The importance of the non-oil foreign trade as a future growth opportunity
2 min
Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, emphasized the UAE’s strategic vision led by its leadership to broaden its trade and investment partner base. This approach has notably influenced the UAE’s non-oil foreign trade in goods and services, achieving a historic peak by the close of 2023, surpassing AED3.5 trillion.
He marked this achievement as a critical landmark for the country, underlining that the broadening of foreign trade is foundational to the UAE’s economic agenda. It serves as a vital engine for growth and diversification, and acts as a stimulant for sectors centered on innovation, knowledge, and advanced technology.
Dr. Al Zeyoudi considered these outcomes as exceptionally significant, especially as they occurred during a period where global trade shrank by 5% in the first half of 2023, and exports dropped by 8% in the third quarter.
Dr. Al Zeyoudi also pointed out the UAE’s efforts to widen its global trade network through the Comprehensive Economic Partnership Agreement (CEPA) program, which aims to build stronger connections with aligned countries, improving market access and creating new avenues for exporters, industrialists, investors, and entrepreneurs.
He highlighted the UAE’s non-oil trade with Türkiye as a prime example of the CEPA’s impact, noting a 103.7% increase in 2023, making it the fastest growth among the UAE’s top 10 trading partners and representing 5.1% of the UAE’s total foreign trade. Remarkably, in the last five months of 2023, coinciding with the CEPA’s implementation, Türkiye was the destination for 60% of the UAE’s non-export trade.
Furthermore, Dr. Al Zeyoudi stated that the total non-oil foreign trade with the UAE’s CEPA partners, including those agreements that are in place and those close to finalization, reached over AED390.5 billion, marking a 24.5% increase from 2022.
He also pointed to the global confidence in the UAE economy, highlighted by the AED2.574 trillion in non-oil goods trade, up 12.6% from 2022, and the record AED967 billion in service trade, with AED587 billion in service exports.
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.
2 min
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
