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Sheikh Mohammed grants 'Expo 2020 Dubai Medal' to 40,000 individuals
  • EXPO
  • 2022-11-21

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today granted the ‘Expo 2020 Dubai Medal’ to more than 40,000 individuals who contributed to the success of the global event.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today granted the ‘Expo 2020 Dubai Medal’ to more than 40,000 individuals who contributed to the success of the global event.

Sheikh Mohammed added: “Once again, the UAE has demonstrated its ability to impress the world and convert challenges into opportunities. Despite the challenges posed by the global pandemic, our national cadres were able to provide an exceptional experience for everyone.”

Earlier this month, His Highness issued Law No. (20) of 2022 amending certain clauses of Law No. (10) of 1997 pertaining to Dubai Police’s decorations, medals and badges.

The amendments mention that the ‘Expo 2020 Dubai Medal’ can be awarded to both military and civilian personnel of Dubai Police as well as members of the public and military personnel from outside the Dubai Police force, who have made outstanding contributions to the success of Expo 2020 Dubai.

 

Expo 2020 Dubai was the first world expo held in the Middle East, Africa, and South Asia (MEASA) region and the first hosted by an Arab nation.

 

The six-month-long exposition, staged under the central theme, ‘Connecting Minds, Creating the Future’, defied the tremendous challenge of the Covid-19 pandemic, delivering a resounding success. Bringing together 192 participating nations, the event showcased the culture and history of participating countries and provided an opportunity to engage and share visions to address challenges facing humanity. Over its 182 days, Expo 2020 Dubai attracted more than 24 million visitors from around the world.

 

 

 

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UAE announces new VAT exemption from January 1
  • Taxation
  • 2022-11-17

Relief from value-added tax is available only to a natural person, be it an Emirati or an expatriate

The UAE’s Ministry of Finance (MOF) on Thursday said director services undertaken by natural persons serving as members of boards at entities and institutions across the UAE will not be subject to value-added tax (VAT) from January 1, 2023.

Meanwhile, VAT will still apply to the director services for legal persons serving as board members that delegate a natural person to act in the name of the legal persons as a member of the board of directors.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, noted that as per the Cabinet Decision amending the Executive Regulation of the Federal Decree-Law on VAT, which will go into effect on January 1, 2023, performing the duties of a member of a board of directors at a government entity or private establishment in exchange for a reward (monetary or benefits in kind) will not be considered as a supply of services for the purposes of VAT.

He stated that before the new legislative amendment is implemented, tasks performed by board members – natural and legal persons alike – are treated as taxable services subject to VAT, on the condition that the member provides them on a regular, continuous, and independent basis, and if the total value of these taxable supplies as well as any other taxable services and import transactions, exceeds the mandatory tax registration threshold.

 

“Where the director services provided by a member of a board span January 1, 2023 (the effective date of the Cabinet Decision), the date of supply should be considered to determine whether such services are subject to the amended provisions or not,” he said.

Anurag Chaturvedi, CEO and managing partner, Andersen, said the exemption is available only to a natural person, be it an Emirati or an expatriate.

 

“For example, a CEO acts as an executive director for the company. Such services rendered by the director shall continue to be out of scope. However, if a non-executive director is appointed to a board of directors and he/she is not involved in the day-to-day operations of the company and is given a fixed fee, such director’s fee was earlier treated as a consideration against taxable supplies made by the director. It appears that the said fees received by the natural person would now be considered as out of scope for UAE VAT purposes and such directors would now have to apply for de-registration from January 1, 2023,” he said.

He added that in case a legal person such as a company appoints a proxy (Emirati or an expatriate) on a board of directors, the respective director’s fee received by the company would not be covered under the stated exemption and would continue to be subject to VAT at five per cent.

 

Al Khoori also indicated that if a board member registered for VAT no longer fulfils the requirements for mandatory or voluntary registration when the new provisions go into effect, such person may or must, as the case may be, deregister for VAT purposes.

 

Moreover, if a board member undertakes activities besides their duties as a member of the board of directors, and if these activities qualify as taxable supplies of goods, services, or other activities, then only their activities as a board member provided after January 1, 2023, will be excluded from the taxable supplies. Get the best VAT Service in Dubai to get extra exemption.

