Given the rising requirements in the Dubai International Financial Centre (DIFC) and across the wider United Arab Emirates (UAE), along with the growing demands placed on in-house compliance teams, there is an escalated risk associated with falling short of these stringent standards. In such a regulatory landscape, companies operating in the financial services industry face multifaceted challenges, including complex regulatory changes, the need for specialized expertise, and the critical imperative to prevent financial crimes, such as Money Laundering and fraud. MS recognizes these challenges and offers a suite of strategic coordination services tailored to assist UAE-based companies in navigating the intricate world of financial regulation. These services encompass the provisions of key control functions officers, including Money Laundering Reporting Officers (MLRO), and Finance Officers (FO).
1. Money Laundering Reporting Officer (MLRO):
In a climate where money laundering and financial crimes pose significant risks, MS’s MLROs are equipped to identify and report suspicious activities effectively. They guide companies in implementing robust Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) programs.
MLROs are instrumental in safeguarding businesses from potential involvement in illicit financial activities, which could have severe consequences for their reputation and regulatory standing.
2. Finance Officer (FO):
MS Finance Officers bring financial expertise to the forefront. They oversee financial operations, ensuring that financial institutions and companies in the UAE are conducting their financial activities legally and ethically. They also implement and maintain robust internal controls and financial processes. Additionally, they also advise on financial strategies to meet compliance requirements while optimizing financial performances.
FOs are pivotal in maintaining transparency, investor confidence, and the prevention of financial fraud by enforcing regulatory compliance and upholding financial standards.
By offering these control function officers, MS enables companies to offload the responsibility of these critical roles to seasoned experts. This allows companies to focus on their core operations and strategic growth, confident in their ability to meet the heightened compliance requirements in the DIFC and throughout the UAE. Moreover, it reduces the risks associated with regulatory non-compliance, safeguarding a company’s reputation, financial well-being, and position in the highly competitive financial sector. MS’s expert officers become invaluable partners in navigating the intricate regulatory landscape while ensuring that companies meet and exceed the required standards.
How MS can help?
MS specializes in providing extensive support across various aspects of your business journey. Through in-depth analyses of your business model, we offer essential guidance within regulatory frameworks and fine-tune models for optimal alignment. Our expert Outsourced Compliance Officer and Outsourced Financial Officer services ensure you navigate regulatory and financial landscapes with confidence. We take care of the legal intricacies, and concluding business structures, including the establishment of holding companies. Throughout the year, we stand as your reliable partner, offering continuous support for compliance, encompassing vital accounting and tax services. Addressing practicalities, we actively guide you through processes like opening bank accounts and securing financial services provisions, enhancing operational efficiency. In essence, our comprehensive suite of services is designed to elevate the overall success, compliance, and efficiency of your business
In the ever-evolving realm of business activities, the process of corporate tax registration holds immense significance for entities functioning in the United Arab Emirates. Regardless of whether you are an existing registrant for VAT or Excise Tax, or registered in the Mainland or any free zone, or if you are stepping into the realm of taxation for the very first time, gaining a comprehensive grasp of this procedure is of paramount importance. Within this all-encompassing guide, we will accompany you through the essential aspects that shape the path of corporate tax registration.
1. Leveraging Prepopulated Information for a Swift Start
For those already registered under VAT or Excise Tax, the corporate tax registration process is streamlined. The Federal Tax Authority (FTA) prepopulates your Emara Tax profile with essential details derived from your existing VAT or Excise Tax information. This proactive measure not only saves time but also ensures accuracy in your tax profile.
2. Verifying and Updating Your Emara Tax Profile
Take the time to meticulously review the prepopulated information in your Emara Tax portal. This is your chance to align your tax profile with your current business status. Should any discrepancies or changes be necessary, promptly update the information to reflect your business’s accurate standing.
3. Document Preparedness: A Prerequisite for Success
Prepare for the corporate tax registration journey by assembling all necessary documents ahead of time. This proactive approach reduces delays during the application process and ensures a smooth submission. Essential documents may include your trade license copy, the authorized signatory’s passport or Emirates ID copy, the company’s Memorandum and Articles of Association, and the Declaration of Eligibility.
4. Tailoring the Registration Form: A Step Toward Compliance
If your business is not registered for VAT or Excise Tax but is required to register for corporate tax, meticulous completion of the registration form is paramount. Populate the form with accurate and comprehensive details, as this information forms the foundation of your tax compliance.
