COVID-19 has already triggered wide-scale damage, both locally and internationally, to many sectors. Although attempts are underway to avoid the spread and effects of COVID-19, for several months to come, the financial and social effects of the virus will be felt. As firms come to grips with operating from home and the new world in…
In order to align the entire region with global standards in the prevention of base erosion and profit/income shifting (BEPS), the UAE government introduced the Economic Substance Regulation (ESR). Economic Substance Regulations (ESR) have been enacted by the UAE and apply in all jurisdictions of the UAE, including financial free zones such as the DIFC.…
People are traveling frequently in today’s day and age and are becoming pragmatic on where they choose to live and function. In modern-day countries with minimal to no taxes is becoming increasingly common, this is a consequence of the value it holds over those places that have a high consistent tax bracket. The UAE is…
Setting up a business can be both fun and frustrating. Although, with sufficient preparation and legal advice, the procedure will be seamless and problem-free. Many people strive to establish their own company, but performance in the commercial sector is better said than achieved. Companies led by novice individuals who are unfamiliar with the legal standards…
Construction audit in the UAE requires a procedure that goes past existing reviews to ensure that standards and instructions are followed. A complete design analysis, carried out by experts, provides projects in the UAE with systematic evaluations of the whole building process, while concentrating on maintaining project costs within the budget package. Adding to the…
The Value Added Tax (VAT) was implemented recently in the UAE. It is a tax charged on the use at each point of sale of the goods or services consumed. It is known to be an informal type of tax imposed by approximately 180 countries worldwide. The VAT percentage is originally maintained at 5% on…