 

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New UAE App Lets You Know About The Bounce Cheque
  • Accounting
  • 2022-02-25

A new app launched in the UAE on Tuesday allows both businesses and individuals to instantly know if a cheque issued through a UAE-based bank is likely to bounce.

Launched by Al Etihad Credit Bureau (AECB), Marwan Ahmed Lutfi, CEO of AECB, stressed that it has now become highly important that people assess the risks when they receive the cheques.

Once users have downloaded and registered, they can scan the cheque image or enter the details manually. The app is available for both iOS and Android devices.

The ChequeScore predicts the likelihood of a cheque to bounce, with a color-coded system. Green indicates a low probability of a cheque bouncing; amber is medium; while red indicates high probability. It also gives a score ranging from 1 to 99 percent to indicate the probability of the cheque bounce in the next nine months.

The UAE Central Bank data showed that 21 million cheques were issued in 2021 with an average value of Dh51,000. Last year, cheques submitted by individuals and companies worth Dh41.6 billion bounced, making up around three to four percent of the total.

“Once the score is known, the onus is on the receiver’s appetite for risk to accept the cheque. Concurrently, the one providing the cheque should ensure that they have maintained a positive payment behavior history as not doing so would now be showing instantaneously,” added Lutfi.

The app has been launched to help to lower the number of bounced cheques and provides a push for financial responsibility as that previous element of criminalization has been removed.

“ChequeScore will help reduce the number of bounced cheques in the UAE. Last year, bouncing a cheque was a criminal offense; however, with the new law decriminalizing this at the beginning of this year, it has become imperative that UAE businesses and individuals assess the risks associated with cheques they have on hand,” added Lutfi.

Prior to the release of the app, a trial run was conducted for more than 11,000 cheques with a total value of Dh788 million where cheques were scanned through the application.

Lutfi said the trial run provided an idea of how receptive businesses were to this product as more than 6,000 users signed up during the trial period. “In the same period, we have seen cheques as little as Dh500 and as large as Dh100 million successfully scored through ChequeScore,” he added.

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New UAE corporate tax lowest in GCC
  • Taxation
  • 2022-02-14

The UAE on Monday introduced a federal corporate tax on business profits starting from June 1, 2023 for the first time. It introduced the corporate tax at the rate of nine per cent, the lowest in the six-nation Gulf Cooperation Council, to keep a low base to maintain its attractiveness for businesses.

Bahrain is the only country in GCC which has not introduced the corporate tax as Qatar, Oman, Saudi Arabia and Kuwait have already implemented corporate taxes.

In Saudi Arabia, the rate of income tax is 20 per cent of the net adjusted profits, highest in the GCC region.

Omani companies and foreign entities that have a permanent establishment in Oman will have to pay the corporate tax at the rate of 15 per cent of profits while Kuwait and Qatar charged a flat rate of 15 per cent and 10 per cent, respectively, with certain exceptions available.

Saad Maniar, a senior partner at Crowe, said the UAE introduction to modest nine per cent corporate tax is a step in the right direction for the sustainable future of the UAE economy.

“This is in line with global best practice. With the introduction of the corporate tax, the need to have enhance corporate governance will also be intensified, which will further strengthen the overall economic growth,” Maniar told Khaleej Times on Sunday.

Nazar Musa, CEO at leading UAE company Service Provider PRO Partner Group, said the latest government move will bring in Corporation Tax across the UAE in 2023.

"The UAE has introduced a corporate tax on profits of nine per cent once profits rise above Dh375,000. It can be argued that this development was somewhat expected however, the swiftness may have caught some sectors by surprise," Musa told Khaleej Times on Monday.

 

No impact on individuals, real estate

At present employees aren’t directly affected as the release states definitively that there won’t be taxes on income. Indirectly there will of course be a strain on some organisations to maintain shareholder profits and so this may affect the packages that employees receive. However this is just conjecture at present.

Interestingly income from real estate will also not be liable for taxation and so this sector has also been protected and points to the UAE focusing on attracting this form of investment.

Companies will not need to pay corporate tax on any profits below Dh375,000 per annum. The ability to protect the income of growing businesses will allow them to re-invest and go some way to secure the space for entrepreneurs and SME owners.

