UAE Ministry of Finance reveals increase in revenue compared to this time last year
UAE Ministry of Finance
Bankruptcy
UAE discusses bankruptcy law changes
A meeting was held virtually and sought to discuss the latest updates on amendments to the bankruptcy law
Corporate tax
UAE new tax “significant milestone” in country’s history, says expert
The new tax will see businesses levied with a corporate tax of 9 percent on profits above AED385,000
Changes to the UAE VAT Law
UAE announces further VAT changes
The latest changes will affect gold and diamond suppliers and will come into effect starting January 1, 2023
EmaraTax
UAE major tax overhaul: Everything you need to know
Changes to the UAE’s VAT rules will come into effect on January 1, 2023. In addition, the nation will also launch a new platform on December 5 to ensure seamless transactions for taxpayers
bond issuance
UAE central bank’s fifth round T-bond issue rakes up AED7.57 billion bids
The strong demand was seen across both tranches, with a final allocation of AED750 million for the 2-year tranche and AED750 million for the 3-year tranche
Auction
UAE receives bids worth $2 billion in third auction of Treasury bonds
The auction, which is part of the country’s T-Bond programme, witnessed Treasury bonds oversubscribed five times
bilateral cooperation
UAE official meets with British investment minister to discuss strengthening bilateral ties
The pair discussed ways to “leverage new growth opportunities in various areas including trade, investment, and innovation”
Central Bank of the UAE
UAE, South Korea launch joint cooperation programme to support entrepreneurship, SMEs
The programme comprises 11 federal and local authorities concerned with entrepreneurship and SMEs in the country
Government Spending
UAE public spending climbs to $3 billion in the first three months of 2022
The UAE spent the most on the public services sector, with expenditures of AED 2.433 billion, accounting for 21.43 percent of the total public spending in Q1 2022
economic recovery
Covid prevention in focus at G20 finance, health ministers meet as rising cases limit economic recovery
Ministers also discussed the possible establishment of a financial intermediary fund (FIF) for pandemic prevention, preparedness, and response
bond issuance
UAE Ministry of Finance receives bids worth AED 9.7 billion in second auction of Treasury bonds
The auction size of AED 1.5 billion was distributed over two tranches, including a two-year tranche of AED 750 million and a three-year tranche of AED 750 million
2022 UAE Federal budget
UAE Parliament approves two draft federal laws on public finance and federal budgets
Amendments include a new definition for consolidated final statements and provisions for accounting standards
CBUAE
Ease of doing business for investors and entrepreneurs improves with UAE Ministry’s digital system
In its bid to improve the UAE’s allure as an ideal digitally advanced hub for businesses, the new digital attestation services will streamline procedures and boost the quality of services provided
bond issuance
UAE auctions $2.5 billion in federal treasury bonds as investor confidence grows
The strong demand for the dirham denominated federal treasury bonds at the first auction reflects investor confidence in the UAE’s economic and financial policies and cements the UAE’s position as an attractive hub for investment, the UAE Deputy Prime Minister said
Corporate tax
UAE Ministry of Finance welcomes feedback from businesses on its corporate tax initiative
Until 19 May, the Ministry of Finance will welcome comments that could help reduce compliance cost and the complexity of the planned UAE corporate tax regime
A R Engineering
Revealed: Cohort of 20 new innovators who have been accepted into the MBRIF’s accelerator programme
The Innovation Accelerator (IA) programme provides high potential innovators with non-financial support through a member-centric design, customised services, and access to coaches and industry experts