December 2023 in review: News highlights

December 2023 in review: News highlights

Beyond Bitcoin's shadow: Can "Digital Silver" outshine in 2024?

Litecoin, often referred to as the 'digital silver' in contrast to Bitcoin's 'digital gold,' is recognized for its stability in the cryptocurrency market. Launched in 2011, it currently holds the position of the 6th-largest digital currency with a market value of $19.8 billion. The comparison uncovers parallels between Litecoin and silver in the precious metal market, emphasizing its stability and role in influencing Bitcoin's value. Insights from UAE-based investment experts suggest that Litecoin has the potential for long-term stability, making it a favored choice among investors. The discussion also delves into factors contributing to Litecoin's lower value compared to Bitcoin, including its launch time and transaction speed, along with associated risks and rewards for investors. Despite market fluctuations, experts believe that Litecoin has demonstrated resilience, presenting itself as a viable investment option in the dynamic world of cryptocurrencies.

UAE Real Estate: The crucial certification every property buyer must know about!

Real estate buyers in the UAE must ensure their brokerage firms possess goAML certification, a mandatory requirement related to anti-money laundering measures. Buyers may face rejections if submissions are made through uncertified firms. While major brokers often have goAML credentials, new businesses may lack them. Developers, including Aldar, are increasingly requiring goAML certification from entities they deal with. This shift impacted firms like Investment Experts llc, which missed opportunities due to lacking certification. RERA mandates goAML credentials for all brokerage houses, aligning with the UAE's stringent anti-money laundering regulations. New brokerage firms may experience delays in obtaining goAML certification, affecting their interactions with developers and potential buyers. The onus of monitoring and reporting money laundering activities applies to all UAE registered DNFBPs (designated non-financial business or professions), regardless of size, underlining their role in identifying and reporting suspicious transactions to the UAE Central Bank. The law extends to entities beyond DNFBPs, necessitating customer and vendor screening for all transactions.

UAE Corporate Tax revolution: Navigating challenges for multinationals

The UAE has ushered in a new era with the implementation of Corporate Tax (CT) from June 1, 2023, impacting multinational enterprises (MNEs) operating within the country. The CT regime encompasses entities effectively controlled or managed in the UAE, with implications for permanent establishments, income sourced from the UAE, and related-party transactions under transfer pricing regulations. Despite challenges, certain aspects offer relief, such as tax exemptions on dividends and gains from share sales. The introduction of BEPS Pillar Two global minimum tax further adds complexity, requiring MNEs to navigate compliance, reporting, and potential double taxation issues. The UAE's progressive stance positions it as a dynamic player in the evolving international taxation landscape. MNEs must adopt proactive strategies for compliance and to capitalize on new opportunities.