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UAE tax authorities increase inspections by 81% in 2023

The tax authorities in the United Arab Emirates (UAE) carried out 81% more tax inspections in 2023 compared with the previous year, according to the latest figures from the Federal Tax Authority (FTA) The FTA conducted more than 39,000 visits…
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UAE SMEs face $26,100 fine for not hiring Emirati staff

Small and medium-sized businesses in the UAE face fines if they fail to meet Emiratisation targets this year and in 2025. The Emirates’ Ministry of Human Resources and Emiratisation (MoHRE) explained that companies employing 20 to 49 workers…

UAE GDP continues upward trajectory

Dubai’s GDP grew 2.8% year-on-year in the first quarter of the year to reach AED111.3 billion (£23.7 billion), surpassing average global growth rates for Q1 2023. According to a Dubai Data and Statistics Establishment report, the surge…

UAE issues new governance guidelines for family-owned firms

New governance guidelines have been issued by the Dubai Centre for Family Businesses (DCFB) to support family firms operating in the emirate. They are designed to help them develop governance best practices, and includes advice on succession…

UAE government unveils ‘strategic transformational’ projects

Five major projects have been announced by the UAE’s Ministry of Finance as it seeks to develop the national economy. The projects include corporate tax, supply chain strategies, climate data transparency and partnerships between the public…

Dubai redoubles efforts to attract international digital start-ups

Dubai has launched a new initiative to help attract digital start-ups to the emirate as the UAE seeks to double the contribution of the tech sector to its gross domestic product over the next decade. The Dubai Chamber of Digital Economy initiative,…

Financial firms operating in the UAE warned over new AML rules

Financial institutions with operations in the UAE will soon have to comply with new anti-money laundering (AML) requirements set out by the Central Bank of UAE (CBUAE), relating to virtual assets and virtual asset service providers. The CBUAE’s…

UAE’s new FTA initiative designed to simplify tax compliance

The UAE’s Federal Tax Authority (FTA) has launched its ‘Tax Agents Classification’ initiative, to simplify tax compliance for taxpayers. The online service will help taxpayers pick a specialist tax agent based on the sector they work…
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Malaysia looks to strengthen trade ties with UAE

Malaysia and the United Arab Emirates are set to strengthen their economic ties by opening up discussions on a new trade agreement, known as the Comprehensive Economic Partnership Agreement (CEPA). In a Joint Ministerial Statement to launch…

New corporate tax to bring influx of accountants to UAE

The imminent introduction of the OECD-proposed global minimum tax (GMT) for corporates will lead to an influx of specialised accounting and audit firms into the UAE, according to an industry expert. Corporates in the UAE and the wider Gulf…