Latest news with #taxtransparency
Zawya
4 days ago
- Business
- Zawya
Brazil officially removes UAE from list of jurisdictions with preferential tax regimes
Mohamed Bin Hadi Al Hussaini: The UAE applies global best practices and international standards in tax and financial policies Abu Dhabi: The Ministry of Finance announced that the United Arab Emirates has been officially removed from the Federative Republic of Brazil's list of jurisdictions with preferential tax regimes, a significant step that reflects the UAE's strong commitment to the highest standards of tax transparency and global financial governance. This development also underscores the depth and maturity of the economic and trade relations between the two countries. This achievement stems from the official visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the Federative Republic of Brazil in November last year, and the constructive cooperation between Brazil's Ministry of Finance and the relevant UAE entities. Dedicated technical teams from both sides worked closely to fulfil all requirements related to tax transparency and investment standards adopted by the Brazilian authorities. The announcement represents the culmination of a long-standing technical dialogue founded on strategic alignment and partnership. New Horizons His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that removing the UAE from Brazil's list of jurisdictions with preferential tax regimes reflects the UAE's unwavering commitment to implementing best practices and international standards in its tax and financial frameworks. 'This step is a testament to the success of UAE diplomacy in building partnerships based on transparency and mutual trust,' he said. H.E. added: 'We view this achievement as a launchpad for further strengthening economic cooperation with Brazil and unlocking new opportunities for mutual investment that serve both nations' ambitions for comprehensive and sustainable economic development. We will continue working to deepen bilateral ties and activate strategic initiatives that benefit the economies and people of both countries.' Shared Opportunities It is worth noting that the UAE is the leading destination for Brazilian exports among Arab countries, with bilateral trade exceeding USD 4.3 billion in 2024, making Brazil the UAE's largest trading partner in South America. Both sides remain committed to leveraging all avenues of cooperation and shared opportunities to enhance their economic ties. The removal of the UAE from Brazil's list is expected to further accelerate bilateral cooperation, particularly in priority sectors such as trade and investment. This development supports sustainable development goals and strengthens the UAE's position as a global business hub. This announcement marks a pivotal milestone in UAE-Brazil relations and reflects the two countries' shared vision of building a strong economic partnership grounded in tax transparency, governance, and support for initiatives that drive sustainable growth and shared prosperity.
Gulf Business
26-05-2025
- Business
- Gulf Business
ADGM's FSRA fines 23 entities for international tax regulation breach
Image: ADGM/ For illustrative purposes The Financial Services Regulatory Authority (FSRA) of The sanctions follow enforcement actions taken against the entities for a range of compliance failures, including not submitting required risk assessments and annual information returns, failure to follow due diligence procedures, reporting incomplete or inaccurate information, and not collecting valid self-certification forms from account holders. The CRS and FATCA frameworks are part of international efforts to enhance tax transparency and combat global tax evasion. The UAE's participation in these inter-governmental arrangements facilitates the automatic exchange of financial account data with other jurisdictions. ADGM's FSRA committed to following global tax reporting standards 'ADGM is committed to upholding international tax reporting standards,' said Emmanuel Givanakis, CEO – FSRA at ADGM. 'These enforcement outcomes reflect the FSRA's firm support for the UAE's commitment to financial transparency and alignment with global commitments to information exchange. We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility.' Details of the FSRA's CRS and FATCA penalty notices are available on the ADGM
Zawya
25-05-2025
- Business
- Zawya
Ministry of Finance announces cabinet decision on the tax treatment of unincorporated partnerships
Abu Dhabi: As part of its ongoing efforts to enhance tax transparency and improve the business environment in the UAE, the Ministry of Finance has announced the issuance of a Cabinet Decision regarding the tax treatment of unincorporated partnerships. The decision grants unincorporated partnerships—subject to prior approval by the Federal Tax Authority—the option to be treated as a taxable person for the purposes of Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses. Under the Corporate Tax Law, unincorporated partnerships are generally treated as tax transparent entities—meaning the partnership itself is not taxed, but the partners are subject to tax individually on their respective shares of the income. However, the law also provides an option for the partners to apply for the partnership to be treated as a taxable person, similar to any other legal entity. One of the key provisions of the new decision is that, upon approval of the application by the partners, the unincorporated partnership will be regarded as a legal person and a resident person for tax purposes. As such, it will receive the same tax treatment as other legal persons. The decision also sets out the rules for determining the taxable income of the unincorporated partnership to ensure clarity and certainty in tax compliance. This step aims to promote tax neutrality by allowing unincorporated partnerships to benefit from the exemptions and reliefs available to legal persons under the Corporate Tax Law.
