Category: Downloads

The FTA released cabinet decision no. 100 of 2024, amending cabinet decision no. 52 of 2017. This amended the executive regulations of the UAE VAT Law. 

These changes were made effective from 15th November 2024 (unless otherwise specified in the article of this decision)  

The Federal Tax Authority (FTA) published a Corporate Tax Guide on “Tax Procedures for Private Clarifications” on the 18th of November 2024. The objective of this guide is to provide taxpayers with general guidance on when and how to file for a Private Clarification to the FTA. 

The concept of foundation was introduced in the civil law jurisdiction, putting forward a similar legal framework for GCC nations with comparable histories. These Foundations function as separate legal entities from their Founders. This separates a Foundation from a Trust. This separation aids the protection of the Founder’s personal assets. In this way the Foundation’s holding remains discrete from the said founder’s personal assets.

The eBook “Manpower vs. Visa Facilitation Services: Public Clarification No. 38” addresses the complexities of VAT implementation in the UAE. This comprehensive resource examines the recent FTA public clarification regarding significant challenges faced by companies in the region.

It provides an in-depth analysis of the VAT treatment applicable to two distinct types of supplies: manpower services and visa facilitation services. Given the FTA’s latest guidance, it is imperative for businesses to accurately identify these supplies to ensure compliance and optimize tax outcomes.

The content includes a detailed exploration of the criteria that classify a supply as manpower services, outlining the obligations of the supplier and the methodology for calculating the value of supply. It also examines the conditions under which a supply qualifies as visa facilitation services, highlighting the requisite criteria for accurate classification. A thorough discussion on the variations in the value of supply between manpower services and visa facilitation services is provided, along with special valuation rules applicable to related parties.

Real-world case studies elucidate the differences between these two service types, demonstrating the practical application of VAT treatment. Additionally, the eBook offers strategies to avoid common pitfalls in VAT treatment, ensuring alignment with current regulations.

This resource is essential for finance professionals, business owners, and compliance officers seeking to navigate the complexities of VAT treatment effectively. It equips organizations with the knowledge required to inform strategic decision-making and maintain compliance with regulatory requirements.

To enhance your understanding of manpower services, visa facilitation services, and the implications of Public Clarification No. 38, download the eBook. For further inquiries or assistance, please contact us.

Planning for the future is essential, especially when it comes to managing your estate after your passing. In the UAE, non-Muslim expatriates face unique challenges and opportunities regarding estate succession. Our comprehensive booklet, “A Guide on Estate Succession for Non-Muslim Expatriates in the UAE,” serves as an essential resource to help you understand the available options for registering your Will and ensuring your wishes are honored.

What You’ll Discover

• Understanding Wills: Learn the significance of Wills in the UAE and how they can help you avoid the implications of Shariah law on estate distribution.
• Registration Avenues: Explore the various platforms available for Will registration, including Dubai Courts, DIFC Wills and Probate Registry, and Abu Dhabi Judicial Department (ADJD). Each option offers distinct advantages tailored to your needs.
• Executor Guidelines: Gain insights into the responsibilities of Executors and the step-by-step process they must follow post-demise to manage and distribute your estate.
• Key Differences: A clear comparison matrix to help you weigh the pros and cons of each jurisdiction, ensuring you make an informed decision.

With the right planning, you can have peace of mind knowing that your estate will be handled according to your wishes. Our booklet provides a thorough understanding of the legal landscape for non-Muslim expatriates in the UAE, offering you the tools and knowledge to make informed decisions about your estate.

Whether you are new to the UAE or have been residing here for years, this guide is an invaluable resource for anyone looking to navigate the complexities of estate succession.

Download our booklet now to equip yourself with the necessary information to plan your estate effectively in the UAE. For further assistance in drafting your Will and navigating the registration process, feel free to reach out to our team at Fame Advisory. We’re here to help you every step of the way.

This eBook explores the implications of the newly implemented Corporate Tax in the UAE, focusing specifically on General Anti-Abuse Rules (GAAR). As businesses adjust to this new tax framework, a clear understanding of GAAR is essential for effective tax planning and compliance.

The eBook introduces UAE’s Corporate Tax system, highlighting its impact on business profitability. It then delves into the core concept of General Anti-Abuse Rules, explaining their purpose in preventing tax evasion through improper strategies. Detailed discussions of the GAAR provisions within the Corporate Tax Law clarify how these rules function.

