Changes in the UAE Tax Residency – To come into force in March 2023

Cabinet Decision No. 85 of 2022 on the Determination of the Tax Domicile (hereinafter referred to as the “Decision”) is the newest development in the tax related legislation of UAE. The Decision will come into…

Everything You Need to Know about FIDIC Contract in the UAE

Introduction The International Federation of Consulting Engineers (FIDIC) is an international organization best known for developing standard contracts forms for the construction and engineering industry. Due to the rapid construction growth during the last 20…

Overview of the Bankruptcy Proceedings and Preventive Measures in the UAE

[vc_row][vc_column][vc_column_text] Definition of bankruptcy: Legally speaking, bankruptcy in the UAE is an expression used to describe a legal status in which a natural (individual) or legal (company) person owes a sum of money to third…

Summary of the new UAE VAT Law

On 23 August 2017, the UAE published Federal Decree Law No. 8 of 2017 on Value Added Tax (“VAT Law”) which comes into effect on 1 January 2018 and sets out the framework within which…

New Excise Tax In The UAE

[vc_row][vc_column][vc_column_text]On 17 August 2017, the UAE published Federal Decree Law No. 7 of 2017 on Excise Tax (“Excise Tax Law”) which comes into effect on 1 October 2017 and sets out the framework within which…

Directors Liability in the UAE: what you need to know

C-level leaders, corporate directors, and company owners are given a great deal of power when running their organizations and divisions, both onshore and offshore, in the United Arab Emirates (UAE). Failing to follow the laws…

The Status of Anti-Corruption Legislation in the UAE

[vc_row][vc_column][vc_column_text]On 10 June 2017, Robert Bosch Middle East (“Bosch”) was the first company in the region to be awarded an anti-bribery certification by Tasneef-Rina Business Assurance. The standard implements best practices when it comes to…

Transformation of Offshore Jurisdiction in Ras Al Khaimah

International business companies (IBCs) incorporated or proposed to be incorporated in Ras Al Khaimah must note the recent establishment of the Ras Al Khaimah International Corporate Centre (RAKICC) which, going forward, will be the sole…

DIFC Court Judgments and DIFC Wills to reach assets in Ras Al-Khaimah

On 12th December 2016 a package of legal agreements (“the Legal Package”) was signed between the Dubai International Financial Centre (DIFC) Courts and Ras Al-Khaimah. The overall Legal Package consists of two Co-operation Agreements and…

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