"If we look at corporate tax around the world, the nine per cent corporate tax in the UAE ensures that the country retains its position as a competitive place to conduct business. Corporate tax in Germany is 15 per cent, 17 per cent in Singapore, 19 per cent in the UK, 21 per cent in the US, and 28 per cent in France. The lack of income tax should also still attract talent into the UAE from around the world," Musa said.

Large multi-national companies will pay the international rate of 15 per cent, and with a double taxation agreement this will mean they will not pay any additional tax over this level on their UAE business revenue, he added.

"Almost all other countries in the GCC have some form of corporation tax so this will bring the UAE largely in line with the regional rate,:" he said.

It will be interesting to understand the opportunities around owning businesses in the free zones as well as businesses owned by GCC nationals. How those businesses will be regulated in the future could create some strong opportunity.

 

With this announcement and a number of recent announcements including the introduction of 100 per cent foreign ownership in the UAE this make it a very interesting time to be in the UAE corporate environment.

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New UAE law: 11 things all bank account holders should know
  • Accounting
  • 2022-01-05

The UAE’s revised Commercial Transaction Law came into effect earlier this week

Changes to UAE’s Commercial Transaction Law – which include narrowing the scope for criminalisation of returned or “bounced” cheques due to insufficient funds – came into effect in the UAE earlier this week.

Here are 11 things all bank account holders should know:

  1. Banks operating in the UAE can no longer stop payment against a cheque even when the cheque drawer’s account does not have enough funds to cover the full amount. Instead, they can make partial payments. For example, if the cheque value was Dh100,000 and the account had Dh75,000, the bank would have to pay Dh70,000.
  2. The cheque’s bearer may accept partial payment of the cheque’s value and postpone the remainder, if that is deemed to be in her/his interest, or if the drawer’s financial condition is poor, or if it is in his interest to save whatever can be saved from the debt.
  3. While accepting a partial payment against a cheque, the bearer may request the drawee bank to mark the partial payment on the back of the cheque and the bank should issue a certificate along with it confirming the partial payment.
  4. The bank should keep a copy of the partially-paid cheque and a copy of the partial payment certificate issued by it.
  5. According to law, the cheque bearer has the legal recourse for the remainder of the original cheque as an executive document after partial payment to go ahead with a civil case against the drawer if the drawer refuses or has no capacity to pay.
  6. If the cheque issuer asks the bank before the date of encashment of the cheque not to encash the cheque, or withdraws the entire balance of the account before the cheque is presented to the bank, or deliberately writes a cheque in a way that prevents it from being encashed, the punishment for such cases can be imprisonment between six months to two years and fine for a minimum of 10 per cent of the cheque amount and not less than Dh5,000.
  7. Punishment for the forgery of cheques shall be imprisonment for a minimum of one year and fine between Dh20,000 and Dh100,000. The same punishment will apply to anyone using a forged cheque or obtaining money by using a fake cheque under a different name or if using a cheque linked to fraud.
  8. The court has the right to order a ban on the convicted person from practicing any commercial or occupational activity for up to three years if the crime occurred in the capacity of practicing a business. In case of repetition, imprisonment for minimum one year and a fine between Dh50,000 to Dh100,000.
  9. The cheque issuer can request the bank to stop payment in only two circumstances. One, if the cheque bearer loses a cheque, and it’s obtained by someone using fraudulent means; two, in case of a bankruptcy declaration.
  10. If the issuance of the bounced cheque is in the name of, or for the benefit of, a corporate person, the person in charge of actual administration shall not be liable to punishment unless it is evident that such person has been aware of the crime or that such person has committed the crime for the benefit of himself or third parties.
  11. Where the liability of the natural person is not evident, the legal person shall be subject to a penalty of no less than twice the legally applicable penalty for this crime and no more than five times of it.
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Expo 2020 Dubai: 5 new bus services to transport visitors directly to mega event from Ajman
  • EXPO 2020
  • 2021-12-22

The Ajman Public Transport Authority (APTA) will be providing transportation services to visitors to Expo 2020 Dubai from the main station in Ajman city.

