Media & Insights

Blogs & Insights

The Impact of Corporate Tax on Foreign Investment in the UAE

In recent times, the business landscape in the UAE has undergone a transformative shift with the implementation of corporate tax challenging its traditional status as a tax haven. In this blog post, we’ll delve into the anticipated implications before the corporate tax laws were announced, the current state of foreign investments, and strategic approaches for mitigating potential impacts.
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UAE Transfer Pricing Guidelines

The Corporate Tax Law (‘CT Law’) introduced in the UAE comes with a bundled package along with the Transfer Pricing provisions also being introduced in the UAE along with the CT Law. Transfer Pricing provisions play a significant role in the tax system and have a significant impact on the tax liability of a company or a group. Transfer Pricing provisions are complex and are often litigative and debatable.
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Taxability of Natural Persons in UAE

There is a lot of buzz in businesses and industries in UAE with the introduction of Corporate Tax Law (‘CT Law’) in the country. The CT Law when introduced, had prima facie cleared the buzz on the applicability of the Corporate Tax provisions for Natural Persons wherein it was clarified that CT Law will be applicable to natural persons only if they conduct business or business activities in the UAE and the gross turnover from such activities conducted in UAE exceed AED…
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Corporate Tax for Non-Residents in the UAE: A Guide

The provisions of Corporate Tax Law (‘CT Law’), introduced in the UAE, defines ‘Taxable Persons’ for the purpose of Corporate Tax (‘CT’). As per the provisions of CT Law, CT in UAE is applicable not only to a Resident person in the UAE but also to specific Non-Resident Persons subject to certain conditions being satisfied.
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Navigating Transfer Pricing Rules in the UAE: Key Considerations for Multinational Companies

In the complex world of international finance, the UAE plays a pivotal role for many multinational corporations. Its strategic location and business-friendly environment make it an attractive hub for companies looking to expand their global footprint. However, navigating transfer pricing rules in the UAE is crucial for multinational companies to ensure they comply with tax regulations and maintain transparency in their financial dealings. In this blog post, we’ll delve into the key considerations and requirements for transfer pricing in the…
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Cabinet Decision No 91 of 2023- RCM on Electronic Devices

Cabinet Decision No. 91 of 2023, which was officially announced in Gazette Issue No. 758 dated August 30, 2023, has introduced a specialized reverse charge mechanism for local electronic device transactions. This newly enacted decision outlines the specific criteria and prerequisites necessary for applying Value Added Tax (VAT) through this reverse charge method. This measure will come into effect 60 days after its publication in the official gazette – effective on October 29, 2023, in this case.
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What is Placement in Money Laundering?

Money laundering is a pervasive issue that threatens the integrity of the global financial system. While complex money laundering usually has 3 stages (Placement, Layering, and Integration), in this blog, our focus will be on the initial stage – Placement in money laundering. As we explore the techniques employed by criminals in this phase, we also shed light on the alarming statistics of money laundering worldwide and the local repercussions faced by businesses. Additionally, we emphasise the critical role of…
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The Crucial Role of goAML Certification in UAE Property Transactions

Investing in real estate is a significant step towards financial stability and has a number of benefits, especially in a thriving market like the UAE. However, potential property buyers must tread carefully and ensure their investments are not marred by unforeseen complications. One such imperative consideration is the goAML registration, a mandatory requirement for brokerage firms facilitating property transactions in the UAE. In this blog post, we delve into the significance of goAML registration, its impact on property transactions, and…
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Identification and Timely Reporting of Suspicious Transactions

After the successful Financial Action Task Force (FATF) meeting in June 2023, FATF, while addressing concerns about the UAE’s AML/CFT laws, noted that the UAE demonstrated substantial progress in its commitment to cooperating with FATF and MENAFATF since February 2022. This progress included efforts to enhance understanding of money laundering (ML) and terrorist financing (TF) risks across designated non-financial businesses and professions (DNFBPs) and institutions, with a particular focus on preventing the misuse of legal entities and arrangements for such…
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Understanding the Impact of AML Regulations in Dubai on the Financial Services Industry 

