We know the feeling. After all, life is one big journey, and in a world where you can be anything.. why not make your resolutions each year a little more exciting? If you’re an aspiring entrepreneur or a current business major, you might feel anxious about the challenges that lay ahead in 2022. Set yourself up for an exciting ride and aim for growth with confidence in 2022. Here are our selected 5 bullet reminders from our experienced team for your smarter self spirit to kickstart the new year with an awesome feeling.
Stay Curious and Keep Learning.
Be Passionate about what you Love to do.
Opportunities don’t come when you’re Prepared, you Seize the Opportunity and Prepare for it.
Fill you head with Confidence and a Mind Strong with Positivity.
Have a sense of Entrepreneurship and make a difference wherever you go.
MSATC wishes you a Happy New Year and a great Entrepreneurial run in 2022
Following the enactment of the UAE Federal Law No. 19 of 2018 on Foreign Direct Investment, The Ministry of Economy announced 100 percent foreign ownership of onshore companies in the UAE, which came into effect by 1 June 2021. It means foreigners of any nationality can now own 100 percent of their business in the country. And UAE is becoming a more investment-friendly destination.
BACKGROUND:
Currently, foreign investors can hold up to 49% of the share-capital in an onshore company, while the remaining 51% must be held by a UAE national or a company wholly owned by UAE nationals.
MAJOR HIGHLIGHTS:
The major change occurred is that Investors no longer need to be concerned with negotiating or entering into agreements with UAE sponsors, to hold 51 percent of a new company’s issued share capital.
The amendment is applicable to new and existing companies.
As of June 1, 2021, the 51% – 49% rule is no longer required.
It is applicable to onshore limited liability companies (LLCs) as well as onshore branches and representative offices of foreign companies.
Existing companies are granted a grace period of one year, from the date the Decree comes into effect, to implement any changes.
The amendment also included the offer of 10-year visas for investors and citizenship for talented individuals.
The economic activities to be involved in the business are specifically mentioned by the cabinet as a Positive List and those excluded as negative list like defence, oil and gas and certain other activities.
The amendment decree is a welcome development for sure and is a milestone that will have a great impact on the UAE economy. It increases the competitiveness and open up as an investment hub for the international entrepreneurs. Through this amendment UAE is focusing on a long-term growth that will encourage more foreign investment into the country, increased ease of doing business, and lower start-up costs. The country is expecting an immense growth in the investment in modern technologies and an increased contribution to research and development.
Mature smalll business owners calculating finance bills of their activity. Business people using calculator to work. Closeup hands of man and woman calculating bills and expenses.
The UAE Cabinet of Ministers issued Resolution No 49/2021 on 28th April 2021 to amend the administrative penalties of the Tax Law, which came into effect on 28th June 2021.
The Cabinet Decision makes a number of fundamental changes to the Administrative Penalties regime, including regarding the mechanism for calculating the penalties for late payment of taxes and for making errors in tax return, tax assessments or refund applications. The significant among them is that late payment penalties are reduced from 1% per day to 4% per month. It encourages taxpayers to voluntarily correct previous tax declarations, as well as encouraging them to pay due taxes before the tax audit or assessment by the UAE Federal Tax Authority (FTA).
REDETERMINATION OF ADMINISTRATIVE PENALTIES
Cabinet Decision No. 49 of 2021 also provides an opportunity for the businesses to redetermine the amounts of unpaid administrative penalties, which were imposed on taxable person under the old penalty regime. Accordingly, the administrative penalties imposed under the previous resolution will be obtaining 70% reduction which are imposed before the effective date of the new administrative penalties under certain conditions as below:
The penalties must have been imposed under Cabinet Decision No 40 of 2017 before 28th June 2021.
The registrant must pay all taxes due by 31st December 2021.
By 31st December 2021, the registrant must pay 30% of the total administrative penalties due and unpaid by the effective date of the New Resolution.
If the above conditions are met, then FTA will redetermine the administrative penalties payable by the registrant at the end of 2021 and hence shall not be required to pay the remaining 70%.
On 28th June 2021, the Federal Tax Authority (FTA), has introduced a new dashboard for viewing the calculations relating to the re-determination of the administrative penalties in accordance with the same provision. Here, the taxpayer can view the total unpaid administrative penalties imposed before and after 28th June 2021.
UPDATES ON ‘MY PAYMENT’ PAGE
A new feature of the FTA’s ‘My Payment’ page is that the registrants can see the amount of their outstanding balance related to taxes and the amount related to administrative penalties.
Now, the taxpayer can view the following on the updated ‘My Payment’ page:
Tax Payable – The outstanding tax payable.