5. Application Submission and the FTA Review
Once your application is submitted, the FTA embarks on a thorough review process. During this phase, the FTA examines your application’s accuracy and adherence to regulatory standards. Be prepared to provide additional information or documentation if requested, ensuring transparency and thoroughness throughout the review.
6. Estimated Processing Time and the Possibility of Extension
The FTA has set an estimated processing time of 20 business days for the completion of the review process post-application submission. However, should the FTA require further information or clarification, the processing time may be extended. This reflects the FTA’s commitment to conducting comprehensive reviews to maintain the integrity of the process.
7. Achieving Approval: A Sign of Compliance
Upon the successful review of your application, you will receive an email notification indicating the approval of your corporate tax registration. This milestone signifies your company’s adherence to regulatory standards and its official integration into the UAE’s tax framework.
8. The Corporate Tax Registration Number: A Badge of Compliance
With approval comes the issuance of your corporate tax registration number. This code is more than just an identifier; it symbolizes your business’s commitment to fiscal responsibility and compliance within the UAE’s tax landscape.
About Us:
At MS, we understand the intricate landscape of corporate tax registration in the UAE. Our expertise in taxation and regulatory compliance empowers businesses to navigate the complexities of the Emara Tax platform with confidence. We are committed to providing you with the knowledge and tools needed to ensure seamless integration into the UAE’s tax framework.
Contact Us:
For inquiries, consultation, or assistance with corporate tax registration and other taxation matters, feel free to contact us at Click Here
To stay updated on the latest insights, trends, and developments in taxation and regulatory compliance in the UAE.
Disclaimer:
The information provided in this blog is intended for informational purposes only and should not be considered legal or financial advice. Every business’s situation is unique, and it’s recommended to consult with professional advisors or authorities for personalized guidance on corporate tax registration in the UAE.
The UAE applies Economic Substance Regulations (ESR) to Holding companies located in the country, including businesses in free zones and those engaged in any of the defined ‘relevant activities.’ Regulations hence require these holding companies to maintain and demonstrate an adequate “economic presence” in the UAE relative to the activities they undertake i.e., “Holding Company Business”. In simple terms, if an entity wanted to declare its revenue in a country, they need to demonstrate sufficient “substance,” i.e. business actions that fit ESR’s relevant activities, taking place in the country. Entities can no longer book any revenue in any jurisdiction for tax benefits when there is no real activity taking place in that jurisdiction. The ESR law for holding companies, along with other licensed companies, was adopted in 2019 to ensure transparency and prevent financial manipulation. Holding companies in the UAE must adhere to these regulations and file the Economic Substance Return as per the law.
Definition of a Holding Company under ESR:
In the context of ESR, a holding company in the UAE is defined by meeting the following criteria:
The company holds equity interests in other juridical persons.
It earns income solely from dividends and capital gains derived from its equity investments.
A company that holds assets and has income from sources other than dividends and equity investments would not be considered a holding company under ESR.
Compliance Requirements for Holding Companies:
Holding companies must comply with the regulations set by the licensing authority, maintain an adequate number of employees and physical assets, and do not necessarily need to be directed and managed in the UAE. Furthermore, they are not required to disclose adequate expenditures in the UAE. Holding companies can be mainland or free zone companies, such as Abu Dhabi Global Market (ADGM), Dubai Multi Commodities Centres (DMCC), MASDAR, 2454, etc. as long as they do not engage in any commercial activity within the UAE.
Core Income-Generating Activities (CIGA) for Holding Companies:
Section 3 of the Relevant Activities guide outlines that the CIGA of a holding company involves acquiring and holding equity interests in one or more companies. The income generated by the holding company primarily stems from its equity interests and dividends derived from those equity investments.
Reduced Economic Substance Test:
To qualify as a holding company, an entity must pass the Reduced Economic Substance Test. This test is designed for companies engaged in pure equity holding activities.
Penalties for Non-Compliance:
Non-compliance with ESR can result in various penalties, including fines. These include AED 50,000 for failing to conduct tests and submit a report in the first year, AED 400,000 for non-submission of reports and tests repeatedly in the second year, AED 50,000 for providing inaccurate information, and AED 20,000 for failure to submit a notification.
Importance of a Professional Service Provider for ESR Filing:
Accurate tracking and monitoring of economic activities to ensure compliance with ESR regulations.
Expert guidance in identifying and distinguishing relevant activities under the scope of ESR.
Timely and accurate reporting and notification to regulatory authorities.
