STATUATORY RETAINER

VAT/CORPORATE INCOME TAX, UBO, ESR & AML RETURNS FILING:

Apart from the tasks that shall be performed under TAX Retainer; VAT & CIT, as per the provisions of the competent Authority; Ministry of Finance; Government of UAE- All business entities are required to register and submit the UBO Declaration as part of renewing and validating their Business License – such declaration include submission of all legal documents to prove the shareholding and ownership of each business establishment registered in the country. The objective of this task is to identify and declare to the competent authorities of the Ultimate Beneficiary Owner ( UBO) of the business entity- such declarations shall include declaration of UBO outside the country including presentation of legal documents from overseas authorities that shows the ownership of businesses owned fully or partially by the UBO.

Equally important is the readiness by each business entity under the legal provisions of ESR( Economic Substance Regulations) it warrants annual submission of Notification and or Filing of Return ( or both) at regular intervals- this process is called ESR Testing ( refer our Home page for details on ESR) ESR Testing is exempted for many business entities based on the activity of the business they run.

Business Establishments falls under the categories stated under Anti Money Laundering (AML) tasks ( refer our Home page for details on AML) are required to submit returns under the provisions of AML- We conduct assessment and subsequent filing of returns mandated under AML.

Frequency: Monthly or Quarterly- Depending upon the statutory requirements by Local Authorities