It will provide five bus trips to residents from the Emirate wishing to visit the mega event as part of its efforts to offer the best services to the public during the ongoing Expo.

The move comes amid increasing demand for services, as the APTA seeks to support the Dubai Roads and Transport Authority (RTA) by providing three public transport buses to transport visitors from Ajman to the site of the event.

The buses are characterised by a high level of safety, luxury and quality, and are equipped with comfortable seats and high safety standards.

Engineer Sami Ali Al Jallaf, Executive Director of the Public Transport and Licensing Agency at the Ajman Transport Authority, revealed that the authority is keen to provide logistical support to partners to enhance the standards of mass transit and ensuring business continuity.

APTA seeks to provide buses of high quality to ensure they are comfort during the trip, as the authority has made sure that bus transportation is the preferred option for visitors to the Expo 2020.

The opening of the central station coincides with the launch of the Expo 2020 Dubai activities and is considered within the framework of the continuous endeavour of APTA to develop services provided to the public.

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Expo 2020 Dubai offer: Get unlimited access with Dh95 festive pass
  • Expo 2020
  • 2021-11-27

With the launch of Expo 2020 Dubai's festive pass, visitors can gain unlimited access to some of the most anticipated events of the year - just for Dh95.

The cultural events in store for adults and children include the UAE's Golden Jubilee celebrations, Christmas festivities and performances by major stars, namely Grammy Award winners Alicia Keys and AR Rahman.

In addition, country pavilions will also host their own holiday activities, the Expo News Service said on Saturday.

 

Golden Jubilee celebrations

On December 2, the UAE will celebrate 50 years since its founding by the late Sheikh Zayed bin Sultan Al Nahyan in 1971.

Expo will commemorate the occasion from December 1 to 4 with ‘The Journey of the 50’ - a blend of human performance and theatrics, showcasing Al Wasl dome’s unique capabilities in a never-before-seen way with a cast of more than 200.

Festivities will include the ‘Journey of a Thread’ show - a staging of Emirati craftsmanship that dives into the heart of the culture - plus fireworks displays and a concert by Emirati singing star Eida Al Menhali.

 

Visitors can also experience ‘Al Azi’, in which an Arabic poet leads a chorus that ‘answers’ his call, and a 30-minute musical showcase by another renowned Emirati singer, Fatma Zahrat Al Ain.

 

Expo 2020 wonderland

 

To mark the season, the greatest global gathering in history will undergo a magical winter transformation as decorations adorn Al Wasl, the Welcome Plazas, Jubilee Stage, Dubai Millennium Amphitheatre, Al Forsan Park and all concourse areas.

Ring in the festive season at Al Wasl Plaza’s spectacular Christmas tree lighting and enjoy festive trains, twinkling street lights, dazzling fireworks and a dash of snow.

From Santa Claus and his 3D camels to giant snow globes, carol concerts and flying pianos, the site will come alive with holiday cheer.

 

Live Performances

Expo 2020 will host more than 100 musical shows and concerts featuring an extraordinary range of stars, including multi-award-winning artist Alicia Keys live at the Al Wasl stage on December 10, and a special event on December 19 featuring musician AR Rahman.

Late Nights at Expo will feature a special festive line-up for three nights from December 23 to 25, with a range of artists from across the globe, while Christmas Day will see entertainment from Filipina singing sensation Lea Salonga, British artist Joe Stilgoe and the London Community Gospel Choir.

 

Family Fun

 

Little ones can write a letter to Santa Claus and meet the man himself, enjoy special showings of holiday movies, such as Home Alone (December 23), Miracle on 34th Street (December 24) and Elf (December 25) on the Jubilee stage. Nightly shows and spectacular seasonal projections will also take place at Al Wasl Plaza from December 20 to 29 (excluding December 27).

No seasonal celebration is complete without a festive fair, and Expo 2020’s market at Surreal - the Expo 2020 waterfall - not only has kiosks selling traditional treats and gifts from across the globe, but is packed with entertainment and activities for all ages, including DJs, baking sessions and an action-filled winter camp with face-painting, magicians, jugglers and crafts.

