Significant changes to tax penalties payable in the UAE have been announced, and these are set out in Cabinet Decision Number 49/2021. It also provides an amnesty scheme that will allow the penalties to be reduced by 70%, provided the taxpayer settles the unpaid tax and penalties by 31 December...

The Federal Tax Authority (‘FTA’) has published a Basic Information Bulletin for the automotive sector. The bulletin is brief but includes some important reminders for automotive traders. It confirms the  standard rules relating to VAT, such as rules on registration, invoicing and input tax...

The FTA has published a welcome reminder of the rules of the VAT bad debt relief scheme. This will be helpful to many taxpayers as the way in which the scheme works is sometimes misunderstood.Subject to various conditions, the Bad Debt Relief scheme allows a taxpayer to claim a refund of VAT...

Summary of proposed key amendments affecting entity’s financial statement preparation and disclosure process.

As a part of the basic information bulletin, the Federal Tax Authority has released a short guidance on supplies made by Artists and Social Media Influencers who are earning income in UAE from their artistic activities. Check out a quick round up of the bulletin here.

BDO Corporate Tax News summarises tax developments of international interest and provides insights from our experts across the word.  

The first deadline for ESR notifications and reporting is 31 January 2021. This is an extended deadline (from 31 December 2020) so affected businesses have been given additional time to meet their obligations.We urge all businesses that have not already made a notification and report to check how...

On 1 September 2020, a Cabinet Decision was issued to allow temporary VAT zero-rating for the supply and importation of certain medical supplies.   

The Economic Substance Regulations (ESR) came into effect in April 2019. The regulations included deadlines for businesses to make certain notifications and year-end reports.