Review actual business operations/activities undertaken by the licensee (substance over form approach)
Provision of consultancy services to evaluate and structure operating models and corporate governance.
Avoidance of conflicts of interest through the involvement of unbiased third-party professionals.
Recommend remedial actions/measures to comply with Economic Substance Regulation
Conclusion:
Compliance with ESR is essential for holding companies operating in the UAE. By engaging ESR consultants or professional accounting services, companies can ensure accurate identification of relevant activities, timely filing of notifications, and avoidance of penalties. If you require further information or assistance in preventing penalties related to ESR notification failure, it is advisable to reach out to expert accounting firms or service providers in the UAE.
Understanding the Economic Substance Regulations: Who Needs to Comply?
Being subject to the Economic Substance Regulations means that a business falls within the scope of the regulations and is required to comply with their provisions. The ESR applies to entities that engage in specific activities known as “Relevant Activities” within the UAE.
The Relevant Activities include:
Banking Business
Insurance Business
Investment Fund Management Business
Lease-Finance Business
Headquarters Business
Shipping Business
Holding Company Business
Intellectual Property Business
Distribution and Service Centre Business
If a business carries out any of these relevant activities, it is considered subject to the ESR. As a result, the business must meet the economic substance requirements and fulfill reporting obligations as outlined by the regulations.
The economic substance requirements generally include the following:
Conducting Core Income-Generating Activities (CIGAs): The business must ensure that the CIGAs relevant to its activities are conducted within the UAE.
Adequate and Appropriate Operating Expenditure: The business should have sufficient operating expenditure, premises, and employees in the UAE to carry out its activities effectively.
Directed and Managed in the UAE: The business’s board of directors or equivalent should make strategic decisions within the UAE.
Failure to meet these requirements can result in penalties, including financial sanctions and potential reputational damage. It is important for businesses subject to the regulations to actively assess their compliance and take appropriate measures to fulfill their obligations.
Conclusion:
Being subject to the Economic Substance Regulations in the UAE means that a business engages in one or more of the relevant activities listed in the regulations. This entails complying with the economic substance requirements, conducting CIGAs in the UAE, maintaining adequate operating expenditure, and ensuring that strategic decisions are made within the UAE. Businesses subject to the ESR must stay informed about their obligations, carry out internal assessments, and take proactive steps to meet the requirements. Compliance with the regulations is crucial to avoid penalties and ensure adherence to the UAE’s regulatory framework.
Disclaimer: The information provided in this article is for general informational purposes only and should not be considered legal or professional advice.
Does Your Business Fall Under Regulatory Compliance? Find Out! 🔍
While the regulatory authorities in the UAE, such as the Ministry of Finance and the Federal Tax Authority (FTA), provide guidelines and information regarding the ESR, it is ultimately the responsibility of businesses to determine whether they are subject to the regulations.
The determination of ESR applicability depends on various factors, including the nature of the business activities conducted within the UAE. If your business engages in any of the “Relevant Activities” outlined in the ESR, it is likely to fall under the regulations’ purview.
It is essential for businesses to assess their activities carefully and evaluate whether they fall within the scope of any of these relevant activities. Seeking professional advice from legal or tax experts can greatly assist in determining your ESR obligations.
Businesses should also note that regulatory authorities may perform assessments and audits to ensure compliance with the ESR. Non-compliance with the regulations can result in penalties, including fines and potential reputational damage.
Taking a proactive approach to understanding and meeting your ESR obligations is crucial. By conducting an internal assessment of your activities and seeking professional guidance, you can ensure compliance and avoid any potential penalties.
Conclusion:
When it comes to Economic Substance Regulations (ESR) in the UAE, businesses are responsible for determining their own obligations under the regulations. Regulatory authorities provide guidelines and information regarding the ESR, but it is ultimately up to businesses to assess their activities and evaluate whether they fall within the scope of the relevant activities listed in the regulations.
To ensure compliance with the ESR, businesses should conduct internal assessments, seek professional advice, and take proactive steps to meet their obligations. Staying informed about updates and developments in the ESR landscape is also crucial for ongoing compliance.
Disclaimer: The information provided in this article is for general informational purposes only and should not be considered legal or professional advice.
The answer to whether branches are subject to the ESR depends on certain factors. It’s crucial to note that ESR applies to entities that engage in “Relevant Activities” within the UAE. These activities include:
Banking Business
Insurance Business
Investment Fund Management Business
Lease-Finance Business
Headquarters Business
Shipping Business
Holding Company Business
Intellectual Property Business
Distribution and Service Centre Business
If a branch conducts any of the relevant activities mentioned above, it falls under the purview of the ESR. However, if the branch solely performs administrative or support functions and does not engage in any relevant activity, it may be exempted from the ESR requirements.
