Categories
Blogs

From desert to Mars! UAE being the first Arab country on Mars Mission – With Hope, nothing is impossible, and the UAE knows no limit.

The probe carried the dreams of millions of Emiratis, Arabs and expatriates in the UAE. The wait is now finally worth as the UAE made history on Tuesday 9th Feb 2020, the United Arab Emirates just became the fifth nation to successfully send a spacecraft to Mars when its robotic probe, named Hope, began orbiting the red planet.

The Emirates Mars Mission “Hope Probe” will be the first probe to provide a complete picture of the Martian atmosphere. The mission was initiated six years ago to come to fruition at the time of the UAE’s golden jubilee (The federation was founded on 2 December 1971). Having only recently started (2009) flying satellites at Earth, the nation didn’t have the full skill set to mount an interplanetary mission.

What will the probe study?

The Hope probe is expected to provide the first-ever complete picture of the Martian atmosphere. It will do this by monitoring weather changes throughout the day during all seasons — something no other mission to the Red Planet has done to date.

One example of weather phenomena in Mars that the UAE hopes to study are the famous, massive dust storms that have been known to engulf the Red Planet — as compared to the short and localized dust storms on earth.

It will also focus on better understanding the link between weather changes in Mars’ lower atmosphere, with the loss of hydrogen and oxygen from the upper layers of the atmosphere.

The probe, for the first time, will study the link between weather change and atmospheric loss, a process that may have caused the Red Planet’s surface corrosion and the loss of its upper atmosphere.

Exploring connections between today’s Martian weather and the ancient climate of the Red Planet will give deeper insights into the past and future of Earth and the potential of life on Mars and other distant planets.

This plays into the story of why the planet is now missing most of the water it clearly had early in its history. However, the goal is to study how the different layers of the atmosphere interact with one another and how those interactions change depending on the time of day and year.

It will take about 55 hours to complete one orbit. Scientists will be able to learn the details about atmospheric changes in Mars and this study is expected to continue for one Martian year (687 Earth days).

Objectives of the Mission:

  • Integrate the global Mars science community on specific and vital questions.
  • Examine why Mars is losing its upper atmosphere to space. Track the behavior and escape of oxygen and hydrogen as well as the building blocks of water.
  • Study the connection between the upper and lower levels of the Martian atmosphere.
  • Create a first global picture of how the Martian atmosphere alters through the course of a day and between different seasons.    
  • Observe various weather phenomena such as temperature patterns and dust storms. Understand how the atmosphere interacts with the Mars topography.
  • Examine and uncover the causes of surface corrosion.
  • Look for the connection between the real climate of Mars and todays’ weather. 

The excitement across the nation is palpable. Buildings are being lit up in red to celebrate the success of the mission. It is a great inspiration to the youth and Arab youth in general to take up STEM subjects in school and at higher education levels.

The successful arrival of the UAE’s Hope Probe to Mars has made us the world’s first Arab and Islamic country to reach Mars!

Categories
Blogs

Last Sprint for the Filing of the ESR Notification and Economic Substance Report in the UAE!

The Ministry of Finance’s portal for the filing of the Notifications and Economic Substance Reports is now live!

The due date for filing the ESR notification and report (for the reporting period ending 31st December 2019) is 31st December 2020.

In August 2020, the UAE Cabinet issued updated economic substance regulations which revoked and replaced the previous economic substance regulations introduced in 2019. The new ESR is accompanied by updated guidance on the application and interpretation of the new ESR and notice regarding the deadline for submission of notification and reporting under the new ESR.

The new ESR together with the supporting documents have introduced important changes to the economic substance regime. All entities should re-assess whether they fall within the scope of the new ESR and if so, will be required to submit (or resubmit) notification to the Ministry of Finance portal.

Given that the ESR notification and ESR report are due less than a month from now, businesses should start concluding their ESR assessments as soon as possible.

Failure to comply and submit the Notification and Substance Report within the allotted time frame shall result in penalties.

Categories
Blogs

Episode 14 | ECOTANCE : What is the minimum period for Retaining the Records by the Licensee? Don’t go Wrong !

Categories
Blogs

Episode 13 | ECOTANCE : Who is the Regulatory Authority and What are it’s powers ? – Know your Authority

Categories
Blogs

Episode 12 | ECOTANCE : What are the required information to be provided in an Economic Substance Regulations report? – Prepare before hand.

Categories
Blogs

Episode 10 | ECOTANCE : What is Outsourcing ? What are the Relevant Conditions that needs to be obliged to?

Categories
Blogs

Episode 9 | ECOTANCE : The Requirement of being Directed and Managed in the state by ESR – Be Informed

Categories
Blogs

Tax Clearance Certificate

Federal Tax Authority (FTA) has recently announced the issuance of the Clearance Certificate as an additional service on its portal.

Generally, the Clearance Certificate is an official confirmation provided by the Tax Authority that a tax registrant’s tax affairs are in order.

The official guideline relating to the purpose and use of the Tax Clearance Certificate is yet to be released by the UAE Federal Tax Authority (FTA).

FTA portal has introduced the new option for obtaining the Clearance Certificate applicable to the below 4 cases:

  • Below Voluntary VAT threshold
  • Below Mandatory VAT threshold
  • Ownership change
  • Company closure

FTA limits the issuance of this Certificate to registered Companies alone(it requires trade license details) and for the sole purpose of reasons cited above.

This step has been taken by the FTA to encourage taxpayers to comply with the applicable tax laws and regulations in the UAE, where taxpayers would not be able to obtain their clearance certificates if they are subject to any outstanding liability to the FTA, hence, inability to roll their business requirements further.

Categories
Blogs

Episode 8 | ECOTANCE : Intellectual Property Business – A Glimpse for your Caution !

Categories
Blogs

Episode 7 | ECOTANCE : What are the Economic Substance Requirements ? Watch, Know and Comply !