November 2023 in review: News highlights

November 2023 in review: News highlights

Guide on taxation of foreign source income.

The UAE Ministry of Finance (MoF) has released a guide on the taxation of foreign source income (FSI) for corporate taxpayers. The guide provides guidance on the application of the UAE's Corporate Tax Law (CTL) to FSI, including sourcing rules, deductions, and exemptions. The guide will be helpful for corporate taxpayers who are subject to UAE corporate tax and who have FSI

EU to digitalize Schengen Visa: UAE residents can soon apply online.

The Council of the European Union has introduced new rules allowing for the complete online application of Schengen visas for UAE residents. The digitalization of the process eliminates the need for visa stickers on passports, streamlining the application procedure and eliminating consulate or service provider appointments. Spain's Interior Minister, Fernando Grande-Marlaska, highlighted that this digital shift will simplify the application process for travelers while enhancing the efficiency of national administrations in responding to applications.

Unified GCC Visa: A Significant Advantage for UAE Residents, Visitors

The Gulf Cooperation Council (GCC) has approved a unified tourist visa, similar to the Schengen-style, allowing seamless travel across its six member countries. The move is expected to simplify travel planning, boost regional tourism, and eliminate visa-related challenges for residents and visitors. While finer details, such as the visa's cost, are pending, the initiative aims to encourage exploration of tourist destinations within the GCC.