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Belgian firm Banqup Group has developed and will operate the Peppol Corner 5 access point for the UAE Federal Tax Authority. The node will validate invoice tax data under the Ministry of Finance's mandatory e-invoicing system starting in 2027.
The UAE Ministry of Finance has updated the scope of Economic Substance Regulations under Cabinet Decision No. 98 of 2024. Companies are no longer required to file annual ESR notifications or reports for financial years ending after December 31, 2022. Free zone businesses seeking a 0% corporate tax rate must still demonstrate adequate substance.
The UAE Federal Tax Authority is enacting tighter VAT regulations effective October 1. Tax authorities now hold the power to deny VAT refund claims if transactions are linked to tax evasion across the supply chain under a 'should have known' standard.
Saudi Arabia's central bank ended its participation in the mBridge multi-CBDC platform after finishing a proof of concept in May 2025, according to an analysis published by the South China Morning Post citing the Financial Times. The project continues with participants including mainland China, Hong Kong, Thailand, and the UAE, alongside the recent activation of the Monetary Authority of Macao. The author argues that payment diversification reflects practical settlement efficiency rather than an outright abandonment of the US dollar.
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