Rajeev Nair

😧 UAE Introduces New Corporate Tax Regime ? Large multinationals will pay a minimum of 15% tax on the profits generated in the country, up from the current 9% ????????? The UAE is set to implement a new corporate tax regime, affecting large multinational enterprises (MNEs). -> Minimum Tax Rate: MNEs with global revenue exceeding €750 million will be subject to a minimum 15% tax rate. -> Effective Date: This new tax regime will come into effect for financial years starting on or after January 1, 2025. -> Global Alignment: This move aligns the UAE with the OECD's two-pillar solution, ensuring a fair and transparent tax system. This significant change will have implications for businesses operating in the UAE. It's crucial to assess its impact on your financial strategies and seek expert advice to navigate this new tax landscape. Disclaimer: Please seek a proper legal and tax advisor related to subjected information.

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📢 𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝘁𝗼 𝗮𝗹𝗹 𝗨𝗔𝗘 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗼𝘄𝗻𝗲𝗿𝘀! 📢 Important Notice: The Federal Tax Authority (FTA) has announced a tax deadline, effective from 31 May 2024. Failure to register on time will result in a penalty of AED 10,000. This requirement applies to all businesses operating within the UAE. #DubaiBusiness #FTA #CorporateTax #TaxDeadline #CorporateSolutions #May31st #TaxRegistration

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UAE Taxpayers: Take Advantage of FTA Grace Period! 🚨 From Jan 1, 2024, to Mar 31, 2025, businesses can update their tax registration details without penalties! ✅ Any penalties paid since Jan 1, 2024, will be refunded. ✅ Ensure your tax records are up to date and stay compliant! Don’t miss this opportunity to avoid future penalties and make sure your business is in good standing. #UAE #TaxUpdates #FTA #VAT #BusinessSupport #Compliance

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The Role of Dispatching in Supply Chain Efficiency 📦 🗃 In today's fast-paced logistics world, the role of dispatching is more critical than ever. Dispatchers serve as the backbone of supply chains, ensuring that goods move seamlessly from one point to another. With the right tools and communication skills, dispatchers coordinate routes, manage driver schedules, and optimize deliveries, directly impacting supply chain efficiency. Efficient dispatching means faster deliveries, fewer delays, and higher customer satisfaction—ultimately leading to cost savings for businesses and a more resilient supply chain. The impact of an effective dispatcher can’t be underestimated; they are the unsung heroes keeping everything moving! 📈 As a dispatcher, I'm proud to play a part in this crucial process. #SupplyChainEfficiency #LogisticsManagement #Dispatching #SupplyChain #SupplyChainOptimization #LogisticsIndustry #DispatcherLife #FleetManagement #LogisticsOperations #RoutePlanning #FreightManagement #SupplyChainInnovation #WarehouseManagement #CustomerSatisfaction #SupplyChainSolutions #OperationalExcellence #SupplyChainManagement #Transportation #LastMileDelivery #ShippingAndHandling #SupplyChainHeroes

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The UAE is introducing a new tax policy requiring multinational enterprises (MNEs) to pay a minimum effective tax rate of 15% on their profits. As per the Ministry, the DMTT applies to multinational enterprises with global consolidated revenues above €750 million (around Dh3 billion) in two of the last four financial years before the implementation year. #tax #topuptax #news #mnes #multinationalenterprises #profits #uae #uaetax #taxlaw #taxrate #taxpolicy #DMTT #financialyears #revenues #ministry #global #dmcdubai #decisionmanagementconsultants

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Individual Income Tax on high income earners now a reality in Oman!! A first in GCC. #omantax #individualincometax https://lnkd.in/d-dHeMct

