WEEKLY BUSINESS ROUNDUP - 14th January 2023 to 20th January 2023

FTA opens pre-registration for corporate tax through EmaraTax platform starting January 2023

Through EmaraTax – the UAE’s digital tax services platform – Federal Tax Authority (FTA) has launched early registration for corporate tax. FTA elaborated that early registration is open from January 2023 to May 2023 for some categories of companies operating in the UAE. Select companies will be receiving invitations from the FTA by email and SMS, allowing them to register via the EmaraTax platform. FTA will announce later when registration will be open for other companies and businesses. Priority will be given to companies and businesses that have a financial year starting on 1st June 2023. 

 

UAE – Israel trade surges more than double to AED 9.4 billion in 2022

In 2022 UAE became the 16th largest trading partner of Israel as bilateral trade more than doubled. Trade between the two countries surged 109.7% to US$ 2.56 billion in 2022 as compared to US$ 1.22 billion in 2021. The signing of the Abraham Accord combined with the signing of the Comprehensive Economic Partnership Agreement delivered unprecedented benefits to UAE as well as Israel. 

 

UAE and Saudi Arabia lead in hotel room construction activity in the Middle East

As per industry reports Middle East and Africa was the only region to record positive momentum in hotel pipeline activity at the end of 2022. As of December 2022, 238,635 hotel rooms were under contract in the region marking 1.1% increase compared to the same period in 2021. Saudi Arabia and the UAE dominated the construction activity accounting 40,742 rooms and 27,456 rooms, respectively.

 

UAE participates in G20 Finance Track’s First Infrastructure Working Group meeting

UAE’s Ministry of Finance (MoF) participated in the first Infrastructure Working Group (IWG) meeting for the year 2023 held under India’s presidency in Pune. Discussions on the way forward for the working group revolved around building future ready urban infrastructure and leveraging private investment to build energy-efficient and environmentally sustainable infrastructure.

 

India UAE Partnership Summit enhances economic ties

The India UAE Partnership Summit is set to be hosted between 23rd – 25th January in Dubai. Collaboratively organised by the International Business Linkage Forum (IBLF) and Dubai International Chamber the summit reinforces the heightened interest between India and the UAE catalysed by the CEPA agreement and the Golden Visa option available in the UAE. The summit will kickstart conversations around trade opportunities between India and the UAE, Golden Visa scheme and its prospects for entrepreneurs and investors alike. 

 

UAE Japan sign agreements to accelerate energy transition and tech adoption within industries

UAE and Japan signed several MoUs to accelerate energy transition and adoption of the technology industry. Top level ministers from both sides discussed ways to strengthen economic partnership and accelerate progress towards carbon neutrality. 

 

UAE’s MoF conducts Corporate Tax Public Awareness Programme

The Ministry of Finance (MoF) held the second session of its Corporate Tax Public Awareness Programme today in Dubai with participation of leaders from the Ministry, the Federal Tax Authority (FTA), and Dubai Chambers, along with more than 600 tax experts, business sector representatives, and business owners. This move highlights the UAE leadership’s efforts towards guiding the business community, enhancing technical knowledge on government frameworks and policies. 

 

UAE delegation participated in World Economic Forum Davos 2023

Delegates from the UAE participated in the 52nd edition of the World Economic Forum (WEF) 2023, which will be held in Davos, Switzerland between 16th and 20th January. UAE’s presence in Davos underlines the country’s efforts in maximising its role in various international work forums and establishing a culture of dialogue and cooperation.