Dominic & Partners https://www.domuae.com Fri, 06 Dec 2019 04:50:18 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.10 https://www.domuae.com/wp-content/uploads/2024/08/Dominic-Partners-Logofavicon.png Dominic & Partners https://www.domuae.com 32 32 The New Dawn for Cryptocurrencies in the UAE https://www.domuae.com/the-new-dawn-for-cryptocurrencies-in-the-uae/ Thu, 04 Apr 2019 10:54:49 +0000 http://avantage.omnicom-dev.com/main-demo/?p=1
Globally, “cryptocurrencies” have created a massive hype in the recent past and it is impossible to ignore the rise in crypto-trading. Blockchain has disrupted the functioning of the financial services sector in a big way by reducing the lead time in transaction processing and the costs involved and has introduced a new type of financial instrument for trading and investments. Notably, cryptocurrencies have transformed the capital raising activities and capital markets landscape in general.

For further reading on cryptocurrencies in the UAE, click here.

]]> Three more free zones added to the list of ‘Designated Zones’ under UAE VAT Law https://www.domuae.com/three-more-free-zones-added-to-the-list-of-designated-zones-under-uae-vat-law/ Tue, 19 Mar 2019 08:45:47 +0000 http://newstar.omnicom-dev.com/magazine/?p=1
The UAE VAT Law and the Executive Regulations provide for special treatment of Designated Zones.

Free Zones notified by the Federal Tax Authority (FTA) are identified as Designated Zones for the purpose of UAE VAT Law.

In addition to the existing Designated Zones, FTA recently notified the following free zones as Designated Zones with effect from 18 June 2018:

  • Al Ain International Airport Free Zone (Abu Dhabi);
  • Al Butain International Airport Free Zone (Abu Dhabi); and
  • International Humanitarian City (Jebel Ali).

Given this update, it is very important to anlayse the VAT benefits that would be available to companies dealing in such Designated Zones.

Click here to view the full list of Designated Zones

]]> The “Basics” of Common Reporting Standards https://www.domuae.com/the-basics-of-common-reporting-standards-2/ Fri, 01 Mar 2019 14:34:09 +0000 http://newstar.omnicom-dev.com/magazine/?p=1054
Cross-border tax evasion is one of the vexed issues faced by the national governments worldwide. As globalisation of business transactions continues to advance, in order to address tax evasion and avoidance through offshore financial structures, the Organisation for Economic Cooperation and Development (“OECD”) developed the “Common Reporting Standards” (“CRS”) in July 2014, a global reporting standard for automatic exchange of financial account information. Commonly referred as Global FATCA, the CRS is based on the US Foreign Account Tax Compliance Act (“FATCA”), however, the scope for CRS is much greater than for FATCA to accommodate the requirement for various countries.

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