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𝗨𝗔𝗘 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝘀 𝗻𝗲𝘄 𝘁𝗮𝘅 𝗹𝗮𝘄 𝗨𝗔𝗘 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝘀 𝗲𝗜𝗻𝘃𝗼𝗶𝗰𝗶𝗻𝗴 𝘁𝗼 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝘆 𝘁𝗮𝘅 𝗽𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀 𝗳𝗼𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗰𝗼𝘂𝗻𝘁𝗿𝘆 The UAE has announced new laws to transform tax collection and record-keeping for businesses in the country. Under new rules, taxpayers in the UAE will be able to standardise and automating invoicing with new digital channels. The Ministry of Finance (MoF) has announced the issuance of Federal Decree-Law No. 17 of 2024, amending key provisions of Federal Decree-Law No. 28 of 2022 concerning tax procedures. 𝗨𝗔𝗘 𝘁𝗮𝘅 𝗲𝗜𝗻𝘃𝗼𝗶𝗰𝗶𝗻𝗴 In addition, Federal Decree-Law No. 16 of 2024 introduces amendments to several provisions of Federal Decree-Law No. 8 of 2017 related to Value Added Tax (VAT). These legislative updates mark a pivotal step towards implementing the eInvoicing system, reflecting the government’s ongoing commitment to digital innovation and enhancing the efficiency of the national economy. The UAE eInvoicing implementation is based on a decentralised, five-corner model that will allow sellers and buyers to exchange invoices via Accredited Service Providers (ASPs). ASPs will transmit tax invoice data to the FTA enhancing tax compliance in a secure and efficient manner. The system is designed in line with international best practices, adopting the OpenPeppol standard. Federal Decree-Law No. 17 of 2024 on tax procedures introduces a definition for the “eInvoicing system” and grants the Minister of Finance the authority to issue the necessary decisions to implement the system, determine its effective dates, and specify the requirements and entities subject to it. Federal Decree-Law No. 16 of 2024 on VAT introduces broader changes, expanding the definitions of “tax invoice” and “tax credit note” to include electronic invoices. It also adds new definitions for electronic invoices and electronic credit notes. The amendments further confirm that VAT refunds will be based on eInvoicing compliance requirements, where applicable. Businesses subject to the eInvoicing system, in line with the phased roll-out strategy, will be required to issue invoices and credit notes electronically and archive electronic invoice data to meet record-keeping standards. Further details regarding businesses and transactions subject to the eInvoicing system, as well as implementation timelines and dates, will be announced through upcoming decisions. The Ministry of Finance reaffirms its commitment to ensuring a smooth implementation of the eInvoicing system through a phased and well-communicated strategy. By actively engaging stakeholders, the Ministry aims to maximise the benefits of digital transformation, aligning with the UAE’s strategic economic objectives.

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DHL Global forwarding Sri Lanka is taking a significant step to further enhance its solutioning capabilities by appointing Route Development Managers specifically tailored for the China and India routes. This strategic move aims to support Sri Lankan businesses in navigating their supply chain needs more efficiently amid the growing demands of international trade. As a pivotal player in global logistics, DHL Global Forwarding recognizes the importance of facilitating seamless connections for Sri Lankan companies engaging in trade with two of the region’s largest economies, China and India. The two managers Arun Kumar C and Heng Zou will be responsible for optimizing routes, fostering relationships with customers, and developing tailored solutions that address the unique challenges faced by local businesses. The primary focus will be on improving efficiency, reducing lead times, and overcoming the complexities of customs processes associated with cross-border logistics. With expert knowledge of the Chinese and Indian markets, these Route Development Managers will work closely with Sri Lankan companies to deliver innovative logistics solutions that enhance supply chain performance. This not only underscores DHL’s commitment to investing in the Sri Lankan economy but also positions the company as a reliable partner for local enterprises seeking to expand their reach in international markets. By having dedicated professionals focused on these critical routes, DHL Global Forwarding Sri Lanka aims to streamline operations and drive growth for businesses looking to thrive in a competitive landscape. As Sri Lanka continues to strengthen its position in global trade, DHL’s proactive approach in enhancing supply chain support through specialized route management is set to empower local companies and foster a more resilient logistics infrastructure. Do get in touch with our Route development managers to speak about the solution’s from #China #India. #Dhlglobalforwarding #Reignite #GrowLanka #BEONE #Srilanka Deepal Aiyarathna Suminda Hettiarachchi Pubuditha Rathnayake Neomi Wijesinghe Ijaz Haniffa Chaminda Sugath Dharan Nadarajah Yishani Abeysuriya

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UAE to impose 15% domestic minimum top-up tax on large multinationals from Jan 1 DUBAI, Dec 9 (Reuters) - The United Arab Emirates said on Monday it will impose a domestic minimum top-up tax (DMTT) of 15% on large multinational companies operating in the country starting on or after Jan. 1, 2025 as it seeks to boost non-oil revenue. In amendments to the corporate tax law, the finance ministry said the DMTT will apply to companies with consolidated global revenue of 750 million euros ($793.50 million) or more in at least two out of the four financial years preceding the ones in which the tax comes into effect. The amendments come a year after the UAE began rolling out a 9% business tax, with exemptions for the many free zones which power its economy. #UAECorporateTax #GlobalMinimumTax #MultinationalTaxation #InternationalTax #CorporateGovernance #TaxCompliance #EconomicSubstance #BEPS2 #TaxReforms #SustainableEconomy

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The highly anticipated introduction of a 15% domestic minimum tax in the UAE marks a significant shift in the tax landscape. This move ensures that multinational enterprises (MNEs) with global revenues exceeding EUR 750 million contribute their fair share of taxes while allowing the UAE to secure its tax base and retain its status as a leading global business hub.   New Incentives One of the proposed incentives is a refundable tax credit for high-value employment activities, which will be granted as a percentage of salary costs for employees in key roles, such as C-suite executives, who contribute substantially to the UAE economy. Set to take effect on January 1, this initiative aims to drive economic growth, stimulate innovation, and enhance the UAE’s global competitiveness. Additionally, a notable incentive is a research and development (R&D) tax credit, which seeks to encourage R&D activities and support innovation. The credit will be expenditure-based, offering a tax relief of 30% to 50%, refundable based on the company’s revenue and employee count in the UAE. To qualify, R&D activities must comply with the OECD’s Frascati Manual guidelines and be carried out within the UAE.

