The offshore centres of the United Arab Emirates attract companies and investors by low or zero taxation and weak regulatory compliance rules, often connected with simple and fast incorporation procedures. However, as Sabine Ebert points out, other countries have enacted legislation, meaning international legal and tax advice is needed and carefully structured set-ups are essential to avoid shortfalls.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year