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In Brief

UAE’s First Formal Tax Regime Announced

10 August 2017
Mayer Brown In Brief

ALERT LEVEL

RED

JURISDICTION / DATE

United Arab Emirates (UAE) / August 10, 2017

SUBJECT

On July 31, 2017, the president of the UAE issued Federal Law No.7 of 2017, the new Tax Procedures Law (TPL). The TPL, the UAE’s first formal tax regime, regulates tax payments and taxpayer rights and obligations. It also designates the Federal Tax Authority as the main government tax agency.

IMPACT TO BUSINESS

The TPL, announced before a highly anticipated GCC-wide VAT regime (effective January 1, 2018), imposes substantial new tax obligations on businesses operating in the UAE. Businesses operating in the UAE must comply with the TPL’s requirements by August 30, 2017.

NEXT STEPS

Companies in the UAE must comply with the TPL’s VAT registration obligations as soon as possible in addition to ensuring that all accounting records and commercial books are in order.

 

RED

High importance—stop and address

ORANGE

Medium importance—initiate rapid response

YELLOW

Mild importance—initiate preventative response

BLUE

Low importance—take into account, fold into processes

GREEN

No response required, informational

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