This legislative move is a strategic endeavor to align the nation’s tax system with global compliance efforts, notably the Organization for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative, and the global consensus on a minimum corporate tax rate. The introduction of CT is aimed at diversifying the UAE’s economic base, […]
Corporate Tax Registration: New Timeframes and Penalties Read More »
FATF’s Evaluation and Recommendations The inclusion in the grey list came as a result of the FATF’s 2020 Mutual Evaluation of the UAE , which highlighted areas requiring significant improvement to meet international AML/CFT standards. The FATF, serving as the global standard-setter in the fight against money laundering and terrorist financing, required the UAE to
UAE’s Removal from FATF’s “Jurisdictions under Increased Monitoring” List Read More »
President His Highness Sheikh Mohamed bin Zayed Al Nahyan enacted Federal Decree-Law No. (56) of 2023, announcing the establishment of the UAE Accountability Authority, to officially replace the former Supreme Audit Institution established by Federal Law No. (8) of 2011, and all rights, assets and obligations. Applicable Legislation for the UAE Accountability Authority as defined
Enacted on December 1, 2023, this law is a strategic initiative to foster closer collaboration between the public and private sectors. It is designed to attract private sector investment in federal government projects that hold substantial social and economic value, thereby enabling the government to execute strategic projects more efficiently. The Federal Law No. 12
Navigating the Complexities of Domestic Worker Employment in the UAE In the rapidly evolving landscape of the United Arab Emirates (UAE) labor law, a significant shift has occurred with the introduction of Federal Decree Law No. 21 of 2023 Concerning Domestic Workers. This amendment, which took effect in September 2023, has tightened regulations to protect
Understanding the New UAE Labor Laws: The Legalities of Hiring Domestic Workers Read More »
The United Arab Emirates (UAE), in a landmark move to enhance its tourism and diversify its economy, has announced the creation of the General Commercial Gaming Regulatory Authority (GCGRA). This initiative heralds a significant shift from the UAE’s traditional cultural stance on gaming, driven by the desire to attract international tourists and investments while adapting
The Establishment of the General Commercial Gaming Regulatory Authority in the UAE Read More »
This initiative is a significant stride towards ensuring equal employment market opportunities in a country that boasts stable economic growth and ambitious future planning, demanding a motivated and skilled workforce to achieve its goals. In 2020, the UAE National Bureau of Statistics (NBS) estimated that the country had 6.3 million actively employed individuals, comprising citizens
Unemployment Insurance Scheme – Great Initiative by UAE Government Read More »
The Central Bank of the UAE has launched the implementation of the CBDC strategy – ‘The Digital Dirham’. A pivotal initiative of CBUAE’s Financial Infrastructure Transformation (FIT) Programme. Certainly, the right strategical move, as going digital addresses long standing pain-points in the Financial System, from both ends – the user and the currency issuer, the
UAE Digital Dirham Read More »
Cross-border credit collaboration has a rich history rooted in the growth of global trade and financial interconnectedness. It refers to the practice governments adopt towards collaboration in facilitating lending and borrowing activities across international borders for the benefit of individuals and corporates relocating their place of residence/domicile. This concept has gained significant traction in recent
UAE Adopting Cross-border Credit Collaboration Read More »
The feature includes sales operations for real estate units, whether apartments or villas, located in free-hold areas through Real Estate Registration Trustees. Why Hassle-free? The prices of the transactions are confirmed through the smart valuation process of real estate units, and this is followed by the completion of payment of fees and the issuance of
Purchase property in minutes! Read More »
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