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HU Global Management and Tax ConsultanciesHU Global Management and Tax ConsultanciesHU Global Management and Tax Consultancies

Tax Consultancy

UAE imposes reduction on VAT, excise tax penalties

The UAE has reduced tax penalties for value-added tax (VAT) and Excise Tax in order to help the companies and individuals better cope with the impact of the Covid-19 pandemic. According to the newly-released Cabinet Decision No. 49 of 2021, taxpayers who currently have penalties pending can see those reduced to 30%, provided they settle […]
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UAE’s VAT revenues reach $26bn since implementation

RIYADH: The total revenue distributed at the state level in the UAE for value-added tax has amounted to over 95.4 billion dirhams ($26 billion), since its implementation in 2018 till October 2021, the Emirates’ undersecretary of the minister of finance said. Younis Al Khoury added that the equivalent figure for excise tax amounted to over […]
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UAE to tax corporate profits from next June

The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after June 1, 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year which starts on or after June 1, […]
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