Month: March 2022
Co-operative Societies & Crowdfunding in UAE to be Listed as Per New Law
HLB HAMT News Team
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The UAE cabinet passed a new legislation on cooperative organisations, allowing them to trade on stock exchanges to attract new partners. Co-operatives, which are mostly supermarkets and retail firms, will be able to obtain excess revenue and broaden their holdings by listing their shares on the stock exchange.
Entry to financial markets will also enable co-operatives to contribute more to the country’s economic growth, strengthen their position, and prosper. As per the legislation, financial markets will be able to create specific areas for the registration, trade, and exchange of cooperative shares, which would be separate from IPO and public trading platforms.
Crowd Funding to be a vital player
Crowdfunding is one of the finest ways to get funds for new business concepts that would benefit youth and entrepreneurship. The UAE Cabinet authorised the use of crowdfunding to support new initiatives in the public and private sectors. Crowdfunding is a method of gathering funding from a huge number of individuals, usually through the online. The Securities and Commodities Authority (SCA) will oversee the UAE System for Crowdfunding Platform Operators.
The UAE Gender Balance Council Strategy 2022-2026 was also endorsed by the Cabinet in order to increase the number of women in leadership positions. Economic participation, well-being, protection, and entrepreneurship are the four vital components of the council’s plan, which strives to close the gender divide in all domains.
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UAE to cut service costs for firms under proposed Corporate Tax
HLB HAMT News Team
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With the goal of improving the business climate, strengthening the economy and drawing more foreign direct investment, the UAE’s Ministry of Finance will review and reform service fee structures across all ministries and federal organisations. The decision comes after the UAE revealed intentions to impose a federal corporate tax on company profits beginning on or after June 1, 2023. When compared to other financial centers and established economies throughout the world, the corporate tax rate is relatively lower.
The UAE has taken a number of steps to improve the ease of doing business in the nation, and the ministry will work with local governments in the UAE to further the objective of the fee revision and enhance the productivity of the UAE’s business landscape.
Proposed Corporate Tax from 2023
The UAE has long benefitted from its tax-free status to establish itself as a worldwide economic, energy, and tourist centre, attracting the world’s attention. Much of this tax-free environment is still in place, notably the absence of personal income tax.
In past years, the UAE has made considerable tax adjustments to streamline its tax structure and broaden its revenue, bringing it into accord with worldwide guidelines and principles. Besides the “extraction of natural resources,” which will continue to be taxed at the emirate level, the new tax rate will be imposed on all enterprises and business operations in the country.
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Vimal receives the Catalyst CIO Award in UAE
Midhun Menon P
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Our Director of IT, Mr Vimal Rama Chandran, CISA, BCM LA, COBIT 5 CA was presented with ‘The Catalyst CIO Award’ at the Future IT Summit & Catalyst Award 2022. The event was held on 17th March at the Conrad Hotel, Dubai. The event was organized by GEC Media Group, a leading IT publication company. The main partners of the event included companies like AMD, HP, Dell, AWS, Logitech, Epicor, Automation Anywhere, etc.
The Catalyst CIO Award is one of the most anticipated award titles and one of the most coveted titles for the IT industry in the middle east. The award honours the path-breakers in the industry who has helped enhance the reputation of their respective companies in these adverse landscapes for the business. The award also considers innovative leaders in the industry who has helped increase customer satisfaction and increase productivity through implementing cutting edge technologies and helped in market penetration thereby acting as a “Catalyst” in this dynamic market scenario. Cost-saving or Revenue generation is one of the most sought-after attributes in a business and this award is a testimony to how Vimal has helped our organization save cost and generate revenue by leveraging cutting edge technologies and utilizing our resources in the best possible manner.
HLB HAMT is endowed with experts who provide top-notch IT services in Dubai and who are ready to go the extra mile to help you fight risk and keep your data safe. We offer IT Audit services, that comply with IT policies and methods, IT controls as well as business stability. We also provide ERP software solutions designed for medium-to-large national and global manufacturers, distributors, and after-sales providers. All our team members have a minimum of 10+ years of experience and expertise in managing IS, IT, Digital Solutions, Automation and Cyber Security Solutions, and are authorized for strategic decisions for all Information Technology projects, operations, compliance, standards, and procedures. HLB HAMT RPA-OCR based solutions can automate a lot of your document & project workflows and that too with an assured zero error output.
