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    UAE corporate tax to be implemented from this week: Everything to know

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    Life

    by Ruman Baig
    3 hours ago

    UAE’s Ministry of Finance announced that it will be introducing a federal corporate tax on profitable businesses.
    However, this will not apply to people who acquire income from employment, real estate and other investments.
    The rates implied are set to be amongst the most competitive in the world. This tax will apply to profitable businesses from the beginning of their financial year, which starts in June.
    While a standard statutory tax rate of 9% will apply to businesses with a profit of Dh375,000 and above, multinationals earning more than 750 million euros in profit will be subjected to a 15 per cent rate. Hence, applicable ventures are required to enrol for tax registration.

    The Ministry of Finance to introduce federal corporate tax on business profits that will be effective for financial years starting on or after 1 June 2023. pic.twitter.com/fbn5QiAByj
    — وزارة المالية | الإمارات (@MOFUAE) January 31, 2022

    The vision behind the introduction of this tax is to amplify the country’s development. “As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally. The certainty of a competitive and best-in-class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment”, said Younis Haji Al Khoori, Undersecretary of the Ministry of Finance.
    For further information, please visit the Federal Tax Authority website: https://tax.gov.ae/en
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature Image: @visitdubai More

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      in lifestyle and culture

      UAE Green Visa: Here’s how freelancers and skilled workers can get 5-year residency

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      Life

      by Ruman Baig
      1 hour ago

      If you want to move to UAE without being tied to an employer, the UAE Green visa is tailor-made for you.
      UAE’s Green visa allows its holder to sponsor themselves for 5 years without the requirement of a UAE national or employer to do the same.
      As per Abu Dhabi Residents Office (ADRO), the vision behind this new visa is to make the job market more felxible and invite extraordinary talent from across the globe to UAE. It comes with  not just a long-term residency solution but also serves more benefits to the families of the visa holder, as opposed to those with a standard residence visa.

      Who is eligible for this visa?
      Freelancers, self-employed and skilled employees can apply for a Green visa.
      Benefits of the Green Visa
      Removes  the need for employment to reside in the UAE.
      Allows sponsorship for sons up to the age of 25 and unmarried daughters of any age.
      The Green Visa also offers an extended grace period of six months after the 5-year validity is over.
      Application criterias for freelancers and/or self-employed people
      Freelancers and/or self-employed need to submit a freelance/self-employment permit from Ministry of Human Resources.
      Emiratisation proof of a bachelor’s degree or a specialised diploma.
      Evidence of annual income from self-employment for the previous two years amounting to not less than AED 360,000, or proof of financial solvency throughout their stay in the UAE.
      Application criterias for Skilled employees
      Must have a valid employment contract.
      Should be classified in the first, second or third occupational level as per Ministry of Human Resources.
      Hold a minimum of bachelor’s degree or equivalent.
      Have a salary of not less than AED 15,000 per month.
      Application criteria for investors
      Approval from the ICP on the investment as per the investors’ rating system.
      Investment proof, if the investor/partner has more than one licence, the total invested capital will be calculated accordingly.
      Approval from competent local authorities.
      Green Visa process and cost
      Visit www.gdrfad.gov.ae or download the GDRFA-Dubai application.
      Create a new user account.
      Select the required service – Issuance of entry permit for green residence under Entry Permissions
      Click on the relevant subcategory: Skilled worker, investor, partner or freelance work
      Attach the required documents
      Pay the fees due for the service (Dhs2,280)
      Submit the request
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Image: Instagram More

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      All the major changes that took place in the UAE in 2022

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      Lifestyle

      by Sarah Joseph
      46 mins ago

      The UAE is a country of endless possibilities and with leaders with a vision to consistently look to the future.
      With this in mind, in 2022 alone there have been a number of changes to continue to make the UAE an attractive place to live.
      From visa updates to an amendment in labour laws, a host of new rules and regulations were launched this year.
      For an overview of all the updates, Emirates Woman has curated a guide to all the changes made in 2022.
      New visa system
      With visas being a major topic of discussion this year, the country continues to welcome expats from around the globe, especially with all the new visas here. The new system of entry and residence was launched to retain global talents and skilled workers from October 3, 2022. The latest visas introduced include a visitor visa which has increased the duration from 30 to 60 days after the individual has proved sufficient funds. For those who wish to start their own company, a business visa can be granted without a sponsor. Visas can also be granted for internship programmes, study courses and training purposes, and for any-project based work or temporary assignments, candidates can receive a temporary work visa. Now, families also have the option of sponsoring male children until the age of 25, where it was previously granted for 18 years old. The other visas available include a multi-entry tourist visa, a Green visa and a Golden visa for individuals who fall under the categories of entrepreneurs, real estate owners, exceptional talents, scientists & researchers, outstanding students and skilled workers.
      Working week shift

      #UAE announces today that it will transition to a four and a half day working week, with Friday afternoon, Saturday and Sunday forming the new weekend.
      All Federal government departments will move to the new weekend from January 1, 2022. pic.twitter.com/tQoa22pai9
      — UAEGOV (@UAEmediaoffice) December 7, 2021

      Starting from January 1, 2022, this year, the UAE Government Media Office transitioned to a new model with Saturday and Sunday forming the weekend days. Additionally, the UAE government made an announcement that the working week would be a four-and-a-half-day week for Federal employees from Monday to Thursday, 7:30am to 3:30pm with employees working for 4.5 hours on Friday and the flexibility to work from home.
      Labour law updates
      With only full-time employment possible before, employees now have the possibility to opt for temporary and flexible work, freelance jobs, condensed working hours and shared jobs. This new law allows employees to work part-time, job share, take on temporary work, or work for more than one employer for a specified number of days. Per the new contract, employees can work 40 hours a week and can perform all 40 hours in three if they would like to do so.
      Tech-driven Emirati passports

      The new generation of the UAE Passport.@MoFAICUAE____#IdentityCitizenshipCustomsAndPortSecurity #UAEPassport pic.twitter.com/TSg6X4gnUw
      — Identity, Citizenship, Customs & Port Security UAE (@UAEICP) August 11, 2022

      With innovation at the forefront, the government launched the next generation of Emirati passports on September 1, 2022, with technical specifications to promote security and safety for international travel. Designed to enhance the UAE’s international competitiveness to promote security and safety for international travel. The key features include a detail-oriented identification page with a holographic logo and enhanced elements to reduce attempts of forgery. Per the state news agency WAM, these changes are in line with the directions of the wise leadership to consolidate the movement toward a smart government in the UAE.
      E-cheques are now the future
      Through a partnership between Dubai Land Department and Emirates NBD, cheque payments for rental have been automated using the Central Bank of the UAE’s Direct Debit System (UAEDDS) allowing tenants to make payments through their bank accounts instead of issuing physical cheques. Tenants will also have the option of flexible payment plans and facilitate easy transfer without any added hassle.
      Emirates IDs are the new visas
      Since May 16, 2022, Emirates ID cards have officially replaced residence visa stickers across all emirates except Dubai. All relevant information is documented and stored within Emirates ID cards to merge residence and identity card applications, instead of processing them separately leading to a number of benefits. This rule now cuts paperwork and the time taken to process applications, with a more detailed outline showcasing a 3D picture, date of birth on the cardholder, and enhanced protection of non-visible data including employment information.
      – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
      Images: Supplied & feature image: Instagram @alphaspotting More