The UAE is made up of seven emirates – Abu Dhabi, Dubai, Sharjah, Ajman, Ras Al Khaimah, Fujairah and Umm Al Quwain – and adopts a federal system of government. The federation is governed by a constitution, which regulates the respective powers of the federal government as well as the local government of each emirate member; noting that the...
This chapter contains an overview of the legal and tax frameworks in which local and international investors operate in Sharjah, including a rundown of the free zones exempted from caps on foreign ownership and a summary of the new UAE-wide value-added tax of 5%. This chapter contains a viewpoint from Eslam Farouk and Nehad Farouk, Co-founders, Al FaroukInternational Intellectual Property...
Sharjah has long played an important economic and cultural role in the UAE, and boasts one of the most diversified economies by regional standards, with no individual sector accounting for more than 20% of GDP.
Tax simplification has always aroused interest. This concept entails the simplification of the structure of the whole tax system or of one tax in particular, as well as the streamlining of administrative procedures in relation to taxpayer assistance, tax determination, assessment, collection and auditing.
This chapter outlines the framework of tax obligations for corporations and individuals in Sri Lanka. The Companies Act, No. 7 of 2007 provides for the registration of three forms of business organisations in Sri Lanka: an incorporated company; a branch office of an overseas company; and an offshore company.
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