 

 

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Central Bank Issues new guidance on AML/CFT for exchange houses
  • AML/CFT
  • 2021-11-18

The Central Bank of the UAE issued on Wednesday new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for licenced exchange houses (LEH).

The guidance, which came into effect immediately, requires LEH to demonstrate compliance with its requirements within one month.

The new regulation for LEH is subsequent to recent guidance issued by the CBUAE on transaction monitoring and sanctions screening for its licensed financial institutions (LFIs).

The latest regulation will assist LEH’s understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account, the CBUAE said in a statement.

“The CBUAE takes its regulatory and supervisory duties extremely seriously. We want to ensure that all licensed exchange houses in the UAE understand their AML/CFT responsibilities, have adequate programmes to identify and mitigate AML/CFT risks in their operations, and comply fully with their statutory obligations,” said Governor of the CBUAE Khaled Mohamed Balama.

As per the guidelines, LEH must maintain an effective AML/CFT programme designed to prevent misuse of their business to facilitate money laundering or terrorist financing.

The Apex bank said LEH must take a risk-based AML/CFT approach by conducting “a regular risk assessment process that covers all commensurate risks to their exchange business, including customer, products and services, delivery channel, new technologies, geographic, counterparty and illicit finance risks.”

 

The regulator said the risk assessment findings should inform the programme’s comprehensive policies, procedures, internal controls and employee training to mitigate risks effectively.

The exchange houses sector is weighted as highly important in terms of risk and materiality in the UAE, which is increased notably by their exposure to cash and cross-border transactions.

Other essential components of the AML/CFT programme include dedicated compliance function, strong customer due diligence, continuous transaction monitoring and full compliance with the UAE’s requirements on “Targeted Financial Sanctions” and “Suspicious Transaction Reporting.”

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Dubai Expo 2020: Free tickets for nannies, housekeepers
  • Expo 2020 Dubai
  • 2021-10-11

Nannies and housekeepers will be allowed free entry to Expo 2020, the organisers of the mega fair have confirmed.

The Expo media office said they can enter 'as many times as they like’ by producing a copy of their residence visa.

“To take advantage of this fantastic offer, all they need to do is present a copy of their residency and show their job title at the Expo Ticket booth,” Expo 2020 said in a statement to Khaleej Times.

A single-entry ticket to the fair costs Dh95 while a six-month season pass costs Dh495. A multi-entry pass is available for Dh195 — offering unrestricted entry for 30 consecutive days.

Expo 2020 tickets include access to all pavilions, events and live performances, providing limitless opportunities to enjoy Expo’s dynamic, diverse and ever-changing entertainment programme, with up to 60 live events each day, from world-class music, dance and art to insightful talks and colourful national day celebrations.

Other categories that can enjoy free access to Expo 2020 include visitors under 18, senior citizens above 60 years old, students and people of determination.

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Imposition of fines on UBO violators to start on July 8
  • UBO
  • 2021-07-15

Imposition of fines up to Dh100,000 and other penalties for non-compliance with the “ultimate beneficiary owner (UBO) procedures” will begin from July 8, the Ministry of Economy (MoE), warned on Monday.

The MoE, in cooperation with the concerned licensing authorities in the country, announced that it has already begun implementing the first phase of administrative penalties, including written warnings to non-compliant establishments from July 1, 2021.

The ministry said the implementation of the second phase of administrative penalties on establishments that fail to adopt the necessary measures to correct their status during this period will start on Thursday. In this phase, fines stipulated by Cabinet Resolution No.53 of 2021 will be imposed on non-compliant establishments.

In a statement, the MoE confirmed that the submission of ultimate beneficial owner data by licensed and registered establishments in the country to the licensing authorities is an obligatory legal requirement and that non-compliance in this regard will lead to the imposition of administrative penalties stipulated in Cabinet Resolution No. (53) of 2021.

“The penalties begin with the issuance of a written warning and if the non-compliance by an establishment continues, including but not limited to, a fine of Dh100,000, as well as additional administrative penalties such as the suspension of the license for a year or restrictions on the powers of the board of directors. Establishments can appeal against the punitive measures within the specified legal period of 30 days from the date of notification of the violation, in accordance with the decision,” said the statement.

