Company Liquidation in DMCC calls for termination or winding up the operations of businesses. To proceed with DMCC Company Liquidation there are a few considerations to be taken. Considerations that should be taken are settling the businesses property, assets and its liabilities. When can you apply for Company Liquidation in DMCC? As per the Implementing…

With the introduction of Value Added Tax – VAT in the UAE, among all other schemes Tax Refund Scheme for Tourists has been the most awaited one.  UAE has been a destination for millions of tourists especially Dubai, which is one of the Emirates of the UAE well known for its Tourist Attraction, Business Hubs,…

Recently the Federal Tax Authority issued some guidelines on tax treatment and tax procedure for better understanding of the UAE VAT law. This blog will explain the recent amendments, clarifications and guidance on tax treatment issued by FTA which might have an impact on your business. The recent updates are related to the following: Exchange…

Non-Recoverable Tax on Entertainment Services

As per the UAE VAT law tax paid on most of the business expenses can be recovered. At the same time tax paid on certain expenses cannot be recovered, those are called non-recoverable tax. As per the Article (53) of Executive Regulation of the UAE VAT law, VAT paid on certain expenses are non-recoverable tax…

Introduction on compensation payments: In the normal course of business, sometimes there will be payments in the nature of compensation for any loss, omissions, breach of contracts etc. Whether the payments on such compensation nature are taxable under the UAE VAT or not? Recently the FTA has issued a public clarification (VAT P 001) related…

form company formation

In Sharjah Media City (Shams Free Zone) an emerging free zone in UAE through Emirates Chartered Accountants Group. They have started issuing free zone licenses in different sectors. SHAMS, Sharjah Media City is located in the emirate of Sharjah, which is launched in January 2017 with a vision to be a world-class hub for media and creativity…

Free zones in UAE are also known as Free Trade Zones depicting that they are structured to boost the international business economy of the country. Free zones in UAE provides 100% ownership, Repatriation of Capital & Profits, TAX Exemption and many other facilities The kind of businesses the free zones in UAE  largely offer ranges…

The Federal Tax Authority (FTA) has introduced a form 211 – VAT voluntary disclosure form recently. It will help the taxable persons to rectify the errors they committed in their UAE VAT Form 201 which is already filed. It is an option given by the FTA for the tax periods to voluntarily disclose the errors…

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has made significant and progressive decisions for foreign workers who serve the private sectors with regard to their bank guarantee, insurance and visa provisions. What are the most important decisions…

The Dubai Multi Commodities Centre (DMCC), was established in 2002 with a strategic initiative to become one of the best business hubs in the world. And yes now, DMCC is the number one Free zone in the world and one of the best UAE Free zones with commendable provisions of the physical market and financial…

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