Globally, the US topped the list of countries, followed by the UK, Canada, Spain, Germany and Italy
business2 days ago
The UAE's Ministry of Finance (MoF) on Saturday announced the issuance of a new Cabinet decision that amends some key aspects of tax procedures — including payments, refunds, obligations in cases of bankruptcy, among others.
With corporate tax coming into effect in June this year, it is crucial to continuously update all relevant legislation and provide necessary guidance on how the UAE tax system applies, the MoF said, adding that these measures are part of efforts to ensure compliance.
The new Cabinet decision covers tax payment and refund procedures, and the obligations of a trustee in cases of bankruptcy.
It stipulates the accounting records and commercial books to be maintained as well as the period and manner of record-keeping.
The decision also includes updates related to the conditions and controls for registering a tax agent, the procedures for de-listing an agent.
Other key updates include procedures related to reconciliation in tax evasion crimes and the terms and conditions for such reconciliations.
This new decision — effective from August 1 — repeals and replaces the existing executive regulation on tax procedures and aligns definitions, procedures, and processes, among other matters, with the New Tax Procedures Law, which came into force on March 1.
The ministry noted, however, that Clause 2 of Article (12) — outlining the conditions for juridical persons who wish to be listed in the Register of Tax Agents — will come into effect on December 1.
The New Tax Procedure Law and related Cabinet Decisions can be viewed at the MoF website.
ALSO READ:
Globally, the US topped the list of countries, followed by the UK, Canada, Spain, Germany and Italy
business2 days ago
The Dallas-based chain said normal operations will continue in all of the franchise locations both in the US and internationally
business2 days ago
The first integrated gaming resort in the Middle East North Africa region will be able to touch 96% of the world population within an eight-hour flight
business2 days ago
The Israel-Hamas war has recently expanded to Lebanon and Iran, causing massive loss of human lives and economies
business4 days ago
Revenue growth was primarily driven by increased patient demand
business4 days ago
Dh5 billion Binghatti Skyrise takes developer’s current portfolio size to Dh40 billion
business4 days ago
Nama 5 at Al Mamsha Raseel launched Nama 4 sold out in under one month
business4 days ago
The first phase of the project on Reem Island features two districts
business4 days ago