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On 31 January 2022, the UAE Ministry of Finance (MoF) announced the introduction of a federal corporate tax (CT) in the UAE that will be effective for financial years starting on or after 1 June 2023.

The corporate tax is a federal tax and will apply to all UAE businesses and commercial activities undertaken by legal entities or individuals across the seven emirates.

The UAE CT regime will be based on international best practices, with a low / minimal compliance burden on businesses

#corporateincometax #corporatetax #uaetax

We are registered auditors, liquidators and consultancy firm in UAE. We are approved for all free zones and main land companies in UAE including JAFZA, DAFZA, DMCC, DIFC, RAK Free Zone, SAIF Zone & Hamiriyah Free Zone, Dubai Silicon Oasis Authority, and International Humanitarian City. In addition to that we are listed auditors in Public Company Accounting Oversight Board (PCAOB), Real Estate Regulatory Agency, Ajman Land Department.

𝐘𝐨𝐮 𝐰𝐢𝐥𝐥 𝐥𝐞𝐚𝐫𝐧 𝐊𝐞𝐲 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐢𝐧 𝐔𝐩𝐝𝐚𝐭𝐞𝐝 𝐄𝐒𝐑;
📌Changes in definition ( Licensee, Exempt Licensee ,out of scope,Treatment of Branches,MNE Group, connected person or Group)
📌Changes in scope of certain Relevant Activities (Distribution & service center Business and Holding Companies Business)
📌Revision of penalties
📌Changes in Role of Authorities
📌What are ESR Tests and filing of the Report Requirements
📌How to file ESR notification and Report on MOF portal
Licensees that have already submitted a Notification directly to their Regulatory Authorities are required to re-submit a notification in accordance with the provisions of the New ESR at the MOF Portal. Deadline is 31 dec, 2020

Key Changes in Economic Substance Regulations in UAE
Webinar offers an opportunity to get the expert opinions and insights on the same. Hence, it includes the following topics

Change in Scope and coverage of the Regulations
Change in definitions
Change in scope of certain Relevant Activities
Exemptions from meeting the ESR Tests and filing the Report
Revision in penalties

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