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Dubai adopts ‘Virtual Assets Law’ to stimulate Crypto Investments
Lavin Nalinababu, Business Consultancy
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Dubai, the UAE’s financial hub, has taken a giant step forward in the global crypto space, announcing an unparalleled law to govern virtual assets in order to attract potential forms of enterprise as regional economic rivalry becomes more competitive.
Virtual asset services will be regulated, monitored, and controlled by the Dubai Virtual Asset Regulatory Authority (VARA). The authority established the rules and procedures that oversee virtual asset operations, such as management, clearing, and settlement services. Also, VARA will function as the primary custodian for this niche sector, with the goal of anchoring the world’s virtual assets, which include cryptocurrencies and NFTs.
Let’s dive straight into the details of Dubai’s virtual assets law:
- An individual who wishes to engage in any of the virtual asset operations must first establish a presence in the city.
- It is against the law for anybody in the emirate to participate in activities without first obtaining VARA approval.
- VARA’s primary tasks are as follows:
- Organizing the issue of virtual assets and tokens, as well as their trade.
- Virtual asset service providers are regulated and authorised.
- Guaranteeing the utmost layers of safety for the personal data of participants,
- The management of virtual asset platforms and portfolios,
- Checking transactions and preventing the price manipulation of virtual assets
- The following activities are subject to VARA authorisation and control:
- Services for exchanging virtual assets and currencies
- Services for virtual asset custody and management
- Service transaction between one or more types of virtual assets, and
- Services for the transfer and administration of virtual assets
- A decision made by the board of directors of the Dubai World Trade Centre would define the activities that represent a breach of the requirements of this virtual asset law and its associated decisions, as well as the penalty imposed on an offender. Other than imposing a penalty, Dubai VARA has the right to revoke the permission for up to 6 months, cancel the permit, and collaborate with the Emirate’s competent commercial licensing body to revoke the commercial license.
The Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, remarked that “the law presents a vital step that aims to advance the digital sector and protect the rights of investors, along with providing the most advanced virtual asset ecosystem in terms of organization, governance, and security.”
The law defines the responsibilities and powers of the VARA authority, which will be deemed the responsible authority to govern, oversee, and manage virtual asset services, and enters into effect when it is released in the official Gazette.
Except for the Dubai International Financial Centre, the virtual assets law will pertain to all special development zones, the Dubai mainland and free zones in the Emirate. The Dubai Virtual Asset Regulation Law strives to establish Dubai as a global hotspot for the virtual asset market as well as to play a role in determining the industry’s evolution.
As the globe shifts its paradigm towards technological developments like cryptocurrencies and blockchain, the new virtual assets law will drive the crypto sector in the UAE.
Please visit the link for the most up-to-date information about crypto news in the UAE.
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Taxes on corporate income in UAE to begin from June 2023
March 10, 2022
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As the world is battling to avoid detrimental tax activities from forming as part of the continuously evolving business climate, the UAE is pioneering the way to address the vulnerabilities by adopting a viable and finest in class corporate tax regime.
Beginning on or after June 1, 2023, businesses earning more than AED 375,000 ($102,000) will be subject to a 9% corporate income tax in the UAE. Net profits below that level are taxed at 0%. This decision was made as part of a bigger effort to encourage small, medium-sized firms to flourish and also broaden its economy in order to minimize its dependency on crude oil as well as to combat increased competition from other countries.
As the taxes on corporate income in UAE are set to be imposed, investors and businesses will have a plethora of questions and concerns hovering their mind. To obtain a broader understanding of the recently proposed tax system, watch the videos provided below.
UAE Corporate Tax | Know Important Updates About UAE Corporate Tax Rate – Ep#1
How Do We Calculate the Taxable Income, What will be the Highest Tax Rate | UAE Corporate Tax – Ep#2
Who is Eligible for Exemption in UAE Corporate Tax? | UAE Corporate Tax – Ep#3
Is UAE Corporate Tax Applicable for Free Zone Companies? – Ep#4
What is Tax Group & Eligibility of Tax Group UAE | UAE Corporate Tax – Ep#5
Withholding Taxes And its Applicability | UAE Corporate Tax – Ep#6
Transfer Pricing Implications | UAE Corporate Tax – Ep#7
Registration of Corporate Tax UAE | UAE Corporate Tax – Ep#8
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