Dubai has solidly established itself as a financial hub for quite a number of years now and in its evolving financial landscape, ensuring transparency, security, and integrity within the financial services industry has been of paramount importance. The significance of robust Anti-Money Laundering (AML) regulations to safeguard Dubai’s financial sector are absolute. In this blog post, we will explore how AML regulations in Dubai are reshaping the financial services industry, highlighting key requirements for banks and financial institutions, and discussing…
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AML Compliance Challenges for Small Businesses in Dubai: Solutions for Success

Anti-Money Laundering (AML) regulations are an integral part of the global financial landscape, designed to combat financial crimes. In Dubai, as in many other places, these regulations are enforced rigorously, and non-compliance can lead to hefty fines and damage to a business’s reputation. For small businesses in Dubai, AML compliance can pose unique challenges due to limited resources and expertise. In this blog post, we will explore these challenges and provide practical advice on how small businesses can overcome them.
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Upholding Financial Integrity: Unveiling the Role of KYC in UAE’s AML-CFT Landscape

In today’s fast-paced financial domain, combatting illicit activities and fortifying defense against financial crimes have become indispensable. At the heart of these efforts lies the KYC (Know Your Customer/Client) process, a cornerstone in the fight against money laundering, terrorist financing, and other unlawful activities. KYC is a pivotal component of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) policies, holding the key to safeguarding the integrity of financial systems. This article delves into the significance of KYC within the United Arab…
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The Top Fast-Growing Sectors in the UAE and Their Business Opportunities

The United Arab Emirates (UAE) attracts entrepreneurs and businesses from around the globe. Renowned for its dynamic economy and strategic location, the UAE has become a hub for various industries, offering unparalleled opportunities for those looking to establish and expand their ventures. In this blog, we delve into the flourishing sectors within the UAE and shed light on the most thriving businesses to set up, each contributing to the nation’s economic success.
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Steps, Challenges, and Solutions to Starting a Business in Dubai

With its entrepreneur-friendly laws and regulations as well as government incentives, Dubai has created an enticing ecosystem for the establishment businesses, attracting entrepreneurial talents worldwide. The UAE’s “Fifty Economic Plan”, for example, outlines a visionary framework for economic growth. With a strategic government initiative, spanning from 2021 to 2030, that aligns with the interests of business owners and entrepreneurs, many have set their sights on setting up a business in the UAE. In this blog post we will explore the…
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Free Zone vs Mainland – Key Differences to Know About UAE Business Setup

The United Arab Emirates (UAE) stands as a beacon of opportunity for entrepreneurs worldwide. Nestled between the East and West, its strategic positioning offers unparalleled access to global markets. Over the years, the UAE has meticulously cultivated a reputation as a prime investment destination, characterised by its innovation-driven ecosystem, sophisticated infrastructure, and investor-friendly policies.
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The Crucial Role of Sustainable Supplier Collaboration and Selection

In the age of heightened environmental awareness, businesses are being pressured increasingly by multiple stakeholders in the economy to adopt sustainability across their operations. In order to successfully implement a sustainable supply chain, businesses must set clear sustainability goals, employ the latest and most innovative technology into operations, setup a skilled and efficient compliance function, involve employees in sustainability initiatives, and most importantly, should have sustainability as a key criteria while selecting and engaging with suppliers and business partners.
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Deep Dive: Case Studies in Responsible Supply Chain Management

Increasingly, there is a growing emphasis on responsible supply chain management, prioritising ethical practices, sustainability, and consumer safety. In this blog, we delve into compelling case studies that spotlight the repercussions of supply chain mismanagement and, conversely, the triumphs of responsible practices. These real-world examples serve as cautionary tales, each offering valuable insights into the multifaceted realm of responsible supply chain management. From crisis response to international cooperation, these case studies encapsulate the spectrum of challenges and successes that define…
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Imperatives for Building a Responsible & Resilient Precious Metal Supply Chain

