Best of 2024: FAME’s Year in Review
As 2024 comes to an end, it’s not just another year we are celebrating – it’s a decade of Taxcellence. Over the last 10 years, FAME Advisory has been on a journey of growth, innovation, and unwavering commitment to excellence. This year has been particularly significant, with new regulations shaping the landscape of corporate taxation in the UAE.
From VAT amendments to tax groups and wealth planning, we have covered a wide array of topics to support businesses in staying ahead. Out of all our contributions, these seven articles have stood out as the most impactful in 2024:
1. Corporate Tax Registration on EmaraTax: The Complete Guide
- This article is a one–stop guide for everything about Corporate Tax Registration. In this piece, we have covered everything from the foundational basics, steps and procedures, and common mistakes, to the expected timeline of registration on the EmaraTax portal.
2. VAT Penalties and Fines in UAE: Cabinet Decision No. (49) of 2021 Impact
- A vital read for UAE businesses, that discusses the VAT amendments which came in effect after Cabinet Decision no. (49) of 2021. Here, the changes that led to reduction in VAT penalties and fines compared to previous legislation, since these amendments, are highlighted. A comparative Analysis of the penalties that were applicable previously and the new penalties, helping businesses in the UAE understand the regulatory shifts and its potential impact on their operations.
3. UAE Corporate Tax Group: Pros, Cons, and Considerations
- FAME delved into one of the most deliberated subjects, a Tax Group in the UAE. This article outlined a careful analysis of UAE CT treatment to a Tax Group. A thorough analysis of the consideration’s businesses must keep in mind when deciding whether or not to form a tax group, along with its benefits and limitations.
4. Determining a Non-Resident Person’s Nexus in UAE for Corporate Tax Purposes
- This article dealt with determining a non-resident person’s nexus in UAE. It focused on the treatment of non-resident persons under the UAE Corporate Tax Law. A crucial read for international businesses and foreign investors, the article clarified the special treatment these individuals may receive under UAE Corporate Tax Regulations.
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5. Navigating Estate Succession in the UAE: Options for Non-Muslim Expatriates
- This article provided non-Muslim expatriates in UAE with the requisite clarity on estate succession in the UAE. It detailed on the available platforms for their Will registration, particularly essential owing to the fact that the absence of a Will leaves the distribution of their estate to be done under Shariah law, which may not align with their preferred means of distribution. This article highlighted various registration options and their benefits for expatriates seeking flexibility in estate planning.
6. Qualifying Public Benefit Entity: Registration and Exemption under UAE Corporate Tax
- This article provided non-Muslim expatriates in UAE with the requisite clarity on estate succession in the UAE. It detailed on the available platforms for their Will registration, particularly essential owing to the fact that the absence of a Will leaves the distribution of their estate to be done under Shariah law, which may not align with their preferred means of distribution. This article highlighted various registration options and their benefits for expatriates seeking flexibility in estate planning.
7. Tax Loss Relief under UAE’s Corporate Tax Law: Key Factors
- Startups and businesses may experience temporary losses in their tenures. During these phases, they can benefit from Tax Loss relief under the UAE Corporate Tax Law. In this article we have explored the key factors businesses need to consider and understand to take full benefit of tax loss relief, ensuring optimal financial strategy during challenging periods.
A Look Ahead with Gratitude
Taxation in the UAE continues to evolve, and staying informed has never been more important. These articles reflect just a fraction of the guidance we have been proud to provide to help businesses and professionals navigate these changes with confidence.
As we celebrate 10 incredible years, we want to take a moment to thank you for being a part of this journey. Your trust and support have been instrumental in helping us reach this milestone. Stay tuned for more insights, updates, and highlights from our anniversary celebrations. Here is to the next decades of Taxcellence together!
