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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…
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.
Understanding OECD Pillar Two Tax Advisory Services and Why AKW Consultants Should be your First Call
As globalization intensifies, so does the complexity of international taxation rules. The Organization for Economic Co-operation and Development (OECD) is at the forefront of addressing these complexities, especially with the implementation of the two-pillar approach. In this article, we will delve deeply into the OECD’s Pillar Two framework and demonstrate why AKW Consultants is best suited to help businesses navigate this complex landscape.
Navigating Corporate Tax Planning in the UAE: Strategies for 2023
The United Arab Emirates is renowned for its favorable tax environment, and in 2023, corporations operating within its borders have an array of opportunities for efficient corporate tax planning. To embark on this journey, it is essential to comprehend the intricacies of the UAE’s tax structure and the dynamic landscape it presents. In this blog entry, we will delve into the foundations of UAE tax structure and explore various considerations for crafting effective corporate tax management strategies.
UAE Corporate Tax Law Procedures
The UAE Ministry of Finance made a breakthrough announcement in January 2022 that it will introduce federal Corporate Tax (‘CT’) in UAE post which it introduced the Federal Decree Law No. 47 of 2022 on the Taxation of Corporations and Businesses (‘CT Law’) by virtue of which Corporate Tax has been introduced in UAE making a landmark change the taxation system of UAE.
What is Layering in Money Laundering?
“Crime is common. Logic is rare. Therefore, it is upon the logic rather than upon the crime that you should dwell.” – Sherlock Holmes
The Adventure of the Copper Beeches by Sir Arthur Conan Doyle
Logic is one of the greatest tools to solve financial crimes. It helps the investigator link unconnected pieces of information and weave them into one coherent narrative. Logic, both the power of deductive reasoning of the human mind, as well as the algorithms used to detect the…
AI Regulations: Balancing Innovation and Compliance
“AI will probably be smarter than any single human next year. By 2029, AI is probably smarter than all humans combined.” The sentiment on the sublimity of AI technologies as speculated by Elon Musk in March 2024 is echoed by Jensen Huang, the CEO of Nvidia, when he said, “Generative AI is the single most significant platform transition in computing history. In the last 40 years, nothing has been this big.
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…
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…
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…
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…
Why are UK Expats Looking to Set Up a Business in the UAE?
The economic landscape is rarely static. Economic cycles and overall technological progress create disruptions that characterise the continuous evolution of global businesses. Although the UK has dominated technological innovation and economic growth for centuries, the rapid shift in global dynamics has led many UK expats to explore new business opportunities elsewhere. The UAE has become one such place that has been able to capture the dreams of UK expats, with over 5,000 British companies and more than 100,000 UK nationals…
Why Do Some Business Strategies Fail?
Confirmation bias, overconfidence, evading responsibility, and absolute certainty in the face of insufficient evidence—factors that contribute to the failure of business strategies. The Strategy Institute defines a business strategy as “a master plan that outlines the direction the organisation intends to take, the actions it will undertake, and the resources it will allocate to attain certain competitive advantages and drive sustainable growth.” Despite the clarity and intention behind such strategic planning, real-world outcomes often fall short of expectations.
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.
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…
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.
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…
Imperatives for Building a Resilient & Responsible Supply Chain in the Precious Metals Industry
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. That is, essentially, a danger of not building a responsible supply chain. 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…
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…
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…
A Strong Antivirus Software 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 software is no longer sufficient to safeguard your organisation’s digital assets and reputation.
3rd Party Vendor Security Risk Assessment
Organizations are associated largely with 3rd parties for several complex services which support their ecosystems. Due to this ecosystem, success of the organizations is directly proportional to the governance risk & compliance of 3rd parties. This means a lack of appropriate security controls within third parties will adversely impact the business.
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