Any non-financial risk associated with human rights, environment or ethics and integrity can be that bad apple that has the potential of rotting the good basket of apples that you may have collected over the years. The reputation that you build, goodwill that you create and the social license to operate that you acquire after years of hard work can come crashing down because you did not pay attention to one single non-financial risk in your supply chain. We tend…
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Deep Dive – Path to Net-Zero Emissions: Strategies for Decarbonising Our World

Climate change is a serious concern that is being discussed in board rooms across the globe, highlighting that combatting it and its impacts are a necessity. The UAE’s ambitious Net Zero by 2050 plan, which aims to make the country the first in the Middle East and North Africa (MENA) to reach this milestone, serves as a beacon of hope and motivation. The plan recognises that the path to net-zero emissions offers substantial economic opportunities, aligning with the vision of…
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The Transformative Role of Technology in Responsible Supply Chain Management

Over the past few decades, the context in which businesses operate have changed drastically. Technology has transformed the way the world behaves; data assimilation presents a picture where every business is laid bare. As businesses have benefited from economic growth and globalization, technology’s contribution to critical sustainability topics like climate change, biodiversity, access to medicine, wages, children and women’s rights, and labor rights has grown. The rise of technology has ensured that Stakeholders are now able to challenge businesses on…
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What is a Phishing Email? 5 Signs to Look for When Spotting One

You may have heard of the term ‘phishing’ at least once. You may even recall receiving an email that seemed ‘phishy’. Phishing emails stand out as a common and insidious danger in a world that becoming ever more digital. In this blog post we’ve created a guide to understanding what phishing emails are and equip you with the knowledge to recognise them. Delve into the types of phishing attacks, learn how to spot them, and discover essential defence strategies to…
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Zero-Day Ransomware and AI Defence Tools

Zero-day ransomware pose a formidable threat to businesses worldwide and in an age where almost everything has gone digital, the idea that your business might be a victim of one such attack, delivers a heightened dose of terror. While organisations have been implementing various AI risk mitigation strategies, zero-day ransomware and how AI can play a role in defending against them deserves a closer look.
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Protect Your Devices – What Are Malwares & How Do You Avoid Them?

It doesn’t take much consideration to realise that, for most of us, our entire lives are connected to the digital world. From financial details to medical records, to personal interactions, virtually everything can be accessed through our phones and personal computers. All of this data can be compromised by a simple click or tap on the wrong link that leads to a malware infection of your device. As technology advances, so do the tactics of cybercriminals. In this blog, we’ll…
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AI-Powered Risk Mitigation: A Comprehensive Overview

The integration of Artificial Intelligence (AI) has emerged as a game-changer when it comes to the field of cyber security, revolutionising risk mitigation strategies. As organisations navigate the intricate realm of digital threats, leveraging AI for comprehensive risk management has become imperative. This blog provides a concise yet insightful overview of AI-powered risk mitigation, drawing insights from recent research papers and industry perspectives.
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What is SOC 2 Certification and How Does it Help Small Businesses?

As more and more businesses go digital in a fast-paced and ever-growing era of technology, and an increasing number of high-profile data breaches appear on our daily news feeds, customers and stakeholders demand assurance that their sensitive information is in safe hands. This is where SOC 2 certification comes into play. While the process is something bigger organisations may be familiar with, smaller and newer businesses may be falling behind and underestimating the importance of this certification. In this blog…
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A Strong Antivirus Isn’t Enough Anymore – How Cyber Security Needs Have Changed for Businesses

In today’s digital landscape, the cost of cyber security breaches to businesses is staggering. By 2021, the global cost of cybercrime was expected to top $6 trillion, and what’s more alarming is that around 43% of these attacks are directed at smaller businesses. As businesses continue to rely heavily on technology, it’s crucial to understand that a robust antivirus is no longer sufficient to safeguard your organization’s digital assets and reputation.
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Landing on The Web – Custom vs. Pre-built Website Themes

