Royal Decree 1007/2023, was published in the Official State Gazette, which approves the Regulation that establishes the requirements that computer or electronic systems and programs that must support the billing processes of businessmen and professionals, and the standardization of billing record formats, colloquially known as “Verifactu”.

The United Arab Emirates authorities have recently received significant recognition from the Financial Action Task Force (FATF) as they have been removed from the so-called “Grey List” for combating money laundering and terrorism financing.

The CDI plans to eliminate double taxation in terms of taxes on income and wealth using the tax credit method, that is, allowing the refund in the country of residence of the taxpayer (under certain conditions) of the taxes paid in the other country.

The Ministry of Finance has recently approved three new information statements in relation to virtual currencies. These are models 172, 173 and 721.

The informative statements, forms 172 and 173, refer to the balances and operations carried out with virtual currencies (commonly called cryptocurrencies) by natural and legal persons.

The Federal Court’s judgment confirms that crypto assets can be captured under existing financial services laws. Operators in the crypto industry should take note and utilise this opportunity to review their existing (and planned) operations