Persons not qualified to act as Trustee under Bankruptcy
Trustees shall not be any of the following persons: A creditor of the A spouse, in-law or kin up to the fourth degree of the Any person against whom a final judgment is issued for a criminal offence, or for a misdemeanor of theft, embezzlement, deceit in commercial...
read moreDismissal of the application of debtors for Protective Composition
The Court shall dismiss the application for Protective Composition in the following cases: If the Debtor is already subject to Protective Composition, restructuring, bankruptcy or liquidation of the Debtor’s Assets in the State in accordance with the provisions of...
read moreAppointment of expert by court for Bankruptcy application
Upon acceptance of application of debtors by the Court, the Debtor shall deposit a sum of money or a bank guarantee with the Court’s treasury in the manner and by a date as determined by the Court, to cover the costs and expenses of the Protective Composition...
read moreApplication of protective composition with the court by debtors
The application for Protective Composition filed with the Court by debtors shall set out the reasons for the application, and be accompanied by the following documents: Memorandum including a brief summary of the economic and financial position of the Debtor together...
read moreAuthority of committee under the Bankruptcy Law
The Committee shall have the following authority: To supervise the administration of the financial reorganisation of financial establishments licensed by the Competent Supervisory Authority, in order to facilitate amicable agreements between the Debtor and its...
read moreBankruptcy law applicability in UAE
The provisions of the Bankruptcy Law shall apply to: Companies governed by the Commercial Companies Companies not established under the Commercial Companies Law and which are wholly or partly owned by the federal or local government, and which have enabling...
read moreAdministrative Penalties for Violations of Tax Laws in the UAE
Table (1): Violations and Administrative Penalties related to the Implementation of the Federal Law No. (7) of 2017 on Tax Procedures Description of Violation Administrative Penalty (AED) 1 The failure of the person conducting Business to keep the required records and...
read moreCabinet Decision No. (10) of 2019 CONCERNING THE IMPLEMENTING REGULATION OF DECREE LAW NO. (20) OF 2018 ON ANTI- MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM AND ILLEGAL ORGANISATIONS
CONCERNING THE IMPLEMENTING REGULATION OF DECREE LAW NO. (20) OF 2018 ON ANTI- MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM AND ILLEGAL ORGANISATIONS The Cabinet, - Pursuant to the perusal of the Constitution; - Federal Law No. (1) of 1972 concerning the...
read moreReturning of Digital Tax Stamp related to excise goods to the FTA
Scenarios when the stamps need to be returned Following scenarios shall require when marks (Digital Tax Stamp) should be returned to the FTA: Where the person becomes aware that he no longer has the intention to use the marks for the purposes of affixing them to...
read moreProducts on which excise is paid in UAE
Excise Goods Tax shall be applicable on the following Excise Goods: Tobacco and tobacco products Tobacco and tobacco products shall include all items listed within the GCC Common Customs Tariff that are imported, cultivated or produced in the State. Carbonated drinks...
read moreWhat is supply for VAT
Supply of services is anything that can be supplied other than goods and supply of goods shall mean physical property that can be supplied including: A transfer of ownership of Goods or the right to use them from one Person to another Person shall include for...
read moreWhat is excise tax?
Excise Tax was introduced across the UAE in 2017. Excise tax is a form of indirect tax levied on specific goods which are typically harmful to human health or the environment. These goods are referred to as “excise goods”. When considering whether a product is an...
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