EU removes UAE from tax haven blacklist

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The European Union (EU) has officially removed the United Arab Emirates (UAE) from the list of “non-cooperative tax jurisdictions” (a.k.a. the blacklist) confirming a rumour that was reported on last week. At a meeting in Luxembourg, ministers decided to drop UAE from the blacklist, along with The Marshall Islands. Mauritius, Switzerland, Albania, Costa Rica, and Serbia were removed from the … Read More

United Arab Emirates set to be removed from EU tax blacklist

adminEconomic Substance

The United Arab Emirates will be removed from the European Union blacklist of countries deemed to be tax havens, according to a Reuters report citing an official EU document. The document allegedly states that the UAE, along with Switzerland and the Marshall Islands, will be removed from the list (officially called “The EU list of non-cooperative jurisdictions for tax purposes”) … Read More

UAE Economic Substance Guidance Released

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The Ministry of Finance has released a directive (Ministerial decision No. 215) which aims to provide more details regarding the implementation of economic substance requirements in UAE. The guidance has been eagerly awaited since UAE economic substance regulations were introduced on 30th April 2019, requiring all relevant UAE entities (“Licensee”) that carry on certain activities (“Relevant Activities”) to have demonstrable … Read More

OECD Assessment Of Low-Tax Jurisdictions Updated- UAE Is Close To Compliance

adminEconomic Substance

The July 23rd 2019 report of the OECD Forum (Organisation for Economic Co-operation and Development) on Harmful Tax Practices (HTP) has concluded that 11 of the 12 countries on its list of low-tax jurisdictions are compliant with its standards for ‘substantial activity’ legislation. Their tax regimes are therefore not considered harmful anymore. Since November 2018 all the relevant nations embarked … Read More