As per recent public clarification number VATP022 issued by Federal Tax Authority (“FTA”), Dubai Owners’ Associations are required to deregister from VAT due to implications from Law No. 6 of 2019 issued in September 2019 Concerning Ownership of Jointly Owned Real Property in the Emirate of Dubai (“Law No. 6”). Management Entities are responsible to fulfill VAT obligations for such properties.
New regulations cover divorce, inheritance and alcohol, as well as tougher punishments for men who harass women and a Good Samaritan law
The entities which are conducting one or more Relevant Activities are required to submit notification (and/or Economic Substance Report) in accordance with Cabinet Decision No 57 of 2020 concerning Economic Substance Requirements (“Decision 57”) and Ministerial Decision No 100 of 2020 (“Ministerial Decision 100”).
The UAE updated the country’s bankruptcy law to help businesses deal with financial crises in “emergency situations”. On Wednesday, the Cabinet approved the changes to help businesses and individuals in the trade and investment sector, state news agency Wam reported.