Economic Substance Advisory
WITCORP Economic Substance Advisory Services:
In an effort to meet the conclusions of the Council of the European Union and potential removal from the EU list of non-cooperative countries for tax purposes, the UAE published the Cabinet of Ministers Resolution No. 31 of 2019 on April 30, 2019, pertaining to economic substance legislation. Ministerial Decision No. 215 of 2019 was the subject of additional guidelines that were released, including more details on the initial regulations.
How are we able to assist?
- Examine the group structure to see if the economic substance regulations apply.
- Conduct a gap analysis to find out how well the requirements are currently being met.
- This could involve looking into contracts, asset and expense details, personnel that have been sent to the UAE, and documentation of management and direction there.
- Determine the corrective measures that should be taken, such as adding more substance or restructuring the entity’s ownership, activities, and business.Create guidelines so that organizations can abide by the economic substance tests.
- Preparing and submitting the yearly notification requirements for the organizations authorized to engage in “Relevant Activities” within the United Arab Emirates.
- Preparing and submitting economic substance reports for organizations that generate revenue in the UAE by engaging in Relevant Activities. Staff education seminars regarding the necessary qualifications.