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Understanding the reverse charge mechanism and related documentation requirements is crucial for VAT-registered businesses importing services into the UAE.
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On 28th April 2025, Federal Tax Authority (FTA) have issued VAT public clarification (TAXP042) on value of supply under Barter Transactions
Issued by: Federal Tax Authority (FTA), United Arab Emirates Purpose of the Initiative To support the UAE business sector by offering relief from administrative penalties. Encourages timely compliance with Corporate Tax registration and filing obligations. Waiver Conditions Taxable persons must submit their Corporate Tax registration application within 7 months from the end of their first tax period. Exempt persons must submit their annual declaration within 7 months from the end of their first financial year. Who Is Eligible? Businesses required to register for Corporate Tax but have not yet submitted their registration application. Businesses that incurred a penalty due to late registration submission. How to Apply Submit the required registration application and tax return (or annual declaration for exempt entities) via the EmaraTax platform. Ensure submissions are made within the timelines specified to qualify for the waiver. For more details, please call us or visit https://thefirst-check.com/
Crypto mining uses specialized equipment to validate blockchain transactions, earning rewards. The tax treatment depends on whether mining is for personal use or as a service.
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The United Arab Emirates (UAE) has introduced Cabinet Decision No. 142 of 2024, implementing the Domestic Minimum Top-up Tax (DMTT) in alignment with the OECD’s Base Erosion and Profit Shifting (BEPS) Pillar Two framework. This ensures that large multinational enterprises (MNEs) operating in the UAE are subject to a minimum effective tax rate of 15% on locally earned profits.
