if you do not have an account then create one. The CT Registration is different than VAT Registration. In case of UAECT […]
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Corporate Tax Assessment and Implementation
Corporate Tax-Assessment and Implementation Time to Assess your business… The Corporate Law has been published by the ministry, it is time for businesses to conduct Tax Assessments, adjust policies and procedures and implement the recommendations made by a Tax Consultant. This is a must do exercise for the business to understand the gaps, make refinements […]
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Value Added Tax (VAT) in the Kingdom of Bahrain
VAT was first introduced in the Kingdom on 1 January 2019 with standard rate of 5%. Businesses are liable to comply with VAT laws and regulations. The recommendation is to plan for it, consult internally and if required externally with professionals by keeping in mind a reasonable lead time is required to assess, design and […]
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VAT Amendments in UAE
Amendments in UAE VAT Law Introduction: The UAE government made amendments to in VAT Law (Federal Decree Law no 8 of 2017) through the Federal Decree Law no 18 of 2022. Below educational summary is based on unofficial translation, this is not an advisory neither an opinion nor it represents the bare law. VAT Consultants […]
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DDA Audit Compliance
DDA Registered Businesses must Submit Audited Financial Statements by November 30, 2022 DDA Audit Requirement: All companies registered under Dubai Development Authority (DDA) umbrella are required to submit DDA Audited Financial Statements. BensCA group among the Top Audit Firms in Dubai are Registered Auditors with DDA (Dubai Development Authority). The requirements mandate all private companies (Free Zone LLCs) and branches […]
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