Contributed by Emirates Chartered Accountants Group, UAE
Dubai Customs Notice No. 10/2021-Anti-dumping duties payment procedures
On 6 July 2021, Dubai Customs released Notice no. 10/2021 on the payment of definitive anti-dumping duties against GCC imports of ceramic flags and paving, hearth, floor, or wall tiles originating in or exported from India and China.
It came into force on 1 July 2021. The duties are based on the percentages on the CIF value indicated on originating or exporting companies by the Ministry of Economy’s circular 1/2020 (between 23.5% and 106%).
The undertaking form must be submitted at the time of customs clearance, and anti-dumping duties are payable through customs systems.
Extension of suspension of exports of steel scrap and waste paper
The Dubai Customs has notified on extension of temporary suspension of exports of steel scrap and waste paper vide Customs Notice No. 11/2021. The temporary suspension shall continue in force for additional five months and shall be effective until December 14, 2021.
Imposition of Anti Dumping Duty on import of plates, sheets and strips of aluminum alloys
Definite anti-dumping duty on GCC imports of plates, sheets and strips of aluminum alloys under the HS codes 76061200 and 76069200, originating in or exported from People’s Republic of China, has been imposed at 33% of CIF value.
The duty will be levied as per Customs Notice No. 12/2021, for a period of five years effective from July 22, 2021. The notice excludes products of polished, coated and heat- treated aluminum alloy, and those used for manufacturing beverage cans and lids.
Germany Terminating Tax Treaty with the UAE
The Tax Treaty between UAE and Germany came into force on July 14, 2011.
According to Article 30, Paragraph 1, Clause 1 in conjunction with Article 29, Paragraph 2, 1st HS, the Agreement shall expire on December 31, 2021, unless both Contracting States agree to an extension and notify each other in writing by diplomatic channels by June 30, 2021.
In case Germany do not wish to extend the treaty, it will expire on 31 December 2021.
According to an update from the German Ministry of Finance, Germany has decided to allow the term of the 2010 income tax treaty with the UAE to lapse, which was notified to the UAE on 14 June 2021.
However, more recent agreements and conventions between Germany and UAE, will continue to apply, which guarantee the exchange of tax information and the automatic exchange of information on financial accounts as well as the exchange of country-specific reports.
The UAE Ministry of Economy has started issuing Risk Assessment Information Request to the DNFPBs, as a step forward to AML/CFT measures.
To enhance the understanding of the different type of risks and strengthen cooperation among regulatory authorities to tackle financial crime, the UAE Ministry of Economy has started issuing Risk Assessment Information Request for the year 2021 to the DNFPBs. The Information is to be filed online through the link given in the mail sent to the DNFPBs and within a specified period stipulated in the mail.
The authority has also indicted that this would be an Annual Compliance for all DNFPBs.Dated: [bxcode.pagedata.date]