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Tax Period Extended for Excise Tax Registrants

In an effort to support Excise Tax Registrants during the difficult circumstances caused by COVID-19, the Federal Tax Authority has decided to extend the tax period for businesses registered for Excise Tax, which commenced on 1/3/2020 for one month.

The tax period shall now respectively cover the months of March 2020 and April 2020, allowing registered businesses sufficient time to fulfil their tax obligations.

BSA traces its roots to 2001 when it was first founded in Dubai, with the primary mission of offering legal services that combine comprehensive knowledge of local law with a modernised and progressive approach to legal practice.

Today, following the joining of Senior Partner Dr Ahmad Bin Hezeem, former Director General of Dubai Courts, and the opening of further offices across the Middle East and now France, we have consolidated our excellence-driven regional reach.

Our access to key local authorities and our solid legal expertise across a broad spectrum of industries sets us apart as one of the few Dubai headquartered legal practices that have exceeded their original boundaries.

Excise Tax Registrants must fulfil the following obligations:

  • file two separate tax returns, one for March 2020 and one for April 2020, by no later than Sunday, May 17, 2020; and
    ensure that the Federal Tax Authority has received the tax payable for the tax periods as reported in the March 2020 and April 2020 tax returns by no later than Sunday, May 17, 2020.

Our expert tax lawyers are available to assist with this and all your tax needs during these difficult times.

There is no registration threshold for Excise Tax, therefore any person who has the intention to be involved in import or produce excise goods or wish to operate a tax warehouse must register as an excise taxable person.

Our lawyers come from diverse backgrounds with the majority dual-qualified in both regional and multinational jurisdictions and who speak Arabic, English and French fluently.

Our team stays abreast of regional and international legal developments and tailors the firm’s advisory approach to our clients’ respective industry sector needs.

Launch of Initiative to Streamline Real Estate Sector

A sector is an area of the economy in which businesses share the same or related business activity, product, or service. Sectors represent a large grouping of companies with similar business activities, such as the extraction of natural resources and agriculture.

A memorandum of understanding between DLD and BSA was signed to promote foreign and local investment opportunities in Dubai through an innovative framework that will boost transparency and streamline transaction processes for investors in the sector.

As part of the REL initiative, DLD is introducing several investment products to lift restrictions in the current real estate laws that will allow for more vigorous real estate investment in Dubai.

The new initiative will especially facilitate the purchase and sale of properties by corporate entities with ultimate foreign ownership, therefore opening up the market to more corporate investors.

Sultan Butti bin Mejren, director general of DLD, said: “At DLD, we are keen to support the directives of our wise leadership and the strategies to make Dubai the smartest and happiest city in the world.

The MoU with BSA further supports our mission to consolidate and attract foreign and corporate real estate investments to Dubai.”

We are working to strengthen the real estate sector in the Emirate through such partnerships that ensure the ease and speed of regulatory and investment procedures.”

Dr Ahmad bin Hezeem, Senior Partner, BSA, said: “The overarching goal of this progressive initiative is to open up Dubai’s real estate market to more investors, increasing investment flows in the process.

The REL initiative will provide a legal framework that streamlines and facilitates the process for investing capital in the city. This, in turn, will attract a wider range of investors and transactions.”

It’s a pleasure to once again be joining forces with DLD in support of the work we have been doing over the past 20 years reinforce our clients’ investment interests in Dubai’s real estate sector.”

In essence, the enhanced investment framework proposed by the REL will simplify the processes for clients.”

The announcement comes after BSA’s previous collaboration with DLD to host ‘Legal Clinics,’ which provided the public with a six-hour window to access free advice from 25 expert lawyers, who specialise in areas as varied as real estate, construction, employment, compensation claims, criminal matters, debt recovery, tenancy disputes, inheritance, and family matters.