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Why Is Corporate Tax Compliance Important? As of 1st March 2024, Ministry of Finance announced the approval of AED 10,000 for late registrations of UAE Corporate Tax on businesses that have not yet registered within the provided timeline by FTA. Failure to comply with corporate tax regulations in the UAE can result in penalties, interest charges, and legal action, including audits and potential prosecution. Non-compliance may lead to fines, restrictions on business activities, and reputational damage. It’s crucial for businesses to adhere to tax laws to avoid these consequences. Corporate tax will be in full effect from the financial year starting on or after 1st June 2023. For businesses that have a financial year starting on 1st January 2023 and ending on 31st December 2023, they will be subjected to corporate tax from 1st January 2024. Feel Free To Contact Us: Call us @: +971 52 750 7276 📲  Enquiries: [email protected] 📩  My Business Consulting DMCC

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For who may be interested in the shipping industry

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From Karachi to Sydney and Back—Embracing Change in My 20s In my early 20s, I left Karachi for Sydney with a suitcase full of aspirations. I was: ↗ A young professional eager to learn. ↗ Stepping into a new country and culture. ↗ Ready to embrace the unknown. At DB Schenker in Sydney, I: ↗ Analyzed market trends. ↗ Developed strategic logistics solutions. ↗ Collaborated on international freight projects. But something called me back home. Returning to Karachi, I realized: ↗ I could make a real impact here. ↗ Pakistan held immense opportunities. ↗ The experiences abroad prepared me for this. Now, as Co-founder & CEO of Zip24, I'm: ↗ Leading a team to digitize supply chains. ↗ Building cutting-edge software solutions. ↗ Expanding across emerging markets. Embracing change led me to where I am today. Sometimes, coming back home is the biggest leap forward.

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Join me next week at the TAXCOM Middle East Summit 2024 to discuss all things tax.

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CbCR is a system for tax authorities to track income distribution globally in multinational groups. In the UAE, it's governed by Cabinet Resolutions (32/2019 and 44/2020) and applies to MNE groups with revenues over AED 3,150,000,000 and entities in different jurisdictions. The Ultimate Parent Entity must submit the CbCR notification by the financial year's end, and the CbC Report within 12 months afterward. Disclaimer:    The Content offer general guidance and should not be considered legal, financial, or tax advice. Consult qualified professionals for personalized guidance. While efforts have been made to ensure accuracy, no guarantee is provided for completeness or applicability to individual situations. Users are responsible for their interpretation and actions based on this information, at their own risk.      Instagram: https://lnkd.in/dCQGP5ES  Facebook: https://lnkd.in/dT8PSeE2  Linkedin: https://lnkd.in/dybREPaA      For understanding more about VAT Updates, Tax Law and Registration reach out to us on: [email protected] | +971527972066.        #corporatetaxuae #corporatetaxes #taxlaw #taxes #uaebusiness #uaelaw #corporatetax #business #uaebusinesses #uae #dubaibusiness #taxconsultant #taxcompliance #taxation #taxfiling #taxaudit #law #tax #uaetax #corporations #finance #compliance #vatdubai #uaebusiness #uaetax #bookkeeping #dubai #accounting #uae #taxation #accountants #accountingfirm #tax #uaevat #accountingservices #business #accountancy #professionalaccountancy #dubaicharteredaccountant #sme #vat #taxdubai #businesssupport #businessaccounting #financialservices #dubaitax #earningouae #financialfreedom #uaecharteredaccountants #charteredaccountant #taxationuae #vat #vatfiling #tax #taxes #taxseason #finance #vatregistration #accounting #auditing #vatreturn #fta #uae #audit #vatcompliance #sme #uaevat #gccvat #business #accountingservices #taxation #dubai #taxadvice #auditservices #taxcompliance #businesstaxes 

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Colombo port maxed out capacity One of Asia’s busiest container hubs, the Sri Lankan port saw the highest growth in container volumes among leading global hubs due to gains from Red Sea vessel diversions. Colombo’s throughput increase was 23.6% year on year in H1 2024 from its 4 terminals, the Jaya Container Terminal (JCT), South Asia Gateway Terminal (SAGT), East Container Terminal (ECT), and Colombo International Container Terminal (CICT). The port’s capacity constraints saw a 20% drop in containership visits in June, resulting in a 5% decline in trans-shipment cargo flows. Trans-shipment containers were sitting for 20 days on-dock, compared to the usual 7 days. Berthing delays and congestion have also forced vessels to skip Colombo. However, more capacity will come from a new 3.5M TEU terminal, the West Container Terminal (WCT), to be ready by the end of 2024. #shippingindustry

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