Team, Author at NUFCA | Page 7 of 14

Economic Substance Regulations (ESR) – Deadline Reminder

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ESR Report for FYE 31st Dec 2020: In accordance with the Cabinet of Ministers Resolution No.31 of 2019, All companies whose: Financial year ended on 31st December 2020; have conducted and generated income from any of the nine Relevant Activity’s during the period; and not categorized under the “exempted category”…

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Federal Tax Authority (FTA) has issued a long – awaited public clarification to provide guidance on the application of the VAT legislation in respect of the recovery of input tax incurred on Phones, Airtime, and packages acquired for business use. Many businesses enter into agreements with telecommunication service providers to…

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Accounting is quite a complex task for a business to undergo. We would all rather spend our time thinking about things that are more intriguing to us. When it comes to budgeting and future estimates, a company’s financial record is fundamental. Business trends are built on the foundation of maintained…

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Attempting to retain a struggling company viable could result in a negative impact on you and your family’s physical and emotional well-being. However, Company Liquidation is the only alternative for that very same failing company. We can assist in answering a few of your questions for your ease. First and…

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Tax Residency Certificate (TRC) Introduction: Understanding and obtaining a Tax Residency Certificate (TRC) is essential for individuals and businesses operating in Dubai and the United Arab Emirates. At Nadeem and Umendra Chartered Accountants, we provide expert guidance and services to assist you in securing your TRC, ensuring that you meet…

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The UAE Maintains two main Sanction List of sanctioned individuals and Entities: The UAE Terrorist List- Issued by the UAE Federal Cabinet. The UN Consolidated List – Issued by UN Security Council. What is a Sanction List? Sanctions List flags certain individuals, entities, and countries to fight against financial crime.…

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Are you planning to invest in a company? Nufca’s Due Diligence team can help you evaluate firms in Dubai and other parts of the UAE to make informed decisions about such acquisitions. The evaluation of an organization’s financial performance is known as diligence assurance. It enables entrepreneurs to thoroughly understand…

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FTA has issued Economic Substance Regulations Appeal user-guide in August 2021. The new guide assists t Licensees in submitting an appeal request to the Federal Tax Authority (National Assessment Authority) related to Administrative Penalties levied concerning Economic Substance Regulations. The key takeaways from the User Guide: What is the appeal?…

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The UAE introduced a VAT system on 1 January 2018, and the economy has streamlined a lot in the last three years. In the fourth year, we have seen UAE taking various measures in strengthening its Tax ecosystem, wherein FTA has been seen taking the prime role. Want to know…

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