On 28th May, the UAE Ministry of Finance (MoF) issued a Covid-19 Industry Advisory Notification (IAN). The IAN relaxes certain requirements prescribed under the UAE Economic Substance Regulations (ESR) for the period affected by Covid-19. The measures are in line with those implemented recently by offshore jurisdictions such as Jersey, BVI, Guernsey, and Bermuda. ESR applies to every company licensed … Read More
Important changes have been made to the UAE-UK Double Tax Avoidance Agreement (DTAA)
Double Tax Avoidance Agreements (DTAA’s) allow companies who conduct business internationally to minimise their overall tax burden. DTAA’s were initially agreed for the purposes of avoiding double taxation on the same tax-payer, on the same tax-base. However, they have been used by some multinational organisations to avoid tax in a way that undermines the integrity and purpose of the treaties. … Read More
EU removes UAE from tax haven blacklist
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
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
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