Digital Transformation called for by ADNOC According to Abu Dhabi National Oil Company (ADNOC), the organizations that did not give importance to going digital before the pandemic, are doing it now. Recently, at a virtual panel held by AVEVA, an industrial and engineering software firm, ADNOC advised the organizations to develop their technology strategies and[...]

Agreement signed between AFZ (Ajman Free Zone) and Noon, an Online Retailer to expand services in e-commerce AFZ (Ajman Free Zone) and Noon.com have signed a Memorandum of Understanding in order to gain new investors and increase the UAE’s sector of e-commerce. Due to the MoU, the existing investors of AFZ (Ajman Free Zone), who[...]

Latest Basic Tax Information Bulletin issued by FTA The FTA, Federal Tax Authority announced that education institutions on a higher level which make zero-rated or standard supplies, can recover their input tax, except the areas where recovery has been blocked. VAT applied on certain services, purchased vehicles or rented vehicles comes under input tax that[...]

Brilliant Anti-Money Laundering Technique, ‘Fawri Tick’, launched by UAE The United Arab Emirates has released a smart tool to get rid of money laundering. The system aggregates and integrates different AML/CFT, Anti-Money Laundering, and Counter-Terrorist Financing cases throughout local and federal authorities. Moreover, it accommodates communication between all relevant authorities, this allows necessary decisions and[...]

Despite recovery in Global GDP, we’re still in Deep Waters Based on current trends, the world economy is set to benefit from a boost in activity. However, experts think that this boost will be short lived and it cannot be counted as a step towards economic recovery in the long run. If we take a[...]

Federal Budget Records of UAE surplus by AED 9.75bn in the first half of 2020 According to the Ministry of Finance’s Budget EXECUTION Report, till the end of 2020’s Q2, the total spending of the United Arab Emirates federal government was Dhs24.9bn. Meanwhile, the total revenues of the government were reported as Dhs34.7bn. Hence, WAM,[...]

To counter Covid-19, Ras Al Khaimah orders for exemption in renewal fees for certain commercial activities It has been announced that some selective commercial activities that suffered greatly due to the impact of the pandemic and precautionary measures, will receive the advantage of reduced renewal fees of trade license. Some businesses will also be excluded[...]

Guide issued for E-Commerce Zone by Federal Tax Authority Within the United Arab Emirates, Electronic services have to pay the Value Added Tax, (VAT) Country’s position, the e-commerce segment, has been strengthened by national legislation on tax The FTA, Federal Tax Authority, has announced that e-commerce services that are used or enjoyed within the boundaries[...]

New License launched by DIFC (Dubai International Financial Centre) starting from $1,500 for entrepreneurs and startups DIFC, Dubai International Financial Centre, has released an innovative new license for entrepreneurs, technology firms, and startups that operate in the radius of the financial free zone in the United Arab Emirates. This new license has subsidized licensing options[...]