Where do I report the details of my branch?
If your branch is subject to the ESR, it is crucial to understand the reporting obligations associated with it. The Regulatory Authority in the UAE, the Ministry of Finance, has designated the Federal Tax Authority (FTA) as the entity responsible for collecting and administering ESR-related information.
When reporting the details of your branch, you will need to provide the following information:
Entity Information: Include details such as the legal name, trade name, and trade license of the branch.
Activities: Clearly specify the nature of activities carried out by the branch, ensuring they align with the relevant activities listed under the ESR.
Financial Information: Provide financial statements and relevant financial data for the branch.
Employees: Disclose the number of employees engaged in the branch’s activities.
Physical Assets: Report the value and location of physical assets used by the branch in its operations.
Core Income-Generating Activities (CIGAs): Identify and describe the CIGAs performed by the branch in the UAE.
Confirmation: Declare that the branch has met the Economic Substance Test and attach any supporting documentation if required.
Conclusion:
Compliance with the Economic Substance Regulations is crucial for businesses operating branches in the UAE. Determining whether your branch falls under the scope of ESR is essential, as it will dictate your reporting obligations. If your branch engages in relevant activities, it must report the necessary details to the Federal Tax Authority (FTA) in accordance with the regulations.
We hope this article has provided you with valuable insights into the treatment of branches under the ESR and the reporting process. Stay tuned for our next blog, where we will explore another relevant topic related to Economic Substance Regulations in the UAE.
Disclaimer: The information provided in this article is for general informational purposes only and should not be considered legal or professional advice.
How to determine if your business is subject to Economic Substance Regulation (ESR) requirements in the UAE?
As the deadline for Economic Substance Regulation (ESR) compliance approaches in the UAE, businesses must ensure they understand if they fall under the scope of the regulation. ESR requires businesses in certain sectors to demonstrate economic substance in the UAE, and failure to comply could result in significant penalties. In this article, we will explain how to determine if your business is subject to ESR requirements in the UAE.
Determine if your business falls within the scope of ESR: ESR applies to businesses that undertake “relevant activities,” including banking, insurance, intellectual property, shipping, and holding company activities. Review your business activities to determine if they fall under any of the relevant activities outlined in the regulation.
Assess the level of activity conducted in the UAE: If your business engages in relevant activities, the next step is to determine if there is sufficient economic substance in the UAE. This involves assessing the level of activity, assets, and employees based in the UAE.
Identify if your business is a “Licensee”: ESR requirements apply to businesses that are licensed in the UAE, including free zone entities. If your business holds a license to operate in the UAE, it is likely subject to ESR requirements.
Determine if your business is exempt: Certain entities are exempt from ESR requirements, including entities that are tax-resident outside the UAE, and those that are wholly owned by UAE residents. Review the regulation to determine if your business qualifies for an exemption.
In conclusion, determining if your business is subject to ESR requirements in the UAE requires a thorough review of the regulation, your business activities, and presence in the UAE. If you are unsure about whether your business is compliant with ESR regulations, seek advice from a qualified professional to avoid penalties and ensure compliance before the June deadline.
Disclaimer: The information provided in this article is for general informational purposes only and should not be considered legal or professional advice.
The Economic Substance Regulation (ESR) is a set of rules introduced by the UAE government to align with the global standards of tax transparency and combat tax evasion. Under ESR, businesses in the UAE must demonstrate that they have sufficient economic activity and presence in the country to justify the income they earn and the taxes they pay.
ESR applies to businesses that conduct specific activities, such as banking, insurance, investment management, and intellectual property. The regulation impacts all companies in the UAE, including those in free zones and offshore jurisdictions.
Failure to comply with ESR requirements can result in hefty penalties, including fines, suspension of licenses, and reputational damage.
To ensure compliance with ESR, businesses in the UAE must maintain accurate records and document their economic substance through various criteria, including:
Physical presence in the UAE, such as offices, employees, and assets
Active management of relevant activities within the UAE
Adequate operating expenditures in the UAE
Qualified employees and equipment in the UAE
Appropriate levels of revenue generated in the UAE
As the June deadline approaches, businesses must take proactive steps to ensure they meet the ESR requirements. This includes reviewing their business operations, documenting their economic substance, and reporting to the relevant authorities.
