Scheduled for August 26, the upcoming conference aims to offer unmatched insights and expert counsel on the transformative taxation environment. NAFA Summit Unveils Highly Awaited Occasion: Decoding Corporate Tax UAE 2023 Abu Dhabi, August 26, 2023 – The New Age Finance & Accounting Summit (NAFA) takes pride in unveiling the long-awaited Corporate Tax UAE Decoded… Read More »
These enterprises must still divide profits between manufacturing and sales operations. The UAE Ministry of Finance has initiated a digital consultation to gather opinions regarding aspects of the corporate tax structure applicable to free zone companies. This consultation focuses on defining the categorization and extent of qualifying activities and considering activities deemed exempt. Please provide… Read More »
Transportation and Storage Sector Leads with Remarkable 10.3% Growth, Outperforming Other Industries. In Dubai, the real gross domestic product (GDP) exhibited a 2.8 percent year-on-year expansion during the initial quarter of the year, attaining Dh111.3 billion. This growth trajectory exceeded the average global growth rates recorded for Q1 2023. Chairman of The Executive Council and… Read More »
The UAE Ministry of Finance has established administrative penalties for violations related to corporate tax returns. Businesses have a nine-month window to ensure compliance and guarantee the accuracy and completeness of their submissions. This nine-month window aligns with the company’s specific financial year. For example: Later, the authorities will disclose the specific penalties for each… Read More »
Approximately 37% of National Bonds Savings Index participants consider UAE for retirement. Dubai: In the 10th edition of the National Bonds’ annual Savings Index, recently released on Tuesday, they studied that 76 percent of UAE residents view the UAE as their preferred savings destination. This perception is particularly prominent among the younger population, as stated… Read More »
Sharjah Islamic Bank has reported impressive financial results for the first half of 2023, showcasing significant growth in critical areas. The bank’s operating profit before provisions surged by 31 percent. It also reached Dh648.7 million, compared to Dh497.2 million in the same period the previous year. The net profit for the first half ended June… Read More »
During the initial half of 2023, foreign direct investment (FDI) in Abu Dhabi’s property sector experienced a significant surge, soaring by an impressive 363%. Leading the pack in attracting foreign investments were Saadiyat Island and Yas Island, both receiving the highest share of FDI during this period. In the first half of 2023, Abu Dhabi… Read More »
Dubai’s new businesses witnessed their most significant growth in the past ten months during June, as per data from S&P Global. The S&P Global Dubai Purchasing Managers’ Index (PMI) climbed to 56.9 in June, up from 55.3 in May. It indicates a robust improvement in operating conditions within the non-oil sector since August 2022. Employment… Read More »
The Central Bank of the UAE (CBUAE) released a notice to alleviate the impact of increased interest rates on residential real estate loans for UAE nationals (non-investment real estate) on July 4, 2023. Effective July 1, 2023, the measures apply to all residential real estate loans. Involving individuals with increased Debt Burden Ratios (DBRs), banks… Read More »
Abu Dhabi: As part of the UAE Corporate Tax’s Free Zone laws, the UAE Ministry of Finance launched a digital public consultation on its website. Contributions will be handled between July 19 and August 2, 2023. The business community and stakeholders can provide feedback on this effort, which got announced on Wednesday. The consultation period… Read More »