Compliance
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We provide excellent accounting compliance services, which may involve preparing management accounts, year-end accounts, and individual and corporate tax filings. But we are so much more than accountants. We are expert tax and business consultants.
Anti-Money Laundering
Accountants and auditors, real estate agents, precious metals and stone dealers, and corporate service providers must comply with UAE Law No. 20 of 2018. The United Arab Emirates (UAE) is committed to contributing to global anti-money laundering (AML) efforts as well as combating terrorism financing (CFT), and is working to fully implement the standards set by the International Financial Action Task Force (FATF) in terms of AML compliance.It is necessary to understand money laundering in order to understand the legislation. Money laundering is defined as any transaction aimed at changing or concealing the identity and source of funds obtained illegally and passing them through the banking and financial system as if they were legitimate.
The UAE’s relevant authorities have established an institutional system to monitor, collect, and control information on all activities and operations that may lead to finance-related crimes, including terrorism financing and money laundering, so that these crimes can be combated. The UAE authorities recognise that the national framework, as well as CFT/AML coordination, must be further developed in order to improve its effectiveness.
The goal of the aforementioned legislation and national framework is to ensure that the UAE is perceived as a country where no one can carry out money laundering or terrorism financing operations.
Al KASHIF TAX CONSULTANTS has detailed knowledge and experience in relation to anti-money laundering compliance. We are providing AML consulting services to a range of Designated Non-Finance Businesses and Professions in the UAE. We not only make sure that your business remains 100% compliant with the AML regulations, but we also provide detailed training to your staff so that they can also contribute towards compliance.
Transferring Price
The pricing of cross-border, intra-firm transactions between related parties is referred to as transfer pricing. Transfer pricing thus refers to the pricing of transactions involving the transfer of property or services between associated enterprises. These are also known as “controlled” transactions, as opposed to “uncontrolled” transactions between unrelated companies that can be assumed to operate independently (“on an arm’s length basis”) in setting terms for such transactions.
Transfer pricing does not always involve tax evasion, as the need to set such prices is a normal aspect of how MNEs must operate. Where the pricing does not conform to internationally applicable norms or the arm’s length principle under domestic law, the tax administration may consider this to be “mis-pricing,” “incorrect pricing,” “unjustified pricing,” or non-length arm’s pricing, and tax avoidance and evasion issues may arise.
Al KASHIF TAX CONSULTANTS will make sure your transactions are all covered, and you meet the regulatory requirements on documentation. From the initial review of your transactions, identification of the related parties within your organization, revision of contracts and agreements in place, examination of policies to determination of your reporting obligations – to unveil and help you address your potential compliance issues.
Ultimate Beneficiary Owner
Ultimate Beneficiary Owner (UBO) is defined as an individual who benefits the most and has ultimate effective control over an arrangement, whether it is a legal entity or a natural person, regardless of the chain of control. Customers must be verified for Ultimate Beneficial Ownership as part of the KYC onboarding and remediation process. Compliance with AML/CTF sanctions and regulations, as well as tax compliance legislation and standards, is required.
UBO checks are required for various entities such as banks, brokers or dealers in securities, commodities, hedge funds, futures commission agents, blockchains, currency exchange officers’ casinos, digital lenders, FX, and binary options brokers. People are using digital assets as investment vehicles or for value exchange.
The UAE Ministry of Cabinet Affairs (‘Cabinet’) published Cabinet Resolution No. 58 of 2020 on the Regulation of Beneficial Owner Procedures’ (‘Resolution 58’) as part of the UAE’s shift toward greater openness and compliance with global norms.
Resolution 58 required entities in the UAE (with a few exceptions) to collect and retain relevant, accurate, and up-to-date information on their genuine beneficiaries (‘Beneficial Owner ‘), as well as to notify the authorities. This law establishes a framework for beneficial ownership for UAE “mainland” and free zone entities, as well as requiring the maintenance of necessary registers. According to Article 5, a UBO is anyone who owns or controls, directly or indirectly, through shares or bearer shares:
• 25% or more of the legal person’s share capital.
• Or 25% or more of the legal person’s voting rights.
This could be accomplished by establishing a control chain or having the authority to appoint or remove the majority of the company’s management.
Tax Residence Certificate
A Tax Residency Certificate, also known as a Tax Domicile Certificate, is an official certificate or document issued by the Ministry of Finance of the UAE to either a company based in the UAE for at least one year or an individual with a UAE residency visa residing in the UAE for at least 180 days.
This Official Certificate is used to fully utilise the benefits of the UAE’s extensive double tax treaties and to take advantage of double taxation avoidance agreements signed with over 76 countries around the world, and it is valid for one year from the date of issue.
Our experts can assist and guide you through every step of the process of obtaining a UAE Tax Residency Certificate. Our Tax Planning experts work with high-profile investors to help them domicile their businesses in the UAE and establish new businesses, and they can assist you as well. If you want to start your tax strategy in the UAE and benefit from the tax advantages of this amazing jurisdiction, you can rely on us for the best advice.