The Tax Procedures Law sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and defining the role of the Federal Tax Authority. Pawan Singh / The National
The Tax Procedures Law sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and defining the role of the Federal Tax Authority. Pawan Singh / The National
The Tax Procedures Law sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and defining the role of the Federal Tax Authority. Pawan Singh / The National
The Tax Procedures Law sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and defining the role of the Federal Tax Authority. Pawan Singh / The

New tax law will help regulate informal economy


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A new tax law in the UAE is expected to be followed by excise and value added tax (VAT) laws that will help regulate the informal economy where cash-based businesses have to adhere to book keeping, according to lawyers.

The UAE published on Monday the Tax Procedures Law, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and defining the role of the Federal Tax Authority (FTA), which was established last year.

The law is focused on the collection of taxes, mainly VAT, which will be introduced at a rate of 5 per cent on January 1, 2018 and excise taxes, which will be implemented in the fourth quarter of this year.

Excise taxes would be at a rate of 100 per cent for tobacco and energy drinks and 50 per cent for sugary fizzy drinks.

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Read more:

President Sheikh Khalifa appoints Director-General of Federal Tax Authority

Sheikh Khalifa issues landmark tax law for UAE

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The UAE, along with the other five Arabian Gulf states, have agreed to slap VAT and excise taxes GCC-wide as part of measures aimed at shoring up government income, which has dropped as a result of low oil prices and widened fiscal
deficits.

So far only Saudi Arabia has published its VAT law, which spells out in detail what items will be subject to the levy and what items will be exempt.The Tax Procedures Law sets out the rights and obligations of the FTA and the taxpayer. It covers tax procedures, audits, objections, refunds, collection, and obligations – which include tax registration, tax-return preparation, submissions, payment and voluntary disclosure rules – in addition to tax evasion and general provisions.

This law is expected to be followed by other supplementary regulations, which could be issued in the next six months, said Shiraz Khan, a senior tax advisor at UAE law firm Al Tamimi & Company.

"With the establishment of a Federal Tax Authority at the end of last year, the issue of the Tax Procedures Law will facilitate the implementation of future taxes including VAT," said Mr Khan.
"In addition, there will be additional procedures in the tax laws themselves, for example, the VAT tax law and regulations will contain further procedures specific to VAT."
The UAE's tax system remains in its infancy, with only certain companies in the energy sector and branches of foreign banks being taxed. However, the creation of the FTA and the current publication of the tax procedures law is paving the way for tax implementation in the country and will clamp down on the shadow economy.
"The UAE is a pretty mature economy but you have informal businesses existing and the informal sector is still sizeable," said Jeremy Cape, a London-based tax and public policy partner at law firm Squire Patton Boggs
"More businesses will now have to operate above the radar rather than below it."
The tax procedures law will also change the way businesses operate.
"Businesses will be required to provide essential information to the FTA, as part of the compliance audit procedure, additionally, it will be essential to maintain financial and accounting details for five years," said Gurdeep Randhay, the head of tax and VAT in the UAE at advisory Grant Thornton.
Separately, Khalid al Bustani, assistant undersecretary for International Financial Relations at the ministry of finance, was appointed yesterday as director general of the Federal Tax Authority, with the rank of an undersecretary at the ministry.
 

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Power: 659hp
Torque: 1075Nm
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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The full list of 2020 Brit Award nominees (winners in bold):

British group

Coldplay

Foals

Bring me the Horizon

D-Block Europe

Bastille

British Female

Mabel

Freya Ridings

FKA Twigs

Charli xcx

Mahalia​

British male

Harry Styles

Lewis Capaldi

Dave

Michael Kiwanuka

Stormzy​

Best new artist

Aitch

Lewis Capaldi

Dave

Mabel

Sam Fender

Best song

Ed Sheeran and Justin Bieber - I Don’t Care

Mabel - Don’t Call Me Up

Calvin Harrison and Rag’n’Bone Man - Giant

Dave - Location

Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart

AJ Tracey - Ladbroke Grove

Lewis Capaldi - Someone you Loved

Tom Walker - Just You and I

Sam Smith and Normani - Dancing with a Stranger

Stormzy - Vossi Bop

International female

Ariana Grande

Billie Eilish

Camila Cabello

Lana Del Rey

Lizzo

International male

Bruce Springsteen

Burna Boy

Tyler, The Creator

Dermot Kennedy

Post Malone

Best album

Stormzy - Heavy is the Head

Michael Kiwanuka - Kiwanuka

Lewis Capaldi - Divinely Uninspired to a Hellish Extent

Dave - Psychodrama

Harry Styles - Fine Line

Rising star

Celeste

Joy Crookes

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MATCH INFO

Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')

Morecambe 0

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The biog

Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
 

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

Titan Sports Academy:

Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps

Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE

Telephone:  971 50 220 0326

 

RESULT

Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')

How to help

Donate towards food and a flight by transferring money to this registered charity's account.

Account name: Dar Al Ber Society

Account Number: 11 530 734

IBAN: AE 9805 000 000 000 11 530 734

Bank Name: Abu Dhabi Islamic Bank

To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae