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New Rules Introduced Regarding Dubai Government Accounting System
Accounting 2021-03-10 From: Abbas

All the financial accounting functions are executed by the Government department through the approved system, application, and smart financial solution.

This Resolution is issued by Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai. The government department can approve their accounting system and financial solution but the system will comply with law and regulations issued that are issued by the Department of Finance and pre-approved by the department of finance and smart Dubai. Dubai Government collection and public revenue management are regulated by The Executive Council Resolution No. (5) of 2021 on the Executive Regulation of Law No. (1) of 2016.

This system put down the process of the government payment and expenditure, including the payment of the suppliers and contractors. `The maximum payment date is 90 days from the date of handover or according to the contract.

It’s required to ensure the implementation of this resolution that the general director of the finance department will issue all the decisions and regulations.

If you have any queries and want to discuss this resolution in the accounting system in depth so feel free to contact us.

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UAE fight Against the laundering Money and terrorism financing
Finance 2021-02-23 From: Abbas

The United Arab Emirates is a prominent financial hub in the world.  Dubai Leads the Plenty of international business and international business interests in the economic zone. Due to this profile, financial criminals can target the dubai to do financial activities and convert black wealth into white. So now, the UAE government urges the Central Bank of the UAE (CBUAE)to set up the fight against the Lanudring money and terrorism financing.  Then the Central Bank introduced the surveillance agenda against the anti-money. The Central Bank of the UAE held the first compliance officer forum to create a dialogue between the CBUAE and chief compliance officers of all banks to interact regarding the exception from compliance functions and bank risk management. 

The governor of the Central Bank of UAE met with over 100 chief compliance officers and also with some other senior compliance professionals in the presence of the chairman of UAE banks federation (UBF) Mr. Abdul Aziz Al ghurair.

In the meeting several discussions were done, mainly emphasizing the bank need to access the scope and skills of their compliance function and property embed the compliance risk within the overall risk appetite framework. During the forum, CBUAE introduced the surveillance agenda against the laundering of money and terrorism financing with the particular focus on obeying the action that was recommended by the (FATF) Financial Action Task Force.

The UBF’s Compliance Committee repeated its commitment to support the CBUAE and other authorities to make a stronger anti-money laundering framework.

In the meeting alhamdi said, UAE is strongly committed to applying the FATA standard for a safe and secure financial system in the UAE. We encourage the financial institutes to keep their focus on money laundering and terrorism financing. The chief of compliance officers is also the partner of this journey. We are expecting that CBUAE will provide a solid platform for regulatory dialogue with the industry.

 

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How Audit Firms Can Help You to File ESR Notification & Report In Such a Short Notice?
ESR 2021-01-09 From: Khaleej Times

Article 8 of the Cabinet Resolution 57 of 2020 sheds light on the notification and reporting requirements that the entities must meet to comply with the ESR. It states that every Licensee is now required to file annual ESR notification to the relevant Regulatory Authority. Audit firms in Dubai will assist you in filling the notification with the following mandatory details :

  1. Whether the business entity has carried out a relevant activity or not
  2. Whether the company has generated any income from the relevant activity

 

The notification will be filed through the Ministry of Finance's dedicated online portal. The notification will be processed between the regulatory authorities and the Federal Tax Authority (FTA), which is the National Assessing Authority for the ESR.

The FTA, in its capacity as a National Assessing Authority, will oversee compliance and control of the Updated ESR. FTA, among other things, will also assess if the Licensee has met the Economic Substance Test. It will also decide the necessary course of action to follow if your entity fails to meet the ESR test.

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ESR Filing Deadline Extended Till January 31st, 2021
ESR 2021-01-05

The Economic Substance Regulations (ESR) compliant has announced the extended its deadline by a month in UAE. It came as a relief to all the businesses as The ESR Notification and the ESR Report were earlier due on December 31, 2020 and can now be submitted on or before January 31.This extensions should be seen as an opportunity to get things done on this period. Businesses were caught in a year end rush having submitted the ESR notifications in June last and the amendment came in September. They had bear extra advisory costs and arbitrary data calculations. This will give the business owners to get their reports in order and make them ESR Compliant.

In this extension period businesses can make the best use of this period to examine ESR implications and undertake the compliance work accordingly. Businesses that have already submitted the Notification or the ESR report will also get the option to amend the submission. Also, these corrections will not result in any kind of penalties. The ESR Compliance Requires the board meeting reports of organizations and if the meeting were not held in person or overseas, then it demands a clarification. The information in the ESR report is very critical for the authorities to check if all the ESR Requirements have been met. The data in the report should be apt and well explained in the report. 

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Attention MOF Customers
Federal TAX Authority 2020-11-10 From: MOF UAE

Kindly Note that the following services will be transferred from MOF to FTA.

1. Issuning ceritificate of TAX Domicile.

Online application will be accepted from November 11, 2020 via MOF Website.

2. Issuing certificate of status of Business/Business person.

The Federal Tax Authority will open its Link on November 14, 2020.

SAVE BIG ON TAXES

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