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Verification of customers by financial institutions

Financial Institutions and DNFBPs are required to undertake Customer Due Diligence (CDD) measures to verify the identity of the Customer and the Beneficial Owner before or during the establishment of the business relationship or opening an account, or before executing...

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Assessment of whether Economic Substance Test is met

The Regulatory Authority may make an assessment that a Licensee has not met the Economic Substance Test during any Financial Year of the Licensee. No assessment will be done six (6) years after the end of the Financial Year to which the determination relates. The time...

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Reporting under Economic Substance Regulation

Report under economic substance Test to the Ministry of Finance shall include the following information with respect to the Licensee – the type of Relevant Activity conducted by it. the amount and type of relevant income in respect of the Relevant Activity. the amount...

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Apply for clarification with the FTA

The Federal Tax Authority (FTA) to provide technical clarification to matters of Uncertainty This form is available to all persons that would like to ask the Federal Tax Authority (FTA) to provide technical Clarifications to matters of uncertainty they encounter after...

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Income tax return for non-resident Indians

Due date to file Income tax returns for non-resident Indians – 31st July Definitions for the purpose of this article Investment Income – means any income derived other than dividends referred to in Section 115-O from any of the Specified Asset (acquired or purchased...

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Instances where supply is not treated import or export

Instances when supply outside the state shall not qualify as export or when supply into the state shall not qualify as import as per Article 20 of the Executive Regulation Where exit and re-entry are in the course of a journey between two points in the state. No...

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VAT on farmhouse

Farmland is normally be considered to be commercial land, i.e. not “bare” land, as it is normally covered with infrastructure or civil engineering works required to make it operational as a farm e.g. irrigation systems, roads, utility connections, etc. Farmland which...

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Sale of imported goods under Expo 2020 Dubai

It should be noted that the Official Participant must register for VAT if the value of their taxable supplies or imports (for commercial or non-official purposes) in the UAE exceeds, or is anticipated to exceed, the mandatory registration threshold of AED 375,000. For...

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