Another milestone for Dubai tourism in 2023
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, and Chairman of the Executive Council, announced on his X account that the tourism sector reached a historic milestone during 2023, welcoming 17 million guests from around the world.
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This achievement underscores Dubai’s top place in the global tourism market, highlighted by an impressive 77.4% hotel occupancy rate, one of the highest globally, with the city’s hotel capacity surpassing 150,000 rooms.
Sheikh Hamdan linked this success to the goals of the Dubai Economic Agenda D33, which seeks to make Dubai one of the top three global city for business and tourism.
The Dubai Department of Economy and Tourism reported that from January to November 2023, the city attracted 15.37 million overnight visitors, a 20% increase from the previous year.
And the data shows significant visitor numbers from South Asian countries (2.75 million) and Western European countries (2.91 million).
Additionally, the city welcomed 2.43 million visitors from GCC nations and nearly 2 million from Russia, CIS, and Eastern European countries, and 1.08 million from the Americas.
Dubai also retained its title as the world’s most popular destination for holidaymakers, according to Tripadvisor’s 2023 Travellers’ Choice Awards, marking the second consecutive year for this recognition.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Compliance with these deadlines is crucial to avoid administrative penalties.
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The UAE’s Federal Tax Authority (FTA) is urging Corporate Taxpayers to adhere to submission deadlines to avoid fines. Specifically, Resident Juridical Persons with licenses issued in May (regardless of the year) must submit their Corporate Tax registration applications by July 31, 2024, in line with Federal Tax Authority Decision No. 3 of 2024.
This decision aligns with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, effective from March 1, 2024. The FTA stresses the importance of meeting these registration deadlines, which have been communicated through various media channels and direct outreach to registered company owners in the UAE.
Utilizing the EmaraTax Platform
Compliance with these deadlines is crucial to avoid administrative penalties. The deadlines apply to both juridical and natural persons, including Resident and Non-Resident Persons in the UAE. Detailed information on these deadlines and other relevant issuances can be found on the FTA’s official website.
According to the FTA’s Public Clarification, Resident Juridical Persons established or recognized before March 1, 2024, must submit their tax registration applications based on the month their license was issued. Those with expired licenses as of March 1, 2024, should submit their applications based on the original issuance month. For those holding multiple licenses, the earliest issuance date applies.
Administrative penalties for corporate tax violations have been in effect since August 1, 2023. To facilitate the registration process, taxpayers must use the “EmaraTax” digital platform, available 24/7, or seek assistance from accredited tax agents and government service centers.
The FTA has also emphasized the importance of providing accurate information and submitting updated supporting documents correctly with the electronic registration application, noting that registering for Corporate Tax for a juridical person requires uploading various documents, including the commercial license, the Emirates ID card, the passport of the authorized signatory, and proof of authorization for the authorized signatory.
A comprehensive video explaining the registration process through the “EmaraTax” platform is available on the FTA’s website. This platform, designed according to international best practices, aims to streamline the registration journey, submission of periodic returns, and payment of due taxes for all UAE taxpayers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
