The Ministry of Finance announced that the price increase will be levied on all excise goods consumed in the UAE, including free zones and airports. However, goods taken by passengers out of the country will be tax-free. At the moment, the new levy will only apply to tobacco products as well as energy and carbonated drinks, except sparkling water.
UAE issues excise tax law
Federal Decree-Law No. 7 of 2017 paves the way for introducing tariffs in the fourth quarter of this year. The Government plans to introduce excise tariffs at a rate of 100% on tobacco and energy drinks and 50% on sugary drinks.
Registration for upcoming taxes to start mid of September
The Federal Tax Authority (FTA) announced that the registration of businesses for VAT and Excise Tax in the UAE can be made online on the FTA's website. The relevant homepage will be launched in the second half of August and will offer all relevant information.
New rules for dependant sponsorship in Abu Dhabi
Foreigners in Abu Dhabi now have to provide tenancy contracts registered in the Emirate of Abu Dhabi when renewing existing or applying for new residence visas for their dependants. Exceptions may be considered on case-by-case basis by the Immigration.
UAE records a population of 9,121,167 in 2016
The Federal Competitiveness and Statistics Authority further announced that 69% of the people are male and 31% female.
New law on UAE tax system
Federal Law No. 7 of 2017 on Tax Procedures sets the foundation for the planned tax system by regulating the administration and collection of taxes and defining the role of the Federal Tax Authority (FTA). With the Tax Procedures Law, the UAE now have a legal framework for taxation, implementation and administration, including rules to be applied for VAT.
Abu Dhabi Global Market launches arbitration centre
The new arbitration centre will be established on Maryah Island by early 2018 and provide an alternative dispute resolution option to the onshore Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC). It will operate under the arbitration framework of the Abu Dhabi Global Market (ADGM) which is based on the Uncitral Model Law. Alongside the presentation of the arbitration centre, an agreement with the International Chamber of Commerce (ICC), one of the world's most prominent commercial dispute resolution institutions, was unveiled. The ICC Court will open its first representative office in the Middle East in Abu Dhabi in January next year.
Dubai Economy launches instant licenses
The new initiative enables investors to obtain a license in one step within one day without having to provide a lease agreement for the company's premises for the first year. For the license application, at least one partner must be present and hand in valid passport copies of all partners and managers of the business.