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UAE ministry clarifies on corporate tax for individuals

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The UAE’s Ministry of Finance has clarified that individuals conducting business activities will be subject to corporate tax only if their combined turnover exceeds AED 1 million in a calendar year.

It added that personal income from employment, investments or real estate (without licensing requirements) will not be taxed.

For example, if a UAE resident operates an online business and the combined annual turnover from this business exceeds AED 1 million, under the new decision, the income from the online business would be subject to corporate tax.

However, if the resident also earns income from a rental property and personal investments, these sources of income would not be subject to tax as they fall under the out-of-scope categories.

The UAE Cabinet Decision No. (49) of 2023 spells out the treatment of resident and non-resident individuals undertaking a business or business activity, for Corporate Tax Law purposes.

“The new Cabinet Decision demonstrates the UAE’s commitment to maintaining a clear and competitive tax framework for both local and foreign individual investors,” said Younis Haji Al Khouri, Undersecretary of the Ministry of Finance.

“By simplifying the Corporate Tax system, the UAE continues to foster an attractive business environment that supports the growth of small businesses, startups, and the overall economy,”

Journalist for 25 years with leading publications in India and UAE such as The National, Mumbai Mirror, DNA, Indian Express and former Sports Editor of eIndia.com. Now managing editor of Headline.ae, part of MEMc (https://www.memc.co)

Announcements

Dubai’s Economy Surges: GDP Hits Dh115 Billion in Q1 2024 with 3.2% Growth

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Dubai’s economy has grown 3.2 per cent in the first quarter of the year compared to the same period last year — with the emirate’s gross domestic product (GDP) reaching Dh115 billion.

“Dubai’s ambition is limitless, and its success story will remain a role model for cities wishing to create a promising future for their coming generations,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai.

The goal, he said, is to “sustain success and establish a culture of excellence and leadership” across all sectors in the emirate. The economic growth in the first quarter of the year mirrors the success story of 2023, when the GDP reached approximately Dh429 billion, marking an increase of 3.3 per cent compared to the 2022 figure of approximately Dh415 billion.

Numbers show that Dubai is booming across sectors — from transportation and storage to food services and real estate.

Here’s how each sector has grown in the first quarter of the year:

  • -Transportation and storage sector: 5.6%, amounting to Dh15.4 billion
  • -Financial and insurance activities sector: 5.6%, amounting to Dh15.1 billion
  • -Wholesale and retail trade sector: 3%, amounting to Dh26.3 billion (the top GDP contributor at 22.9%)
  • -Information and communications sector: 3.9%, amounting to Dh5.1 billion
  • -Accommodation and food services activities sector: 3.8%, amounting to Dh4.7 billion
  • -Real estate sector: 3.7%, amounting to Dh8.4 billion
  • -Utilities and waste management: 7.5%. amounting to Dh3.2 billion
  • -Manufacturing sector: 1.6%, Dh8.4 billion
  • -Other activities: 0.46% (These include agriculture, mining, construction, professional services and administrative services, among others.)

Sheikh Hamdan said the emirate’s successes highlight the combined efforts and teamwork of various stakeholders to realise the objectives of the emirate’s comprehensive development plans for 2033, especially the Dubai economic Agenda (D33) and Dubai Social Agenda 2033.

“Dubai is progressing in accordance with a clear vision whose foundations were laid down and whose goals were defined by Sheikh Mohammed bin Rashid Al Maktoum,” the Crown Prince said.

“What we witness today is a practical reflection of this vision, which has placed Dubai among the leading economic and commercial centres of the world.”

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Indian wellness practioner Piush Jain eyes global expansion, announces plans for Dubai

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Award-winning Indian wellness practioner Dr Piush Jain, renowned for his groundbreaking age reversal therapy using Ayurvedic medicines and herbs, is now eyeing global expansion with Dubai as his first international hub.

