The gem and jewellery industry, along with precious metals and stones, plays a pivotal role in fueling the UAE’s economy. However, this lucrative sector’s allure also makes it an attractive target for illicit financial activities, including money laundering and terrorism financing. To safeguard their businesses and maintain the integrity of the industry, jewellers must adhere to stringent anti-money laundering (AML) compliance requirements set forth by the UAE government. In this comprehensive guide, we will delve into the factors that contribute to the jewellery industry’s vulnerability to financial crime and explore the specific AML regulations and best practices that jewellers must follow to ensure robust compliance.

Collaborate with Us: Unlocking the Power of Professional Partnerships Across the GCC

In today’s dynamic business environment, it’s essential to collaborate with other professionals to achieve your goals. As a firm of chartered accountants with a presence in the GCC countries, we have a unique set of skills that can be very valuable to other professionals and their clients across the region. By working together, we can create comprehensive solutions that benefit our clients and unlock new opportunities for growth.

Mastering Transfer Pricing Documentation: Best Practices for Success

Transfer pricing documentation is a powerful tool that helps multinational companies navigate the complexities of transfer pricing audits and disputes. Properly prepared documentation not only minimizes the risk of penalties, interest charges, and reputational damage but also strengthens the company’s position and credibility. However, despite significant investments, companies often make costly mistakes. In this groundbreaking article, we delve into the top four mistakes to avoid when crafting transfer pricing documentation and unveil the unparalleled best practices to ensure impeccable compliance and exceptional outcomes.

Conditions for change in Corporate Tax Period

On 31 January 2022, Ministry of Finance (MoF) making the breakthrough announcement that a new federal corporate tax (CT) system will be implemented in the UAE, effective financial years commencing on or after 1 June 2023. It has introduced the lowest corporate income tax rate within the GCC region at a standard rate of 9%, while other GCC countries have corporate tax regimes in place, ranging from 10 per cent in Qatar, through 15 per cent in Kuwait and Oman, to 20 per cent in Saudi Arabia.

Uncovering the Strategic Moves: Adia's Stake Acquisition in Jio Platforms

One prominent acquisition by the Abu Dhabi Investment Authority (ADIA) in recent times is the acquisition of a significant stake in the Indian telecom giant, Jio Platforms. The acquisition was valued at $5.7 billion and was completed in June 2020.4

The Strategic Importance of Emirates Airlines' Acquisition of Flydubai.

Emirates Airlines, based in Dubai, is one of the world’s largest airlines, serving over 150 destinations across six continents. Emirates is known for its high-quality service, luxurious amenities, and global reach. However, as the airline industry becomes increasingly competitive, Emirates has faced challenges in maintaining its market share and profitability.

Corporate Tax Relief for Small Businesses in the UAE

The UAE’s Ministry of Finance has recently issued a Ministerial Decision for Corporate tax relief for small businesses under the corporate tax law, which will come into effect from June 01, 2023.