TAX ADVISORY SERVICES

Effective tax management and planning ensures that you can optimise your tax spend without falling foul of the tax authorities. Contact us to discuss how we can assist you with this further

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Economic Substance Reporting (ESR)

As a member of the Organization of Economic Cooperation and Development (OECD), the UAE implemented regulation in January 2019, to ensure that entities were not artificially transferring profits from a high tax jurisdiction to a lower tax jurisdiction with the aim of avoiding tax.The regulation is applicable to all legal entities registered in the UAE, in both Mainland and Freezone areas.Only if your entity carries on one of the activities mentioned below; are you required to submit ESR Reports on an annual basis, within twelve months of the entity’s financial year end.• Banking Business
• Insurance Business
• Investment Fund management Business
• Lease – Finance Business
• Headquarters Business
• Shipping Business
• Holding Company Business
• Intellectual Property Business (“IP”)
• Distribution and Service Centre BusinessThe annual report is submitted to the Federal Tax Authority (FTA) who will assess and determine whether the legal entity has economic substance in the UAE.
At GTAG, our dedicated team of seasoned professionals are here to help you make the reporting process as efficient as possible. Contact us today to see how we can assist you further.

Ultimate Beneficial Ownership (UBO)

As part of the UAE’s fight against money laundering and financing of terrorism and illegal organizations and financing the spread of weapons of mass destruction, regulation is in place that requires entities to demonstrate the ultimate beneficial ownership of an organization.

According to Cabinet Resolution No. (58) of 2020, the Ultimate Beneficial Owner Rule is defined as an individual who has ultimate control of an organization through one of the following means:

• Direct/indirect ownership of 25% of the issued shares
• Voting rights of 25% or more, or the right to appoint/dismiss the majority of the organization’s management
• If UBO cannot be determined by the abovementioned points, then a natural person who holds the position of Senior Management Official in the organization.

At GTAG, our dedicated team of seasoned professionals are here to help you make the reporting process as efficient as possible. Contact us today to see how we can assist you further.

Exclude Effective Tax Planning for you and your business as its duplication of the next two points

Corporate Tax Planning

Corporate Tax Planning has become extremely relevant since the announcement by the UAE Government that Corporate Tax will be implemented on 1 June 2023. It is important that company owners plan the cost structure of their companies from now, to ensure compliance to the new tax regime.Legal entities whose net profit exceeds 375,000dhs will be required to pay corporate tax of 9% on the excess above this threshold. Have a further read about Corporate Tax, to be found in the library onsite.At GTAG, our dedicated team of seasoned professionals are here to help you ensure that you adhere to the new regulations and optimize tax efficiencies.

Personal Tax Planning

Currently individuals are not required to pay tax on their personal income in the UAE, however if you are an Expat, you may be subject to personal taxation in your home country. GTAG are able to assist you in legally minimizing our tax footprint globally.At GTAG, our dedicated team of seasoned professionals are here to help you ensure that you adhere to the new regulations and optimize tax efficiencies.