Tax Compliance & Advisory Services
Your Trusted Accelerator
How SS&CO can help?
How we may benefit your company:
Level of strategy
- Advising on efficient and tax-effective investment solutions for both inward and outgoing transactions.
- Giving advice on the planning opportunities made possible by international treaty networks and domestic tax regulations.
- Tax benefits from structural reorganisation through mergers, acquisitions, and divestitures.
Tactical degree
- Examining the business structure in relation to the intended business outcome.
- Creation of the best possible tax structure for a company to satisfy its objectives and gain a competitive edge.
- The planned structure will be implemented while considering the business's requirement for restructuring from a tax and regulatory perspective.
Consulting Level:
- Guidance on a range of international and domestic tax issues, including cross-border transactions.
- Advising on tax matters regarding contracts that different parties are going to sign.
- Guidance on the withholding taxes that apply to payments made to residents and non-residents.
- Tax advice regarding stances to be taken on the tax return.
- Guidance on the tax implications of exposure to permanent establishments.
- Providing guidance on repatriation tactics.
- Operations are reviewed, and the effects of Base Erosion and Profit Shifting (BEPS) policies are examined.
Functional Level
- Preparing tax returns and submitting them to the appropriate authorities.
- Aid with tax audits conducted by the tax authorities as well as representation services before the authorities.
- Support for tax lawsuit and assistance with appeal procedures.
- Advice on tax withholding.
- Assessment of tax exposures and review of tax status.
- Tax authorities' approval of retirement benefit funds and other connected matters.
Due Diligence and the Tax Health Check
- Perform a tax-based diagnostic health check analysis.
- Due diligence on taxes from the buy-side and sell-side for strategic acquisitions and disposals.
- Determining any tax obligations that may have an impact on the entity's financial performance once an investment or disinvestment has been completed.
OUR Tax and Compliance services includes:
VAT Registration
VAT, a transaction-based tax, is levied on most goods and services supplied. But only those who are registered for VAT or who must register for VAT in the United Arab Emirates are subject to the duty to levy VAT. They are referred to as “taxable persons.” A taxable person who registers for VAT is known as a “registrant” and is assigned a tax registration number (or “TRN”).
Who in the UAE has to register for VAT registration?
VAT Return Filing
Global Tax Advisory
The seasoned experts in SS&CO‘s global Tax Advisory team are familiar with the constantly changing and interconnected domestic and international tax laws in various jurisdictions worldwide.
Throughout the whole corporate and product lifecycle, from the growth and international expansion stage to maturity or post-deal tax efficient “clean-up” or rationalisation, the Global Tax Advisory team assists businesses. Our clientele spans from small and medium-sized businesses to major international conglomerates, all of whom we assist with tax-efficient, user-friendly solutions that minimise risks and optimise opportunities.
Managed Compliance Services
Our Services
According to the Economic Substance Regulations, businesses operating in the United Arab Emirates (UAE) must maintain and demonstrate a sufficient “economic presence” in the country in relation to the activities they engage in. This includes free zone and onshore corporations as well as various other company formats. Ensuring that UAE entities declare genuine profits that are commensurate with the economic activity done within the UAE is the aim of the Regulations.
The Ministry of Finance (MOF) of the United Arab Emirates issued Resolution 57 and Ministerial Decision 100 (collectively, the “Regulations”) to regulate the Economic substance. These documents were prepared in consultation with the European Union (‘EU’) and the Organisation for Economic Cooperation & Development (‘OECD’).
The UAE Ministry of Economy has extended the deadline for businesses to comply with the Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) guidelines until March 31st for four specific business categories to curb the financial crimes that are on the rise.
To underscore the gravity and purpose of these Designated Non-Financial Businesses & Professions (DNFBPs), the Ministry of Economy has established severe sanctions for companies that neglect to adhere to the AML and CFT regulations by the deadline.
In case of money laundering, financing of terrorism, or involvement in any criminal organisation, the Supreme Committee has assessed that the sanctions might reach up to AED 5 million. The range of fines is AED 50,000 to AED 1 million. Faked bank account cases and failing to take action against clients mentioned on domestic or international sanctions lists before to starting or continuing a business will result in penalties of AED 1 million apiece.
- Included are the following business categories:
- Agents of Real Estate and Brokers
- dealers in gemstones and precious metals
- Examiners
- Corporate service suppliers
Perspectives
Readiness for the Common Reporting Standard (CRS)
FATCA IGA against CRS and significant CRS benchmarks
The Organisation for Economic Cooperation and Development (OECD) produced the Common Reporting norm, which is the norm for the automated exchange of financial account information (AEOI). The Foreign Account Tax Compliance Act (FATCA) is being implemented using an international approach, which is heavily influenced by the comprehensive reporting system known as CRS.
Like FATCA, CRS mandates that financial institutions (FIs) that are based in Participating Jurisdictions carry out due diligence procedures, record and identify accounts that are subject to reporting requirements, and set up a comprehensive reporting system.
- To stop alleged offshore tax evasion
- Offers a minimal set of guidelines and a structure to improve effectiveness and lower the cost of information transmission.
- Varies from FATCA in that reporting is determined by tax residency rather than citizenship.
- Teams that deal with clients at the front office
- Know your customer (KYC) and anti-money laundering (AML) procedures for onboarding clients
- Management of documentation
- Data services for reference
- Filing taxes
The term “financial accounts” refers to a wide range of accounts, including custodial (such as brokerage accounts) and depository (such as bank accounts), holding equity or debt interests in investment firms, and managing specific kinds of life insurance contracts or annuities.
All foreign financial institutions (FFIs) will typically be required to enter into disclosure compliance agreements with the U.S. Treasury (unless an exemption or FATCA Intergovernmental Agreement applies), and all non-financial foreign entities (NFFEs) that are not exempt under the regulations must report and/or certify their ownership or be subject to the same 30 percent withholding under newly proposed U.S. Treasury Code Sections 1471 through 1474 and Notice 2013-43, effective for payments after June 30, 2014.
Executive Summary of FATCA
