United Arab Emirates Tax Updates October 2022

Blog Article

Dubai Customs Launches Self – Audit Finding Service

The Dubai Customs has launched self – audit findings service where registered customers / individuals are allowed to disclose errors and commissions committed in customs declarations according to specific terms and conditions.

The service can be availed any time after clearance of goods but before notice or commencement of customs audit procedure. The form is available on Dubai Customs and Dubai Trade portals and the submission is required to be complete with all relevant information pertaining to the errors and omissions.

H. H. Sheikh Hamdan bin Mohammed amends Resolution on payment of outstanding public funds by instalments

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued Executive Council Resolution No. (53) of 2022 amending Article No. (25) of Executive Council Resolution No. (5) of 2021, which pertains to Executive Regulation of Law No. (1) of 2016 on the Financial Regulations of the Government of Dubai.

Article No. (25) is related to payment of outstanding public funds. According to the amended Resolution, if an applicant cannot make the minimum payment of 25% of the outstanding amount before applying for the payment by instalments, the head of the government entity or their authorised representative may reduce the minimum payment after reviewing the reasons behind the request.

The Resolution shall be effective from the date of its publication in the Official Gazette.

The State of Kuwait and United Arab Emirates have signed a double Tax Treaty

On 30 August 2022, the Kuwait Ministry of Finance announced that the State of Kuwait and the UAE recently signed a Treaty for the avoidance of double taxation (“the Tax Treaty”).

The objective of the Tax Treaty is to strengthen the co-operation frameworks in tax matters and unite the financial, economic, and investment partnership between the two countries.

This is the first Tax Treaty that Kuwait has signed with any Gulf Cooperation Council (GCC) member state.

Article Topic

Corporate Tax