Dr Jain, who runs the famous Dr PK Jain Clinics with a legacy of close to hundred years in the Indian city of Lucknow, has helped many reverse aging process, naturally, through a 5000-year-old age reversal Ayurvedic therapy. And now, the leading Ayurveda exponent is ready to spearhead age reversal therapy by taking his line of work to the wider world.

“My line of treatment is a revolutionary step forward in the field of age management and hormonal health and it is something I now want more people from around the world to have greater access to. So there’s no place better than Dubai to start my global operations from.  And our plans are to be in business within this quarter pending all necessary approvals from relevant authorities,” Dr Jain said this week during his trip to Dubai where he is meeting officials from various health authorities ahead of his grand launch. “Dubai is home to close to 200 nationalities. So setting up a business means unparalleled opportunities for growth and innovation, thanks to its strategic location, world-class infrastructure, and business-friendly environment and also a gateway to the wider world”

Dr. Jain – a fourth-generation practitioner from a family of holistic wellness therapists who have been tapping the power of traditional Ayurvedic practices for over a 100 years in India – stresses particularly on the use of Amalki Rasayana herbs, that he says, have a positive impact on the pituitary-gonadal axis – a key controller of aging and vitality.

“What sets us apart is our work on the pituitary gland. Often referred to as the ‘master gland,’ it plays a pivotal role in regulating the body’s hormonal balance and, consequently, the ageing process. My groundbreaking treatment taps the power of traditional Ayurvedic medical practices like the age old Amal Ki Rasayan and other herbs to harness the natural functions of the pituitary gland to manage age-related hormonal changes. By stimulating the gland in a way that mimics the body’s own processes, this innovative approach effectively slows down the ageing process without introducing any side effects,” explains Dr Jain who has been lauded with lifetime achievement awards both internationally and in his native India.

Recent studies underline the potential of Ayurvedic treatments to enhance longevity and quality of life. Research published in the Journal of Clinical Medicine published by MDPI (Multidisciplinary Digital Publishing Institute), the Swiss-based publisher of open-access scientific journals and the largest of its kind, emphasises how natural compounds can reduce oxidative stress and inflammation, critical factors behind aging process. A comprehensive study on the effects of Vajikaran Rasayana herbs substantiates their significant influence on hormonal balance and vitality. “The results are stunning – one’s hair start growing again, one’s skin starts glowing just as your other organs including brain, kidney and liver start functioning at an optimum level again thereby making one reverse a lot of usual age-related conditions like diabetes, hypertension, eventually making the patient feel better emotionally, physically and even sexually as part of a holistic wellness therapy,” he says.

Based in Lucknow but now with a firm eye on global expansions starting with Dubai, Dr. Jain’s clinic has scripted many success stories. His patients have reported feeling more energetic, mentally clearer, and looking younger. Not just in India, his work is also gaining attention and popularity across the globe as more and more people look for alternative anti-aging treatments.

For more information about Dr. Piush Jain and his Ayurvedic age reversal therapy, please visit https://www.drpkjain.com/ or contact: India – +919415027773 /+917007467416

UAE – +971545935289

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Price Drop: Fuel in UAE to cost lower in July

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Petrol prices have reduced for the second time in July after dropping in June. The UAE fuel price committee announced the petrol and diesel prices for the month of July 2024 on Sunday. The rates will be applicable from July 1 onwards.

Super 98 petrol will cost AED2.99 a litre, down from AED 3.14 a litre in June, while Special 95 petrol will cost AED2.88 a litre, down from AED3.02 per litre the previous month.E-Plus 91 petrol will cost AED2.80 a litre, down from AED2.95 a litre, while diesel will cost AED2.89 a litre, up from AED2.88 a litre.

Since 2015, fuel prices in the UAE have been moving in line with the international markets.

Prices are determined by the fuel price committee, chaired by the undersecretary of the Ministry of Energy.

The committee includes members of the energy and finance ministries, as well as CEOs of Adnoc Distribution and Emirates National Oil Company.

The committee, when deciding the fuel pieces, does not rely on just one global market. It considers an average of global prices as well as operating costs of distribution companies.

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