Dubai Consults On New Tax Legislation

[JohnLocke]

The regulator of the Dubai International Financial Center (DIFC) has launched a public consultation on a number of legislative amendments, including to bring the tax-free zone's regulatory regime in line with international tax transparency standards.


The DIFC Authority has proposed to amend a number of DIFC laws and regulations through the DIFC Laws Amendment Law, DIFC Law No. 1 of 2013, in order to comply with the requirements set out by the Organization for Economic Cooperation and Development's Global Forum on Transparency and the Exchange of Information for Tax Purposes, as well as amendments to the Arbitration Law, DIFC Law No.1 of 2008, to align it with the New York Convention.


To meet best standards on tax transparency, the DIFC intends to make amendments to the Companies Law, the General Partnership Law, the General Partnership Regulations, the Limited Partnership Law, and the Limited Liability Partnership Law.


The DIFC Authority is also proposing to include transitional provisions in the Non-Profit Incorporated Organizations Law, DIFC Law No. 6 of 2012, to allow existing non profit organisations to become Non-Profit Incorporated Organizations without having to dissolve and re-incorporate.

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[myoffshoreliving]

So Dubai seems out of question to go offshore unless you are doing millions or close to at least? What I mean is that we read Dubai has very high office and ongoing costs to maintain a company there this among audited accounts and vaious other administrative tasks makes it not very attractive to small IM's as me.

 

[Lecitia]

So Dubai seems out of question to go offshore unless you are doing millions or close to at least? What I mean is that we read Dubai has very high office and ongoing costs to maintain a company there this among audited accounts and vaious other administrative tasks makes it not very attractive to small IM's as me.
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Pitch perfect! Everything related to UAE seems to be sky high prices. I really wonder if they even have internet or IM based offshore companies

 

[JohnLocke]

People who consider Dubai as a destination for incorporating their offshore company will have a well going business doing a great amount of profits each months and for them it may not be an issue to pay up to €2000 or 3000 / months for mainting the company since it's till cheaper than pay tax where they are now. Most will even move there to avoid to pay tax at all!

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[Lecitia]

Are there any other benefits other than saving tax?

 

[JohnLocke]

People want to stay anonymous or ide their original address where they live when doing business online. Others may simple want a more complicated company structure which is only possible taking offshore entities into consideration.

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[myoffshoreliving]

Are there any other benefits other than saving tax?
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After all it seems RAK / Dubai companies are the next stop for the hype rich people some small guys will follow to deeply fail because of the high costs to start and maintain a company in Dubai / RAK.

 

[JohnLocke]

It could be and for some businesses that's a great alternative.

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[footi gupt]

Lecitia said:
Are there any other benefits other than saving tax?
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The main reason is to avoid paying is tax..

 

[deadpool]

It should cost you huge amounts for overhead in Dubai. Nevertheless, it still remains an attractive option for right reasons.

 

[SasxInc]

Dubai called Asia's economy power. They provide all facilities attracting investors. They have well modern infrastructure, less tax and freedom.

 

[Jack Dui]

SasxInc said:
Dubai called Asia's economy power. They provide all facilities attracting investors. They have well modern infrastructure, less tax and freedom.
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You shouldn't forget about Singapore. You'll get everything in Singapore including stable political environment, friendly business law, modern infrastructure, high quality privacy an so on....

 

[starfang]

Do we pay tax in Dubai if we incorporate our Business there?

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My dog's a veggie coz he eats wild bird seed and wild bird food.

 

[deadpool]

SasxInc said:
Dubai called Asia's economy power. They provide all facilities attracting investors. They have well modern infrastructure, less tax and freedom.
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I think you should include Singapore too. I wonder why nobody talks about that place.

 

[SasxInc]

deadpool said:
I think you should include Singapore too. I wonder why nobody talks about that place.
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Yes, you are correct. I forgot to mention Singapore. Day by day Singapore is also becoming super economic power of south east Asia. There also have all facilities regarding modern business.

 

[deadpool]

SasxInc said:
Yes, you are correct. I forgot to mention Singapore. Day by day Singapore is also becoming super economic power of south east Asia. There also have all facilities regarding modern business.
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It's the never point of South East Asia in IT, Banking, and so on...

 

[RamsayB]

starfang said:
Do we pay tax in Dubai if we incorporate our Business there?
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I think you would still pay but at the lowest rate as possible. Dubai is a rich country and have a lot of resources. I think the tax in dubai is very low.