UAE Central Bank’s Balance Sheet Hits AED 750 billion in February
UAE Central Bank’s balance sheet reached a new high of AED 750 billion at the end of February, representing a historic peak.
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This record reflects a substantial 32.5% increase in the UAE Central Bank‘s general budget compared to the same period last year, as detailed in the balance sheet report for February 2024 released on Monday.
Component Breakdown
On a monthly basis, the central bank’s balance sheet saw an increase of 1.8%, or AED 13 billion, rising from AED 734.61 billion in January of this year. The asset allocations on the central bank’s balance sheet included AED 321.21 billion for cash and bank balances, approximately AED 219.75 billion in investments, AED 174.27 billion in deposits, AED 1.83 billion in loans and advances, and AED 30.56 billion in other assets as of February.
Overview of Liabilities and Capital
The liabilities and capital structure of the balance sheet comprised AED 318.46 billion for current and deposit accounts, around AED 257 billion allocated for Treasury bills and Islamic certificates of deposit, AED 139.36 billion for issued banknotes and coins, AED 16.98 billion in capital and reserves, and AED 5.82 billion in other liabilities.
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
