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UAE announces new tax rules

UAE Ministry of Finance issues Cabinet Decision on tax payment rules
The UAE has announced new rules on payment of tax in the country.

Official announcements clarify the amount of tax payable on intellectual property, as well as a tax exemption on income earned trading selected items on registered stock exchanges.

Dubai firm fined $370,000 for financial service violations

The Dubai Financial Services Authority (DFSA) described FFA Private Bank’s approach towards assessing suspicious trading as “flawed”

The Dubai Financial Services Authority (DFSA) has announced that a Dubai firm, FFA Private Bank has been fined AED1,373,122 ($370,000) for lack of adequate systems to identify, assess and report trading which indicated suspicions of market abuse.

The violations have been recorded between February 2018 and March 2021. This action was following the prohibition imposed by the authority in 2021 which was then lifted a few months later following the FFA’s ability to demonstrate DFSA addressed the weaknesses in its systems.

We would like to wish residence of UAE a very Happy Flag Day.

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