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The Law defines a clear set of common procedures and rules to be applied to all tax laws in the UAE, namely, VAT and excise tax laws, and clearly states the respective rights and obligations of the FTA and the taxpayer. The Law covers tax procedures, audits, objections, refunds, collection, and obligations - which include tax registration, tax-return preparation, submissions, payment and voluntary disclosure rules - in addition to tax evasion and general provisions.

Provisions of the law
- The Law requires any Person conducting any type of business to keep accounting records and commercial books, as well as any tax-related information as determined by the Law. Tax returns, data, information, records and documents must be submitted to the Authority in Arabic. The FTA may, however, accept documents in any other language, as long as the Person provides a translated copy into Arabic at their expense and responsibility if so requested.
- Furthermore, any Person obliged to register or any other Person eligible for registration must do so, as stipulated by the Law. Registrants must include their Tax Registration Number TRN, in all correspondences and transactions with the Authority or with others. They must also inform the Authority - by filling the form - of any circumstance that might require the amendment of information related to their Tax record within 20 working days of the occurrence of said circumstance.
- Each Taxable Person must also prepare the Tax Return for each Tax Period and for each Tax while being registered. They must then submit the Tax Return to the Authority and pay any Payable Tax as specified in the Tax Return or any Tax Assessment within the time limit. The Authority reserves the right to turn down any incomplete Return - i.e. if it does not include the basic information determined by the Tax Law.
- The Law mandates that a Register of Tax Agents be established at the Authority, which will hold files for each Agent documenting his/her conduct. It is not permitted for any Person to practise the profession of a Tax Agent in the UAE unless he/she is enrolled in the Register. Procedures for registration, as well as the rights and obligations of the Tax Agent before the Authority and the Person, is specified in the Executive Regulations of the Law. 
- The Authority may perform a Tax Audit on any Person to determine their compliance with the provisions of the relevant Laws. The FTA may perform the Audit at its office or the place of business of the Person (or any other place where they conduct business, store goods or keep records), in which case, the Person must be given a prior notice of at least five business days. 

(Source credit- khaleej times)
Read more at

http://m.khaleejtimes.com/news/government/president-announces-new-uae-tax-law

The UAE is planning to start imposing excise tax on fizzy drinks, tobacco products and energy drinks from fourth quarter 2017, according to Ministry of Finance (MoF) officials.
The information on the expected tax date was shared by government officials during their first excise tax briefing in Dubai on Wednesday.

During the briefing, officials disclosed that the tax legislation will be issued in the second quarter, with companies likely to be allowed to register online from the third quarter.

As per the unified treaties approved in June 2016, the Gulf countries have agreed to impose excise tax on the importation and production of soft drinks, energy drinks and tobacco products.

The rates are set at 50 percent for soft drinks and 100 percent for energy drinks and tobacco products, which are likely to be based primarily on the product’s retail sales price, she said.
Tax will be payable monthly by registered businesses, on the 15th day of the following month and officials warned companies not to resort to “stockpiling”.

Importers, manufacturers, and third parties in the UAE will be allowed to register premises as tax warehouses or designated zones, and store products within these areas tax suspended.

“Refunds may be available, for example on the export of tax paid product, or where excisable goods have been used in the manufacture of excisable goods. The general rule being excise should be incurred once in the supply chain, and only in the jurisdiction of consumption,”.
In a report, issued last year, the US-UAE Business Council said Gulf countries have turned to excise taxes because they double as a tool to achieve social change.

All GCC states have high levels of smoking and residents suffer from high rates of obesity, diabetes and associated illnesses, it said, adding excise taxes on tobacco and sugary beverages will incentivise citizens to adopt healthier lifestyles as well as procure revenue for state coffers.

Speaking at the Federal National Council in March, Minister of State for Financial Affairs Obaid Al Tayer said tax on tobacco is expected to bring in $545 million (AED2 billion) in annual revenues, but did not give any revenue estate from soft drinks segment where he expects drop in consumption.

http://m.arabianbusiness.com/uae-impose-excise-tax-on-soft-drinks-starting-in-2017-673637.html

VAT Awareness Sessions by ministry of finance, UAE

Please copy and paste the below link in the internet browser to register for such sessions organised by the MOF, UAE.

https://www.mof.gov.ae/en/pages/workshops.aspx

The GCC has long planned to adopt the tax in 2018 as a way to increase non-oil revenues: Policy makers in the six-nation Gulf Cooperation Council are aiming to introduce a 5 percent value-added tax at the start of next year, despite administrative and technical obstacles, a senior United Arab Emirates finance official said on Sunday. The GCC, its finances strained by low oil prices, has long planned to adopt the tax in 2018 as a way to increase non-oil revenues, but economists and official.

http://www.khaleejtimes.com/business/economy/uae-resident-alert-5-vat-is-officially-coming-by-jan-1-2018

The law, which contains elements of bankruptcy protection laws from jurisdictions including France, Germany and the Netherlands, provides, for the first time, a comprehensive legal framework to help distressed companies avoid bankruptcy and liquidation.

The law, which contains elements of bankruptcy protection laws from jurisdictions including France, Germany and the Netherlands, provides, for the first time, a comprehensive legal framework to help distressed companies avoid bankruptcy and liquidation. The law, which contains elements of bankruptcy protection laws from jurisdictions including France, Germany and the Netherlands, provides, for the first time, a comprehensive legal framework to help distressed companies avoid bankruptcy and liquidation.

The law, which contains elements of bankruptcy protection laws from jurisdictions including France, Germany and the Netherlands, provides, for the first time, a comprehensive legal framework to help distressed companies avoid bankruptcy and liquidation.

The law, which contains elements of bankruptcy protection laws from jurisdictions including France, Germany and the Netherlands, provides, for the first time, a comprehensive legal framework to help distressed companies avoid bankruptcy and liquidation.

http://www.thenational.ae/business/economy/sheikh-khalifa-decrees-bankruptcy-law