In summary, compliance with ESR is a crucial aspect of doing business in the UAE, and failure to comply can result in significant consequences. By taking proactive steps to ensure compliance, businesses can avoid penalties and maintain their reputation in the market.
Expanding to Al Reem and Paving the Way as a Leading Financial District!
An important milestone for Abu Dhabi and ADGM was reached on May 8th, as the International Financial District grew to incorporate both Al Maryah and Al Reem islands, with a total area of 1,438 hectares. This expansion made it one of the biggest financial districts in the world.
Picture credits to ADGM.
The fastest-growing IFC in the area is ADGM, and this growth results from greater demand from local and international businesses who have chosen Abu Dhabi as their preferred place to live and work. Businesses in the financial district will profit from being subject to the English common law of the financial freezone, having the chance to recruit top personnel, and having more accessible access to investment and business possibilities by being a part of the dynamic community of ADGM. ADGM will keep assisting the community and improving its offerings, and we’re excited to celebrate the various establishments, amenities, and facilities for the high quality of life that the two islands have to offer. Welcome to ADGM, Al Reem Island companies, retailers, institutions, and people.
Are you considering setting up your business in ADGM’s rapidly expanding financial district? Let MS, guide you through the complex process of business incorporation in ADGM. With our extensive experience in the industry, we can provide you with expert guidance and support tailored to meet your specific needs and goals. We’ll advise you on company structure and governance, ensure compliance with local regulations and laws, and help you set up for long-term success in ADGM’s thriving business ecosystem. Beyond incorporation, we offer a range of essential business services, including accounting, taxation, and corporate finance. Our deep expertise and knowledge of the local market will help you make informed decisions and achieve your business objectives more efficiently and effectively.
WHY MS
We are an Energetic, Passionate, and curious mix of technologists, Lawyers, Problem Solvers, and Business builders with diverse expertise and background.
We believe our success comes from giving our clients the support to become the best they can be.
We value our clients and are committed to adding value to all our engagements without compromise.
We strive to find solutions to the challenges as we are known to have mastered the“magic of getting things done.”
We are responsive and believe in maintaining an open line of communication with our clients.
Unclear about ADGM-Al Reem expansion? Check out our FAQ here.
Starting from 1st June 2023, the United Arab Emirates (UAE) will be implementing a corporate tax regime for the first time in its history. Under the UAE Corporate Tax Law, all companies conducting business within the UAE will be subject to corporate taxation. The tax rate will be set at a flat rate of 9%, and companies will be required to submit annual tax returns to the Federal Tax Authority (FTA). The introduction of corporate tax in the UAE is a significant development for the country’s economy, and businesses operating in the UAE need to prepare for the upcoming changes.
WHAT IS CORPORATE TAX
Corporate Tax is a form of direct tax levied on the net income or profit of corporations and other businesses. Generally, such taxes are computed on the accounting net profit/income of a business, after making adjustments for certain items which will be specified under the UAE Corporate Tax law.
The UAE Corporate Tax regime will become effective for financial years starting on or after 1 June 2023.
It is clarified that when a business has a calendar year as its financial year. then the Corporate Tax shall be effective from 1 January 2024.
Corporate Tax Rate in UAE will be applicable at the following rates:
Income
Rate
Taxable income not exceeding AED 375,000.Qualifying Income of a Qualifying Free Zone Person*
0%
Taxable income exceeding AED 375,000.Non-Qualifying Income of a Qualifying Free Zone Person
9%
*It is not clear what will be considered as ‘Qualifying Income’, but further clarity is expected in a subsequent Cabinet Decision.
For example, if the Company earns a taxable profit of AED 400,000 in an FY, The Corporate Tax liability will be calculated as follows:
Taxable income of AED 0 – AED 375,000 at 0% = AED 0
The portion of taxable income exceeding AED 375.000 (i.e., AED 400.000 – AED 375.000 = AED 25,000) at 9% = AED 2,250
What is Taxable Income as per Corporate Tax?
To reduce complexity and compliance costs, the UAE CT regime determines a company’s Taxable Income based on its accounting net profit (or loss) as disclosed in its financial statements. This requires that the financial statements be prepared according to UAE accounting standards. Businesses in the UAE commonly use International Financial Reporting Standards (IFRS) because there are no generally accepted accounting principles (GAAPs) in the UAE.
A Taxable person is someone who is subject to corporate tax. What is the tax base of a taxable person?