Additionally, it examines the circumstances under which tax authorities may invoke GAAR and the key considerations they must assess. This section emphasizes the need for transparency and compliance, outlining the potential consequences for businesses that do not adhere to these regulations.

To assist businesses in mitigating risks associated with GAAR, the eBook offers practical strategies for compliance. It concludes with a comprehensive FAQ section that addresses common questions about General Anti-Abuse Rules, making it a valuable resource for any organization operating in the UAE.

This eBook is an essential guide for companies seeking to align their tax strategies with GAAR and ensure compliance within the evolving corporate tax framework.

The United Arab Emirates (UAE) has published Cabinet Decision No. (49) of 2021, which amends Cabinet Decision No. (40) of 2017 on Administrative Penalties for Violations of Tax Law in the UAE. The amendments have come in effect since 28 June 2021.After the amendments, VAT penalties and fines in UAE have been reduced substantially as compared to the previous legislation.

This guide compares the penalties that were applicable previously and the new penalties.

A thorough comparison of VAT Penalties and Fines in UAE, before and after Cabinet Decision No. (49) is presented along with the implications of the amendments to VAT Penalties and Fines in UAE.

These amendments marks a significant shift in VAT penalties and fines in UAE, now aiming to foster a more supportive environment for businesses. With such a reduction in penalties across various violations, the UAE tax authority seeks to encourage compliance and promote a culture of voluntary disclosure and accurate record-keeping. Explore the subject thoroughly with our comprehensive guide:

Federal Tax Authority (FTA), being the National Assessing Authority, may undertake assessments to determine whether a Licensee has met the Economic substance Test or not. FTA can either send additional Information request or issue audit Notice in this regard.

As per the Economic Substance Regulation, UAE entities whose business activities meet the scope and definition of any of the nine ESR relevant activities, are required to prepare and submit Economic substance Notification and Economic Substance Report.

Such relevant activities include:

• Banking Business
• Insurance Business
• Investment Fund management Business
• Lease – Finance Business
• Headquarters Business
• Shipping Business
• Holding Company Business
• Intellectual property Business (“IP”)
• Distribution and Service Center Business
  
  

The guide spans over:

• How is the Economic Substance Regulations (ESR) Audit notice issued?
• What are the details asked under Economic Substance Regulations (ESR) Audit Notice?
• How to Submit Economic Substance Regulations (ESR) Audit Response?
  
  

This guide summarizes all the practical aspects that we have dealt with so far, while handling ESR audit process for our clients. It will help you at the time of your ESR Audit. Read the full guide for a better understanding of the subject:

This guide serves as the definitive resource on Corporate Tax Refund, thoroughly addressing Article 49 of corporate tax law. It outlines scenarios where a taxable person may have paid more corporate tax than required under the law to the FTA, either through withholding or direct payment. In such cases, the taxable person is eligible to claim a corporate tax refund.

The guide also details the process for applying to the FTA for a refund in accordance with the Tax Procedures Law. Notable instances include situations where withholding tax credits exceed the corporate tax payable or where the corporate tax paid exceeds the amount actually due.

Additionally, the guide provides comprehensive information on circumstances when a refund of corporate tax is not available, the revision process for refund applications, and includes a case study and answers to frequently asked questions.

For a thorough understanding, please read the full guide.

Guide on treatment of unrealized gains and losses under UAE Corporate Tax provides you the complete knowledge on the topic. For calculating taxable income under the UAE Corporate Tax law (the CT law), general rules for determining taxable income- defined under Article 20 of the Corporate Tax Law (CT law) are to be considered.

According to Article 20 (2) of the CT law – taxable income for a tax period shall be calculated by considering accounting income and making specific adjustments defined under Article 20 (2); the first adjustment is for- any unrealised gains or losses under UAE Corporate Tax.

We first explained about the realisation principle and when the income is realised. Then, we shed light on what are the unrealised gains or losses under UAE corporate tax.

This guide also highlights how unrealised gains and losses are treated and how they impact the computation of Taxable income and how the adjustments are made. We have also included case study for better understanding. For thorough understanding of treatment of unrealised gains and losses, checkout the guide.