An Introduction to Economic Substance Regulations led by Al Tamimi

Published on:
July 12, 2020
Join ACCA and Shiraz Khan, Head of Taxation for Al Tamimi as we take a look the economic substance regulations (“Regulations”) that the UAE introduced last year. The Regulations require companies that are subject to these Regulations to notify their Regulatory Authority, to maintain adequate economic substance in the UAE and to submit an economic substance report to their Regulatory Authority. All notifications (if required) should have been submitted by companies licensed in the UAE by 30 June 2020.  Licensees that are subject to the Regulations will need to self-assess their substance status and submit the economic substance report to their Regulatory Authority within 12 months of the financial year end.  Companies with a financial year end of 31 December 2019 will be required to submit the report to their Regulatory Authority by 31 December 2020.  Therefore there is very limited time for companies to assess the impact of the Regulations on their businesses and to take any necessary action to be compliant.  There are serious consequences for non-compliance including financial penalty of up to AED 300,000, the suspension or revocation of the license and the reporting of the licensee to foreign tax authorities. As the Regulatory Authorities should have already been notified where applicable, this webinar will focus on what businesses need to do now from a practical perspective in order to be compliant.  Agenda Overview of the economic substance regime in the UAE; Latest developments and guidance issued by authorities; and What businesses should do now in order to comply with the Regulations, practical considerations and related planning points.
Webinar details
Date: Monday 20th July 2020
Venue: Webinar: Click Here
Time: 11am to 12pm (UAE time)
Shiraz Khan
Head of Tax
Shiraz Khan is the Head of Tax and leads Al Tamimi’s tax practice in the region.  A UK qualified  Lawyer with over 18 years of experience, Shiraz specialises in advising on international tax structuring and tax aspects of cross border M&A, private equity, structured finance, Islamic finance and real estate transactions. He has in-depth knowledge and expertise across all taxes including corporate tax, withholding taxes and VAT in a wide range of industry sectors. 
He has particular expertise in advising multinational corporations on structuring their investments and operations into the region and financial institutions, sovereign wealth funds, real estate investment companies, family offices and private equity groups based in the region on their international investments. 
 
Looking forward to seeing you online.