The eDirham system (electronic smart cards) is a sophisticated method for collecting government revenue, rather than traditional methods (fiscal stamps, receipts, receipt of revenues). eDirham is based on ease and simplicity and relies on the latest technology in the science of computers. (Source: Ministry of Finance)
Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5 per cent. VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services. It will also help government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue. Read more.
It is a certificate issued to companies or individuals for them to lawfully claim exemptions from value added taxes in various countries.
A certificate of tax residency entitles individuals and companies to benefit from the avoidance of double taxation agreements concluded by the UAE.
No, the UAE does not levy income tax on individuals.
Yes, the UAE levies corporate tax (CT) on the net profits of businesses. Find out more details on the scope and rate of CT and businesses and income that are exempted from it.
To open a bank account, citizens need to provide a copy of their family book, a salary letter or a letter of NOC (No Objection) from the employer. Expatriate residents need to provide a copy of their passport, a copy of work or residence visa, a copy of their Emirates ID, a salary letter or a letter of NOC (No Objection) from the employer or sponsor. Find out financial institutions in the UAE.
IBAN is the acronym for ISO 13616 standard compliant International Bank Account Number. IBAN is a unique customer account number which can be used confidently in making or receiving payments (excluding cheques and credit cards) within the country as well as abroad. IBAN is applied because it is an internationally accepted standard for numbering bank customer accounts and it is the ISO standard methodology for verifying the accuracy of the IBAN. (Source: Central Bank of the UAE)
Banks in the UAE having customer accounts which are used for electronic payments are authorised to generate an IBAN. No other party is permitted to generate IBAN for bank customers. (Source: Central Bank of the UAE)
Bank customers, who receive or make electronic payments in the UAE or abroad, will require an IBAN. If you have more than one account in your bank, you will require an IBAN for each of your accounts. (Source: Central Bank of the UAE)
Customs offices are located at the UAE airports, seaports and entry/exit points on the land borders. (Source: UAE Government Portal)
The goods' price should be determined according to the real purchasing price paid for the goods. Price includes deal price, shipping cost, insurance and all charges and expenses paid to deliver such goods to the UAE. (Source: UAE Customs)
The imported goods are subject to tariffs with a percentage of customs value at unified customs tariff of the GCC states. Such percentage ranges between total exemption and 100 per cent according to the type of the goods. (Source: UAE Customs)
No customs duties will be charged for such commodities if they are purchased within full consignments or in parts that had been imported across a first access point in any GCC country after the customs union and are supported by re-export statements sealed by the clearance stamps in the country where such commodities came from. (Source: UAE Customs)
Attested certificates of origin in accordance with a defined form are needed. Such certificates should be issued and attested by the competent authority of origin at the Arab country where the goods are produced or manufactured. (Source: UAE Customs)
The UAE does not levy income tax.
Yes, you will find here information related to paying VAT. .
Suppliers registered with Ministry of Finance can view the results of approved tenders and auctions. Read about it on the page about government tendering and awarding.
You can view announcements of forthcoming procurement/bidding processes on the page about government tendering and awarding.
Yes, you can. Log in to Emara Tax services portal of Federal Tax Authority. You will be required to sign in.
Yes, in a bid to go paperless, the UAE government accepts digital invoicing and ePayment in government procurement processes.
