CBUAE would maintain the rate of borrowing on short term liquidity from CBUAE, through all standing credit facilities at 50 bps above the base rate. This would directly impact the interest rate advanced by the bank to the consumers and business owners, whilst borrowing loans. The immediate result of the rate hike will strengthen the […]
Borrowers and Credit Card Holders Beware! Read More »
Starting June 1st 2023, the UAE government will implement a 9% federal corporate tax on corporation profits that exceed an income of AED 375,000 ($102,000), this tax will not, however, be implemented to small businesses that amount to that and below. Chris Payne, who is chief economist at Peninsula Real Estate, states that this announcement
Small Business Owners, Rejoice! Read More »
Dubai CommerCity, the first and leading e-commerce enabler has recently launched their e-commerce business setup incentive package in the Middle East, Africa and South Asia (MEASA) region. The initiative is aimed to stimulate the economy and to enable the new companies and potential investors grow their e-commerce and omnichannel sources. Notable Features § 100% foreign
Looking to Set-Up your Business? Don’t Miss this Opportunity! Read More »
Have you wondered why recently you’ve been able to see the caller ID of numbers that are not even saved in your contact list? A new service called ‘Kashif’ was activated by the Telecommunications and the Digital Government Regulatory Authority (TDRA) earlier this year. The aim is to reduce the number of anonymous calls residents
UAE: Say No to Phishing Read More »
According to the new UAE cybercrime law, taking pictures of accident victims without their consent and circulating them online are punishable with a six-month jail term or a fine between AED 150,000 to AED 500,000 or both. The new cybercrime law further states that individuals engaging in online begging or seeking illegitimate assistance from government
Cybercrime Update: Think Twice Before You Post! Read More »
Law No. (26) of 2021 was recently issued regarding the Notary Public in Dubai, which subsequently amends Law No. (4) of 2013. An electronic notary public system was introduced in the amending law where regular Notary Public duties will be performed automatically through e-Notary services, as part of Dubai’s smart government initiative. The amendment also
Amendment to Notary Public Law Read More »
The Federal Decree Law no. 31 of 2021 regarding the UAE Penal Code is to become effective from 2 January 2022, subsequently amending Federal Law no. 3 of 1987. Under the new law, the juvenile age limit is increased from 14 to 18 years old, resulting in a death penalty to offenders who are guilty
Amendment to UAE Penal Code Read More »
The administering body of the DIFC – LCIA Arbitration Centre in Dubai, the DIFC Arbitration Institute (DAI), was abolished last month through Decree No. 34 of 2021. The same Decree also abolished the Emirates Maritime Arbitration Centre (EMAC). The workflows, processes, staff, and assets of the two institutes are to be transferred and merged into
Abolishment of the DIFC-LCIA Arbitration Centre Read More »
VAT Refund Scheme for Expo Dubai 2020 Participants made available by FTA DUBAI – The Federal Tax Authority has made a refund plan for taxes paid on goods and services related with Expo 2020 Dubai official participants. The refund of Value Added Tax Paid on Goods and Services Connected with Expo 2020 Dubai plan is
VAT Refund Scheme for Expo Dubai 2020 Participants Made Available by FTA Read More »
The UAE has authorized emergency use of booster shots of Pfizer-BioNTech and Sputnik vaccines for senior citizens and residents aged over 60; people with chronic diseases, or at risk of complications (aged 50-59); and people receiving long-term health care (aged 18 years and over). Booster shots are to be given six months after the second
Pfizer and Sputnik Booster Shots Authorized for Over-60s in UAE Read More »
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