As the UAE’s new Corporate Tax regime progresses and most companies move in Q4 of their first tax period, businesses must focus on various compliance areas, one of which is managing transactions with related parties and connected persons. Often, companies transfer goods or services within their group, and such transactions are governed by Transfer Pricing… Continue reading Transfer Pricing Under UAE Corporate Tax Law: Key Insights

All Business or Professional Entities, other than Companies incorporated under the Companies Act and Limited Liability Partnerships incorporated under the Limited Liability Partnership Act are considered to be Non-Corporate entities. This Technical Guide is relevant for the preparation of the financial statements of Non-Corporate Entities which include sole proprietorship firms, partnership firms, trusts, Hindu Undivided… Continue reading Unlocking Financial Insights: ICAI’s 2023 Guidance for Non Corporate Entities

The Financial Action Task Force (FATF) serves as the pre-eminent authority in establishing global standards for combating money laundering, terrorist financing, and proliferation financing. Through its recommendations, FATF guides countries in developing robust legal frameworks to address these threats within their jurisdictions. When countries fail to meet FATF’s standards they may find themselves placed on… Continue reading FATF Set to Remove UAE from Grey List: What It Means for the Region

Introduction: The business terrain in the United Arab Emirates (UAE) is evolving, with recent changes in corporate tax regulations shaping a new landscape. In this article, we present a comprehensive roadmap to assist businesses in navigating the intricacies of corporate taxation in the UAE. By offering practical advice and valuable insights, we aim to empower… Continue reading Navigating the UAE Corporate Tax Landscape: A Roadmap for Business Success

Introduction In a significant shift from its long-standing tax-free reputation, the United Arab Emirates (UAE) commenced its first tax period for corporate tax, marking a pivotal moment in its economic landscape. This historic move, aligning with international tax standards, not only redefines the UAE’s fiscal framework but also signals a strategic evolution in its approach… Continue reading A New Fiscal Era: UAE Commences First Tax Period for Corporate Tax

Transaction Monitoring (TM) is an essential component of customer due diligence and helps the entity develop a holistic understanding of the client-entity relationship. It is considered as a powerful tool to detect any suspicious activity or transactions, and hence financial crimes. Transaction Monitoring is a proactive step. Entities can detect crimes even before their occurrence… Continue reading IMPORTANCE OF TRANSACTION MONITORING

Investment can indeed be a powerful way to grow our savings and wealth over time and Investing on the government issued bonds and securities are often considered as a relatively safe and stable options. The SGB scheme introduced by RBI on the behalf of government is a unique financial instrument that allows investors to participate… Continue reading Sovereign Gold Scheme (SGB) – Whether The Best Fund Raising Option

The Executive Office for Control & Non- proliferation (EOCN), a department of Ministry of Economy has issued a guidance note stating “Red Flags” on “Terrorist & Proliferation Financing”.  The objective of this guidance is to provide a comprehensive list of “Terrorist Financing” (TF) and “Proliferation Financing” (PF) indicators of Red Flags concerning Financial Institutions (FI),… Continue reading RED FLAGS GUIDANCE ON TERRORIST & PROLIFERATION FINANCING

At Suntech Auditors, we understand the critical role that understanding tax requirements plays in business success. With recent developments in the UAE Corporate Tax landscape, it has never been more essential for companies to get up-to-speed. This in-depth article offers an exhaustive look at the Corporate Tax registration process in the United Arab Emirates, making… Continue reading Navigating Corporate Tax Registration in the UAE – The Ultimate Guide

In December 2022, the United Arab Emirates introduced a seismic change in its corporate taxation landscape through the enactment of Federal Decree-Law No. (47) of 2022, commonly referred to as the Corporate Tax Law (CTL). This regulation, effective from June 1, 2023, establishes a corporate tax rate of 9% on income over AED 375,000. Special… Continue reading UAE Corporate Tax Law for Freezones: A Comprehensive Guide