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The UAE has become the second most popular destination for millionaires leaving the UK, with more than 800 high-net-worth individuals relocating to the Emirates in 2024. According to data from Henley & Partners, the exodus comes as the UK prepares to implement significant changes to its tax regime. The UK government, led by Keir Starmer,...
The Federal Tax Authority (FTA) has clarified that cryptocurrency mining for personal accounts will not be subject to the UAE’s value-added tax (VAT). This announcement was made on Tuesday, addressing the growing interest in cryptocurrencies among residents. However, the FTA specified that if an individual mines cryptocurrency on behalf of someone else, this service will...
Gold and jewellery shoppers in the UAE will not experience any additional costs due to the new VAT regulations issued by the Ministry of Finance last week. Customers will continue to pay the existing 5% VAT on their purchases, a rate that has been in effect since early 2018. This means that the recent changes...
The UAE has kicked off 2025 with significant policy changes aimed at improving healthcare access, protecting the environment, strengthening the economy, and boosting Emiratisation efforts. The National summarized all the new reforms, which took effect on January 1 and set to shape the country’s agenda in the coming year. One of the major changes is...
Gulf countries are rethinking their approach to attracting multinational companies as they prepare to adopt a global minimum corporate tax of 15 percent by January 2025. Historically known for their tax-free environment, these nations are now offering targeted incentives to stay competitive and lure investments. The UAE, which introduced a 9% corporate tax last year,...