Tag: entities

UAE announces tax exemptions for public benefit entities

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Abu Dhabi: The Ministry of Finance has announced a new UAE Cabinet decision relating to ‘qualifying public benefit entities’, whereby Public benefit entities are exempted from the corporate tax.
It’s noteworthy that the Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax in the UAE and is effective for financial years starting on or after 1 June 2023. The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses was issued by the United Arab Emirates on 09 December 2022.
The exemption is designed to reflect the significant role played by public benefit entities, which often include organisations with a focus on areas of religion, charity, science, education and culture.

These entities must continue to comply with all pertinent local, state, and federal laws and notify the Ministry of Finance of any changes that may affect their status as Qualifying Public Benefit Entities in order to be eligible for UAE Corporate Tax exemption. These entities must also meet the requirements under Article (9) of the Corporate Tax Law.
On the Finance Minister’s recommendation, the Cabinet may change, add, or remove entities from the list of Qualifying Public Benefit Entities.
Any change that affects the business’s ability to continue meeting the requirements outlined in this Decision and the Corporate Tax Law must be reported by an entity that is identified in the schedule attached to the decision.
Qualifying public benefit entities are subject to a number of reporting requirements, mostly to ensure that they continue to meet the requirements for approval.
With regard to their deductible expenses under Article 33 of the Corporate Tax Law, taxpayers now have more clarity and transparency thanks to the Cabinet’s decision, as donations and gifts will be recognised as deductible expenses for corporate tax purposes if they are given to one of a qualifying public benefit entity listed in the Cabinet Decision.

(Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)
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( With inputs from www.siasat.com )

April 24, 2023
Centre plans to enable Aadhaar authentication by entities other than govt depts

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New Delhi: The Centre plans to allow entities other than a central or state government ministry or department that plan to use Aadhaar for providing various public services to authenticate it.
The Ministry for Electronics and IT proposes to amend the Aadhaar Authentication for Good Governance Rules, 2020 for this purpose and has posted the amendments on its website, seeking comments on them from stakeholders and the general public by May 5, 2023.
“It is proposed that any entity other than a government ministry or department that desires to use Aadhaar authentication for the purpose of enabling better access to services, usage of digital platforms to ensure good governance, preventing dissipation of social welfare benefits, enabling innovation and spread of knowledge, shall prepare a proposal giving justification as to how the authentication sought is for one of the above purposes and in the interest of state and submit the same to the concerned ministry or department of the central or state government,” a statement issued by the IT ministry said.

“If the concerned ministry or department is of the opinion that the proposal submitted fulfils such a purpose and is in the interest of the state, it will forward the proposal along with its recommendation to the IT ministry,” it added further.
At present, the ministries and departments are allowed to undertake Aadhaar authentication under the Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Rules, 2020 in the interest of good governance and to prevent leakage of public funds and enable innovation and the spread of knowledge.
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( With inputs from www.siasat.com )

April 20, 2023
RBI updates ‘Alert List’ of entities not authorised to deal in forex trading

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Mumbai: The Reserve Bank on Friday updated its ‘Alert List’ for the public on unauthorised forex trading platforms to include names of entities/platforms/ websites which appear to be promoting such entities.
In September last year, the central bank came out with an ‘Alert List’ containing the names of 34 entities.
The list now has 48 entries.
“The Alert List has been updated and includes names of entities/platforms/ websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services,” the RBI said, and added the Alert List is not exhaustive.
It further said that an entity not appearing in the Alert List should not assume that it is authorised by the RBI to deal in foreign exchange or can operate electronic trading platforms for forex transactions.
The authorisation status of any person/Electronic Trading Platform (ETP) can be ascertained from the list of authorised persons and authorised ETPs available in the RBI’s website.
“Residents are cautioned against entities/platforms/websites which appear to be promoting such unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services (e.g. on social media including video streaming platforms) by providing for demo trading’ in simulated environment’ and such other indirect means for facilitating and doing forex trading through unauthorised entities,” it said.
The RBI also reiterated that residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for penal action under the provisions of FEMA.

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( With inputs from www.siasat.com )

February 10, 2023