A new law establishes the foundation for the tax system in the UAE.
Federal Law No. (7) of 2017 on Tax Procedures concerns tax procedures related to the administration, collection, and enforcement of tax. It also addresses the authority of the tax administration as well as the rights and obligations of taxpayers and their agents.
With the tax procedures law, there is a requirement for any person conducting business in the UAE to keep accounting records and commercial books as well as any tax-related information.
Other laws are expected to be published to cover specific taxes (such as value added tax (VAT) and excise tax). The date for implementation of a VAT regime in the UAE is still scheduled for 1 January 2018.
Read an August 2017 report prepared by the KPMG member firm in the UAE
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.