Tax
From The Report: Dubai 2014
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This chapter contains a rundown of taxation in Dubai, with explanations of the situation regarding income tax, municipal and property tax, and tax treaties, among other topics. It also contains an analysis of the Dubai International Financial Centre.

This chapter contains a viewpoint from Mahmud Merali, Managing Partner, MERALI’s.

Articles from this Chapter

Overview

A simple regime: Tax laws are few and straightforward
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The federal government of the UAE has not promulgated any tax laws. Most of the individual emirates have issued corporate tax decrees, but, in practice, taxes are only imposed on oil- and gas-producing companies at rates set forth in their government concession agreements, and on branches of foreign banks at rates set out in specific tax decrees or fixed in agreements with the rulers of the emirates in which the branches operate. The income tax decrees which have been enacted in each of the emirates…

Analysis

Like clockwork: Capitalising on its time zone, Dubai builds a financial centre
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Between the banking centres of Europe and East Asia lies a region of 42 countries, with a population of 2.2bn and a GDP of $2.5trn. This vast swathe of land, stretching from the western tip of North Africa to the eastern edge of South Asia, has until recently been without a major financial centre. Meanwhile, economic growth across the area, fuelled by rising oil prices, expansion of trade, population growth and vast infrastructure projects, has swelled demand for financial services, both from companies…

Viewpoint

Mahmud Merali, Managing Partner, MERALI’S, on business challenges
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The global economic crisis has placed greater importance on the need for strong corporate governance, internal auditing and risk management procedures. Corporate governance is a key factor in sustaining economic growth, and as conditions change, so too must risk management priorities. Thus, internal auditors should consider, firstly, whether they are aligned with the strategy and direction of the company. By focusing on the firm’s long-term strategy, understanding the impact of short-term initiatives…