Resident Person
Tax base
An entity that is incorporated in the UAE. (Including a Free Zone entity)
Worldwide Income
A foreign entity that is effectively managed and controlled in the UAE
Worldwide Income
A natural Person/individual who conducts a Business or Business Activity in the UAE
Worldwide Income
Non-resident Person
Tax base
Has a permanent establishment (‘PE’) in the UAE
Taxable income attributable to the PE
Derives UAE Sourced Income
The UAE sourced income not attributable to the PE
Has a Nexus in the UAE
Taxable income attributable to the Nexus
Will any kind of business be subject to Corporate Tax in UAE?
The tax will be applicable in all businesses including the free zones except:
Government Entity
Government Controlled Entity
Persons engaged in an Extractive Business
Persons engaged in Non-Extractive Natural Resource Business
Qualifying Public Benefit Entity
Qualifying Investment Funds
Pension fund and Social Security fund (subject to regulatory oversight of the competent authority)
Any other Person as may be determined in a decision issued by the Cabinet.
How do you know if you qualify for a Freezone?
In order to qualify for the 0% CT rate, QFZP (Qualifying Free Zone Person) must meet all of the following conditions:
It must be a Free Zone Person (i.e., a juridical person incorporated, established, or otherwise registered in a Free Zone, incl. branches).
Maintain adequate substance in the UAE.
Derive Qualifying Income (to be defined in a Cabinet Decision).
Not have made an election to be subject to the standard UAE CT regime.
Comply with all transfer pricing rules and documentation requirements; and
Meet any other conditions as prescribed by the MoF.
Corporate Tax Training
MS Group has extensive training experience in every new Regulation that has been introduced in the UAE. particularly in the area of VAT. AML. IFRS, etc.
We are passionate about developing people to their true potential. We are available to conduct a tailor-made awareness program to enhance the skill set of in-house teams and senior management.
We can customize our training plan to cover all or either of the following areas:
Provide overall awareness about Corporate Tax Regulations.
Awareness about deductible expenses/disallowances to be taken care of while computing taxable Income.
Corporate Tax Compliance
Dynamic economic development, globalization, business pressures, and continuous legislation amendments/developments all force organizations to consider a new approach to the process of tax accounting, preparation of tax reporting documentation, and cooperation with the tax authorities.
We assist organizations to improve management effectiveness, correlating tax decisions made in one country with the business imperatives of the overall organization.
Our Corporate Tax Compliance Team assists organizations in meeting tax compliance requirements, by offering a wide range of services that include:
General Compliance Service
Corporate Tax Registration
Calculation of tax payables
Preparation of Corporate Tax returns and other tax reporting documents
Review of the tax return prepared by the organization.
Assistance with correspondence with the tax authorities, in case of any queries raised by the authorities.
Coordinating with authorities to settle tax disputes if any.
Corporate Tax Implementation
In the increasingly complex areas of Corporate Tax reporting, tax authority compliance, and tax planning – in-house tax departments are often challenged to meet constantly changing requirements.
Our experienced professionals having industry experience and experience in Corporate Tax can supplement the professionals of your organization to ensure an error-free transition to the newly introduced Corporate Tax in the UAE.
Our reputation for expertise, efficiency, attention to detail, and superior service is recognized by both our clients and peers.
Whether your organization is an emerging operation or a large, established business, our team of professionals will apply their years of tax experience and resources to help you identify areas of risk, and offer solutions that mitigate financial risk and tax compliance exposures.
Our areas of expertise include:
Conduct an impact assessment of the legal structure of the organization and the group at large.
Conduct impact analysis of the bottom line and profits after tax.
Review whether the financial year followed by the organization requires any modification / adopts a uniform financial year.
Review Internationally Accepted Accounting Standards have been followed while making existing financial Statements, in all aspects.
Review whether adequate resources are available to undertake tax compliance functions.
Review whether the processes adopted by the organization to ensure adherence and compliance with corporate tax are adequate.
We offer a wide range of services that include general compliance, the introduction of tax, finance, and accounting services, and global coordination and management of tax accounting projects.
At MS, we understand the complexity of tax laws and the challenges businesses face when it comes to tax compliance. As a leading tax and accounting consultancy in the UAE, we are well-positioned to help businesses navigate the new corporate tax regime. Our team of experienced tax consultants can provide tailored advice on corporate tax planning and compliance, ensuring that our clients remain fully compliant with the latest tax laws and regulations. Contact us today to find out how we can help you with your corporate tax requirements.