Late Registration Penalty – This is the outstanding late registration penalty.
Other penalties – The outstanding penalties other than late registration penalty.
Net payable amount – Total outstanding taxes and penalties
Total Credit – The total amount of credit the registrants have with the FTA.
Here are a few highlights from FTA’s workshop:
A person who was in a refund position as of 28 June 2021 but previously subject to administrative penalties will have the settlement automated in the system and shall not be subject to re-determination except for the excess unpaid penalties as on June 28, 2021
A person can pay 30% of the total penalties as of 28 June 2021 in instalments, and they are not obligated to pay it all at once. However, to benefit from redetermination, the payment of 30% must be made before 31st December 2021.
If a voluntary disclosure is made after 28 June 2021, the penalty will be calculated and applied based on Cabinet Decision No. (49) of 2021 and not as per the old penalty regime, even if it is to correct errors from past years.
ACTIONS TO TAKE
We recommend all taxpayers to review their new dashboards and make informed decisions by viewing the updated information. Also note that, in order to qualify for a redetermination, the tax payable amount mentioned in ‘My Payment’ page must be paid in full by 31 December 2021.
HOW MSATC CAN HELP?
Determine the amount of penalty due and suggest the action plan.
As achievements were always celebrated, we celebrated womanhood!
We heard them talk of their unique stories, we heard of the stereotypes they thrived to break, we heard what they thought of International Women’s Day!
As UAE shares, upholds and sings loud the success stories of incredible women in the land, who has made a beautiful impact, instilled hope, and set a path ahead for other women, without waiting for any specific day; we assure the same – we are always proud to talk about our women and the difference they bring to the space every day. We try and discover new possibilities and opportunities to display the pounding talent and the inbuilt urge in them to make an impact.
March 8th was not any reminder or a day for special reforms at MSATC. It was a day to rejoice, begin new things and hear them talk a little extra!
We believe in initiatives, ideas, and new beginnings and MSATC has always looked up to making days memorable with events and start. This women’s day has marked a kickstart to Entrepreneurship talks. Women talked, under the initiative “MSATC – Talks”.
Their dreams discussed; the vision portrayed. When we sensed major things are waiting for the two incredible women who joined us virtually, they talked about humble beginnings, the support system behind, parenting, and strong achievements.
Us being always passionate of entrepreneurship, were chilled hearing them talk ideas and growth! We have always believed, communication and learning flows in with each conversation.
MSATC is grateful for all the strong women in its premises and around the premises, supporting, enhancing, and beautifying its growth. All the incredible women who have made us feel empowered every day – are treasured!
Four years ago, the mission has just started taking its form, the vision taking its shape!
When the founder C A Mohammed Shafeek, left his tax and advisory-focused position at a UAE based conglomerate, it marked a new beginning. A new start of the passion and the knowledge. Dream – of not just the founder, but now of many. The beginning!
The company got all set to unleash the power within entrepreneurs and businesses, with one fierce objective: to enable ambitious and driven individuals succeed.
The company has now approached its fourth Anniversary, with all the grueling efforts, accompanied by the hard work to the core and compassion in its bones. The celebration is not of one big achievement, but it’s a collection of achievements of all the businesses that we’ve helped shape, grow, change.
When the company grabbed a number of awards in the industry in UAE and multiplied in size expanding the client base, that’s not it. The company has equally celebrated the joyous victory of its clients, with the business acumen the company passed on, with the right decisions at the right time and with the impactful insights the clients have achieved in the last four years – The spark in their eyes is counted and treasured at M S Accounting and Tax Consultancy.
Our pace was defined by the pace with which we understood the client requirements and our ability to empathize. Clients always came first, if you know us, you know – we are truly obsessed with them!
The right team was built, leaders fed with passion, and employees gruelled with best training. It is always the satisfaction of the staff and employees. If they have found us, we have also found them! – A fabulous team.
As we reflect today, the challenges weren’t small, the growth wasn’t minimal, and so is the joy we share with the clients, directors and employees – it is tremendous!
MSATC is all about unlocking and unleashing the business force that can help you to break through any limit and create the quality of business that you desire and deserve.
We have planned it unique, executed it with a touch of innovation, and that’s the charm of the four years we have held high!
Humble beginnings kept us grounded and yet watching the limit beyond the sky. As we look forward to unparalleled success and unrivaled corporate services, on this fourth anniversary, we still count this as the beginning. Beginning of more to come, of the big vision with big dreams!
As we celebrate Four and we count for more to come, we urge you to dream more for your business!
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!
