Auditors in UAE

  Tax audit is a significant segment of the Federal tax authorities’enforcement program. Managing authorities can be a little challenging regarding documentation requirements, deadlines for submitting explanation & comprehension of the tax audit & tax regulations processes. Businesses are needed to conform with the requirements of tax audit inside specific periods, which involves the different important groups to respond rapidly and suitably and the overall cycle to be overseen viably. The absence of significant staff insight and clear cycle to deal with the tax audit prerequisites may prompt tax assessments & penalties, with a danger of potential reputational harm. The following are the reasons for possible FTA penalties.  If a person not being registered as required. If one fails to submit a tax return. Failing to settle payable tax. Incorrect tax return submitted. Intentionally impeding FTA authorities from carrying out their duti...

  As the United Arab Emirates is heading towards its objective of achieving economic transparency, investors should be adequately prepared to follow the regulations. This is particularly true in the matter of ESR in the UAE as the latest updates and renewed submission deadlines have forced the organizations to reconsider their ESR. According to law, EconomicSubstances Regulations notification needs to be submitted within 6 months of the financial year-end. Yet the portal is not live yet, this deadline has been extended to 31st Dec 2020. Ie. Licensees with 31st March 2020 or 30th June 2020 financial year-end will also be mandatory to submit the notification by 31st December 2020. Also, Licensees that earlier submitted the ESR notification directly to their Regulatory Authorities are compulsory to re-submit the ESR notification on the MOF portal by 31st December 2020. Licensees with 31st March 2020 or 30th June 2020 financial year-end will be mandatory to submit the ESR notificati...

  The UAE has newly introduced Economic Substance Regulations , and accordingly, all UAE organizations that might be dependent upon these regulations should be set up to make a move and ensure compliance. Any entity licensed in the UAE to carry out a 'relevant activity' regardless of whether in a free zone or onshore & including in a financial free zone is needed to comply with the Economic Substance Rules. The relevant activities are: Banking businesses Insurance businesses Investment fund management businesses Lease-finance businesses Shipping businesses Headquarters businesses Holding company businesses Intellectual property businesses & Distribution and service center businesses All businesses in the UAE are expected to use the substance over form, approach to determine whether or not they embrace a Relevant Activity and, accordingly, are inside the extent of the Regulations. This would require the UAE business to not just consider the activi...