There is a multitude of companies in the UAE that are owned by entities incorporated in “no or only nominal tax” jurisdictions (referred to herein as “noons”) such as the British Virgin Islands (BVI), Cayman Islands, Isle of Man, Jersey, Guernsey, Mauritius, Bahamas, Seychelles, Bermuda and the UAE (to name a few). Except for using…
Dubai Customs has issued an announcement that, effective 1 January 2019, all commercial and industrial companies operating under licenses issued by any of the free zones in the Emirate of Dubai and holding a customs code issued by Dubai Customs will have to comply with the new inventory system requirements, and all such companies that…
Abstract The implementation of VAT in the UAE left many registrants under the VAT laws asking questions, especially when it first came into operation. Now, several months down the line there are still some key issues that are not easily deciphered. Luckily, there is an avenue to answer some of these issues where clarity is…
The main goal of any wealth management and succession planning is to preserve the family legacy and family owned and operated businesses. The regulatory framework of succession planning in the UAE includes both civil and Islamic law principles. However, as the DIFC has its own independent jurisdiction within the UAE, it is also empowered to…
On 28 June 2018 the vast majority of VAT registrants will have to submit their first VAT Return to the Federal Tax Authority. This will be the first VAT Return, and the main question is whether these companies or individuals have prepared sufficiently for this task? The other important questions that any company or individual…
After 100 days in effect, people and companies alike seem to be coming to terms with the payment of Value Added Tax (“VAT”). There is one area though where there still seems to be some confusion and that is with Tax Invoices issued by retailers which are more commonly known as “Till Slips”. John…
John Peacock, Head of Tax and Conveyancing at BSA’s Dubai office wrote an article for Emirates Law (published in the April 2018 edition) comparing the implementation of VAT in the United Arab Emirates and the Kingdom of Saudi Arabia. As the GCC countries start to move away from the oil-based economy models, they introduce…
John Peacock, Head of Indirect Tax and Conveyancing, and Tyne Hugo, Associate, wrote a comprehensive step by step process on how to register for VAT in UAE. The UAE VAT regime was implemented on 1 January 2018 putting into operation Federal Decree-Law No 8/2017 on Value Added Tax and Cabinet Decision No 52/2017 on the…
Originally published on gulfnews.com John Peacock explains how the law treats a practice made infamous by speculators Property flipping is a term widely used in the US to describe the process of buying property and reselling it at a higher price, usually after making minor alterations or refurbishments. Technically the first buyer or the…
Transcript from gulfnews.com The Dubai Chamber of Commerce and Industry hosted a workshop today which helped familiarise businesses and professionals with essential, legal and practical aspects of the recently introduced value-added tax (VAT). The workshop, entitled “The Essentials of VAT”, was held at the Chamber’s headquarters in Deira and organized in cooperation with BSA Ahmad…
This practical workshop will provide valuable information about the UAE VAT Law and its impact on both the UAE and GCC. Attendees will be given the opportunity to develop a greater understanding of the VAT regulatory environment and how the law is applied throughout the UAE including: onshore, free zones and the designated zones stipulated…
The United Arab Emirates (UAE) is one of the most attractive business markets on earth. However, setting up a business here can be rather tedious if you are not familiar with the country. The UAE requires a particular method for setting up a company which should not take long once you have all the required…