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The United Arab Emirates issued Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary.   Applicability   The resolution applies to all companies in the UAE, except companies incorporated in the financial free zones like ADGM and DIFC and companies owned by the Federal Government and their subsidiaries.   What companies must do   Companies need to maintain at their office

Dubai: The Federal Tax Authority (FTA) said that supplies provided by artists and social media influencers for consideration are subject to Value Added Tax (VAT).   VAT applies to any online promotional activities performed on behalf of other businesses for a consideration, such as promoting a product in a blog or a video or otherwise promoting a business on a social media post; any physical appearances, marketing and advertising related activities; providing access to any

The Ministry of Economy (MoE) announced the launch of an awareness and monitoring campaign for the Designated Non-Financial Businesses and Professions (DNFBPs) registered in the UAE to register in the system of Financial Intelligence Unit (goAML). The campaign also encourages these target groups to register in the system of Committee for Commodities Subject to Import and Export Control (Automatic Reporting System for Sanctions Lists), and to adopt measures related to both, stipulated by the

The Federal Tax Authority (FTA) has recently issued a public clarification on taxability of Dubai Owners’ Associations and Management Entities. In the clarification, FTA clarifies the significant impact of Law No. 6 of 2019 Concerning Ownership of Jointly Owned Real Property (“Law No. 6”) on the taxability of Owners’ Associations and Management Entities in the Emirate of Dubai.      Law No. 6 was published on 4th September 2019 and became effective 60

As per DMCC regulations every Company must appoint an auditor who must examine and report on the financial accounts of that Company. The directors of a Company must prepare and approve financial accounts and arrange for these to be audited by an auditor approved by DMCC and approved by the shareholders after the end of the financial year of the Company as per the due date of the concerned authority. A Company can only appoint an auditor, if the auditor has been approved and