What Is Anti Money Laundering (AML)? Anti-money laundering (AML) applies to rules, legislation, and practices aimed at preventing suspects from passing off improperly acquired funds as lawful earnings. Anti-money laundering legislation can only apply to a small set of transactions and illegal behavior, but their consequences are far-reaching. AML laws, for example, force banks and…

The UAE’s Federal Tax Authority (FTA) declared that any person or group in the country has the right to apply to reduce or seek exemption from the penalty imposed for violating the country’s tax laws. UAE VAT Fines and Penalty Relief UAE Government on April 28, 2021 issued Cabinet Decision No. 49 of 2021 significantly…

WHAT IS A TRN NUMBER? The abbreviation TRN stands for Tax Registration Number. The FTA – Federal Tax Authority – assigns TRN numbers to businesses that register for VAT. When a company’s annual VAT taxable products and services reach AED 375,000/-, it is needed to register for obligatory VAT. The TRN Number is a 15-digit…