So, you’ve decided that it is time for your business to establish its very own website to tap into the lucrative online market. Or perhaps you want to revamp your existing website as your brand has grown. Whichever the case, you might want to take some time to decide what will work best for your new website: should you opt for a tailor-made, custom website or leverage the convenience of pre-built website themes?
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The Numbers Speak – Mobile Apps for Your Business Are the Way to Go

If we take our eyes off our screens and look up long enough to glance around us, the influence of mobile apps on our daily lives becomes undeniably apparent. The statistics also speak volumes – a staggering 218 billion apps were downloaded in 2020, highlighting the monumental shift towards mobile-centric experiences. As 87% of smartphone users dedicate their mobile time to apps, businesses must recognise the immense potential of investing in mobile app development. In this article, we delve into the compelling…
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Media & Insights

AKW @ Gulf News’ Doing Business in the UAE

AKW Consultants took part in the Gulf News event ‘Doing Business in the UAE’, which took place on Tuesday, 23rd of January at DoubleTree by Hilton Dubai M Square Hotel & Residences. Our director, Mr. Michael Wharton provided valuable insights as a speaker on the topic of “Numbers That Matter: The Power of Sound Financial Services”. Furthermore, director Ms. Manali Chopra took part in a panel to discuss ‘Strategic Insights: Leverage Corporate Taxation for Business Growth’.

AKW @ Dubai Precious Metals Conference

AKW @ Dubai Precious Metals Conference

The 11th edition of the Dubai Precious Metals Conference was concluded yesterday. AKW Consultants, as information sponsors is proud to have been part of the conference that plays a vital role in exploring the theme ‘The Future of Precious Metals: Global governance to trade trends’.

AKW @ Gulf News

AKW Experts @ Gulf News

AKW Consultants’ director, Manali Chopra, spoke on the recent enactment of the Corporate Tax Law and the FTA guide released outlining the taxability of Natural Persons, Small Business Relief, and Transfer Pricing principles.

CYSEC 2023

AKW @ CYSEC Global 2023

AKW Consultants had the privilege of attending CYSEC GLOBAL 2023 on 20th September, a monumental event in the world of cyber security, as a Silver Sponsor. This 7th and biggest global edition of CYSEC was held in the heart of the UAE, Abu Dhabi, and brought together a remarkable assembly of over 300 delegates representing the most prestigious organisations from across the globe.

AKW @ Dubai Chambers of Commerce

AKW @ Dubai Chambers of Commerce

AKW Consultants feels proud to share a great news with the Business Fraternity across the GCC.

Manali Chopra, Director of Accounting, Audit, Compliance and Tax at AKW Consultants has been appointed as the Board Member of the prestigious Dubai Business Group for Accountants under valued Dubai Chambers of Commerce umbrella.

AKW @ Gulf News’ UAE Corporate Tax

AKW @ Gulf News’ UAE Corporate Tax

AKW Consultants, a leading authority in accounting, audit, and tax services, made a significant impact as tax experts at the prestigious Gulf News event ‘UAE Corporate Tax: Optimising Efficiency and Minimising Risks’, which took place on Wednesday, 23rd of August. The event, which served as a cornerstone for the UAE’s finance community, provided a unique platform for thought leaders to disseminate crucial insights and contemporary trends in corporate taxation.

About AKW

Connect @ AKW

A vibrant tapestry of growth, camaraderie, and purpose unfolded at our recent employee engagement extravaganza, Connect@AKW, hosted at the stunning Taj Hotels Exotica Resort & Spa, The Palm, Dubai. Embarking on this journey, we delved deep into our core values of integrity, accountability, people-centricity, and inclusiveness, that shape the essence of who we are at AKW Consultants.

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