The ministry explained that the detection of violations will be carried out through a desk inspection, which is the examination of an establishment’s records with the licensing authority to ascertain the extent of its commitment to providing the required ultimate beneficial owner data.

“If a violation is found during this examination, administrative penalties will be imposed, starting with the issuance of a written warning in the first stage. Apart from that, field inspections will also be conducted to detect violations, during which, visits will be conducted to offices of the establishments within the framework of the inspection campaigns of the relevant authorities,” the MoE said.

All establishments that have not yet adopted the required ultimate beneficial owner procedures should immediately prepare ultimate beneficial owner data and maintain it within their records in order to avoid violations, the MOE said.

The statement urged establishments’ cooperation with the relevant government entities in supporting the strengthening of the anti-money laundering systems, combating the financing of terrorism and the financing of illegal organisations, and strengthening the overall systems of governance, disclosure and transparency in the business environment.

“These measures enhance confidence in the national economy and support the country’s efforts in providing a safe and stable environment for businesses and investments,” it said.

The ultimate beneficial owner procedures include the creation of a record of the ultimate beneficial owner data and maintaining it within the establishment; verification of the accuracy and validity of the data and updating it on an ongoing basis; and submission of the real beneficiary owner data to the licensing authorities through the designated channels.

In the event of any changes to the ultimate beneficial owner data of an establishment, the establishment is required to notify the relevant licensing authority within 15 days about the changes in order to avoid the administrative penalties resulting from that. “The establishments shall also appoint a person residing in the country with whom the licensing authority can communicate with, in relation to the establishment’s basic information, ultimate beneficial owner data and other information,” the MOE said.

Get the UBO Service from reputed and trusted firm in dubai and save your business from plenties.

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New Rules Introduced Regarding Dubai Government Accounting System
  • Accounting
  • 2021-03-10

All the financial accounting functions are executed by the Government department through the approved system, application, and smart financial solution.

This Resolution is issued by Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai. The government department can approve their accounting system and financial solution but the system will comply with law and regulations issued that are issued by the Department of Finance and pre-approved by the department of finance and smart Dubai. Dubai Government collection and public revenue management are regulated by The Executive Council Resolution No. (5) of 2021 on the Executive Regulation of Law No. (1) of 2016.

This system put down the process of the government payment and expenditure, including the payment of the suppliers and contractors. `The maximum payment date is 90 days from the date of handover or according to the contract.

It’s required to ensure the implementation of this resolution that the general director of the finance department will issue all the decisions and regulations.

If you have any queries and want to discuss this resolution in the accounting system in depth so feel free to contact us.

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UAE fight Against the laundering Money and terrorism financing
  • Finance
  • 2021-02-23

The United Arab Emirates is a prominent financial hub in the world.  Dubai Leads the Plenty of international business and international business interests in the economic zone. Due to this profile, financial criminals can target the dubai to do financial activities and convert black wealth into white. So now, the UAE government urges the Central Bank of the UAE (CBUAE)to set up the fight against the Lanudring money and terrorism financing.  Then the Central Bank introduced the surveillance agenda against the anti-money. The Central Bank of the UAE held the first compliance officer forum to create a dialogue between the CBUAE and chief compliance officers of all banks to interact regarding the exception from compliance functions and bank risk management. 

The governor of the Central Bank of UAE met with over 100 chief compliance officers and also with some other senior compliance professionals in the presence of the chairman of UAE banks federation (UBF) Mr. Abdul Aziz Al ghurair.

In the meeting several discussions were done, mainly emphasizing the bank need to access the scope and skills of their compliance function and property embed the compliance risk within the overall risk appetite framework. During the forum, CBUAE introduced the surveillance agenda against the laundering of money and terrorism financing with the particular focus on obeying the action that was recommended by the (FATF) Financial Action Task Force.

The UBF’s Compliance Committee repeated its commitment to support the CBUAE and other authorities to make a stronger anti-money laundering framework.

In the meeting alhamdi said, UAE is strongly committed to applying the FATA standard for a safe and secure financial system in the UAE. We encourage the financial institutes to keep their focus on money laundering and terrorism financing. The chief of compliance officers is also the partner of this journey. We are expecting that CBUAE will provide a solid platform for regulatory dialogue with the industry.

 

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