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Demystifying VAT on Cryptocurrency Mining in the UAE A Simple Guide for Miners

Demystifying VAT on Cryptocurrency Mining in the UAE: A Simple Guide for Miners

Tax, Accounting & Auditing / By

On January 14, 2025, the UAE’s Federal Tax Authority (FTA) issued a VAT public clarification VATP039 on cryptocurrency mining. This is an important development given the incredible popularity of cryptocurrency in the UAE, with the country ranking second in the world in public adoption of crypto according to the Henley Crypto Adoption Index 2024.

In this article, we will understand what cryptocurrency mining is and what the public clarification VATP039 means for crypto miners in the UAE.

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UAE’s Fight Against Money Laundering

The Mirror and the Glass: The Legacy and Future of the UAE’s Fight Against Money Laundering, Terror Financing and Proliferation of Weapons

Governance, Risk, & Compliance / By

The cuckoo is a fascinating bird—not simply because Wordsworth called it the “darling of the Spring,” but for something far more intriguing and, dare I say, sinister!

The cuckoo is a brood parasite. It doesn’t build its own nest. Instead, the female cuckoo lays her egg in the nests of other birds, known as hosts, and then flies away, leaving the burden of care entirely on the foster parents. As cuckoos have evolved to mimic the appearance of the host’s eggs, the unsuspecting hosts, unable to tell the difference between their own eggs and the cuckoo’s, incubate the foreign egg alongside their own.

The Mirror and the Glass: The Legacy and Future of the UAE’s Fight Against Money Laundering, Terror Financing and Proliferation of Weapons Read More »

Role of Suspicious Transaction Reports (STRs) in Combatting Financial Crimes in the UAE

The Role of Suspicious Transaction Reports (STRs) in Combatting Financial Crimes in the UAE

Governance, Risk, & Compliance / By

Imagine a neighbourhood watch group in a bustling community that keeps an eye out for anything unusual—like a stranger sneaking into someone’s backyard or a truck unloading goods late at night without explanation. They report these oddities to the local authorities, who investigate to ensure the community stays safe. Similarly, in the financial world, Suspicious Transaction Reports (STR) act as the system’s early warning mechanism, flagging unusual financial activities to regulators and law enforcement officials.

The Role of Suspicious Transaction Reports (STRs) in Combatting Financial Crimes in the UAE Read More »

The UAE Introduces 15% Domestic Minimum Top-up Tax (DMTT) and New Corporate Tax Incentives

Tax, Accounting & Auditing / By

The UAE has introduced a 15% Domestic Minimum Top-up Tax (DMTT), set to take effect for financial years starting on or after January 1, 2025. The DMTT will apply to multinational enterprises (MNEs) operating in the UAE that have consolidated global revenues of €750 million (approximately AED three billion) or more in at least two of the four financial years immediately before the financial year in which the DMTT applies.

The UAE Introduces 15% Domestic Minimum Top-up Tax (DMTT) and New Corporate Tax Incentives Read More »

The Digital Gold Ecosystem in the UAE

The Digital Gold Ecosystem in the UAE

Business Strategy Advisory / By

The history of gold has been intrinsically intertwined with human progress and civilisation for at least six and a half millennia. Archaeologists uncovered the earliest processed gold treasures, comprising 3,000 artefacts, at an ancient Thracian burial site in Bulgaria. By 600 BC, gold was used as de facto currency through Lydian coins , marking the beginning of its role in formal economies.

The Digital Gold Ecosystem in the UAE Read More »

Importance of PEP and Adverse Media Screening in Combatting Money Laundering in 2024

Importance of Adverse Media and PEP Screening in Combatting Money Laundering in 2024

Governance, Risk, & Compliance / By

The threat of money laundering continues to impact the global financial system, and with advanced technology and professional money launderers growing increasingly sophisticated, it’s only getting more difficult to detect and prevent these crimes. According to estimates[i] by Nasdaq Verafin in their 2024 Global Financial Crime Report, a whopping USD 3.1 trillion in illicit funds have been funnelled into the global financial system. With financial crimes on the rise, both nations and organisations have been strengthening their defences against them.

Importance of Adverse Media and PEP Screening in Combatting Money Laundering in 2024 Read More »

Company liquidation and insolvency laws in UAE

Liquidation of Companies in the UAE

Business Strategy Advisory / By

Imagine a company that had been running successfully for over 10 years was hit by a severe financial downturn. Its sales dropped significantly, and the company found it harder and harder to meet its financial obligations. Expenses began piling up, and soon, the company was unable to pay its suppliers or cover essential business costs.

Faced with mounting debts, the company chose to close its operations. The company had assets worth AED 5 million, including a warehouse, delivery trucks, and machinery. It also owed AED 3.5 million to creditors and AED 1 million to suppliers, totalling AED 4.5 million in debt. The company sold its assets, raising the necessary funds to settle its debts. The warehouse, trucks, and machinery were sold to various buyers, and the proceeds were distributed to cover the obligations to creditors and suppliers.

Liquidation of Companies in the UAE Read More »

Navigating Corporate Governance in DMCC (Dubai Multi Commodities Centre)

Business Strategy Advisory / By

How can self-interest, which, by definition, is about the self, end up benefiting society as a whole?
While this may sound counterintuitive, Adam Smith believed that in a competitive market, this happens all the time. To improve quality, reduce costs, and cater to customer demands, businesses try to outdo each other. Their drive for growth leads to innovation and creates better products and services. The “invisible hand” turns individual ambitions into a force for progress in a competitive marketplace.

Navigating Corporate Governance in DMCC (Dubai Multi Commodities Centre) Read More »

understanding trade-based money laundering

Understanding Trade-Based Money Laundering

Governance, Risk, & Compliance / By

International trade is the backbone of the global economy. It enables countries to overcome limitations in natural or financial resources by accessing goods they cannot produce themselves. In doing so, international trade promotes economic growth and cooperation among nations. With globalisation and the proliferation of the free market economy, international trade reached $32 trillion in 2022.

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