Is it mandatory to register for corporate tax in UAE?
May 30, 2024
Is it mandatory to register for corporate tax in UAE? All taxable persons are required to register for UAE Corporate Tax and obtain a Corporate Tax
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Dubai Customs has reported 688,201 duty refund transactions with a value of Dh4.6 billion in the first nine months of 2020.
The smart refund system helped reduce customers’ time and cost, through simpler and more precise calculations. The system also substantially reduced the time required to refund duty deposits to traders and customers.
“Dubai Customs is moving steadily toward the UAE’s 50th Anniversary fulfilling all Fourth Industrial Revolution requirements and expectations through adoption of the latest cutting-edge AI customs systems and projects,” said Ahmed Mahboob Musabih, Director General of Dubai Custom.
“This places Dubai in its right position toward being the smartest city in the world, and fulfilling Dubai Customs’ vision of becoming the leading customs administration in the world supporting legitimate trade. The outstanding economic performance and figures indicate the quick recovery from the repercussions of the coronavirus pandemic. The wise directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai which included generous stimulus packages have pushed the economic wheel forward and supported businesses in what has been a challenging time. This is reflected by the excellent Dubai external trade activity in the first half of 2020 which touched on Dh551 billion, with more than 7.2 customs transactions processed,” he added.
Refunded duty deposits from January to September amounted to Dh3.5 billion, and there were 76,391 Makasa automated transfer claims with a value of Dh382 million during the same period.
“Despite the spread of the pandemic which wreaked havoc on economy around the world, the Claim and Refund Department performed very well in the 1st nine months of 2020 thanks to the use of advanced technology. Our Smart Refund System is the first of its kind in the world. This is very beneficial to Dubai Customs and to the clients alike. We are the first customs department at the GCC level to provide electronic refund of duty deposits,” said Mohammed Al Hashmi, Director of Claim and Refund Department.
Dubai Customs said claims can be applied around the clock, documents can be verified digitally, and all applications can be tracked using the mobile phone. Thanks to this facility, productivity in clearing non-hazardous shipments increased 98 percent.
If your business in DMCC/JLT Dubai and is looking to understand more about the taxes in the country and conduct an audit for your company, then you can take the assistance of Alya Auditors– Chartered Accountants. Alya is a reputed name in the field of Auditing and Accounting and is also a certified firm in almost all the free zones in the UAE including DMCC, DWC, DWTC. We will assess all the needs and requirements of the company and accordingly provide a solution.
For any more details on the services provided by Alya Auditors -Chartered Accountants, feel free to Contact Us. We will be happy to help.
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