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On 30 August 2021, the General Tax Authority (“GTA”) vide their Circular No 6 of 2021, has extended the deadline for filing tax returns from 31st August 2021 to 31st December 2021 for eligible businesses. Eligibility applies to: Entities having a capital of less than QR 1 million and yearly turnover of less than QR 5 million which are required to file a tax return in "Dhareeba" using the...
A contract, in the simplest definition, is a promise enforceable by law. The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled to legal redress. Most often, parties document...
Dubai Customs has launched a guide on all the services and facilities it will provide to enable traders and businesses to increase their trade and boost their revenues. The guide is set to be introduced to the participants and exhibitors of Expo 2020 Dubai. Dubai Customs have also launched the Smart Expo 2020 Customs Channel and the Cross Border e-commerce platform to facilitate the global event....
Picture Courtesy: WAM The United Arab Emirates (UAE) and India had signed a trade agreement to decrease import taxes on the majority of Indian exports to the UAE. After the United States and China, the UAE is India's third-largest trading partner in the world. It is also India's ninth largest source of FDI, with $17 billion invested, $11.67 billion of which is in the form of FDI. Moreover, around...
Cryptocurrency has paved a new way for the international trade and economy. As per the current scenario there are more than 200 crypto currencies. Binance and Kraken are one such examples of it. France has accepted of Binance as the Digital Asset Service Provider. Binance (BNB) has thus received regulatory approval to operate in France as a Digital Asset Service Provider (DASP). France has...
The UAE, previously considered as a tax haven, had gradually started introducing taxation in the country. In 2018, UAE first introduced a Value Added Tax for indirectly taxing goods and services as well as the Country-by-Country Reporting (CbCR) regulations in April 2019. On 31 January 2022, the UAE announced taxing corporations under the corporate tax system. The corporate tax is the tax levied by...