On 31 January 2022, the Ministry of Finance(MoF) of the UAE announced the introduction of a Federal Corporate Tax (CT) regime on business profits effective for Financial Years starting on or after 1 June 2023.
The FTA has recently published VAT Public Clarification P028 on eligibility of a business to recover input VAT on expenses such as Mobile Phones, Airtime, and Data Packages.
Money Laundering is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source.
The UBO is the person who, directly or indirectly, owns and controls a company. In other words, an individual should be considered as a UBO, if they hold at least 25% shares or voting rights.
VAT has become an integral part of business in the UAE. The UAE’s Federal Tax Authority (FTA), for its part, has taken proactive measures to clarify existing regulations and introduce new VAT guides and clarifications in the past three years.
Here, we are presenting you with the process involved in filing information pertaining to the Ultimate Beneficial Owner (UBO) in United Arab Emirates (UAE):