HKMS’s tax compliance and advisory methodology helps businesses manage their tax and other compliance workload while meeting deadlines.
Our team provides wide range of direct tax services which are as follows:
As part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), (the “Regulations”) on 30 April 2019. Guidance on the application of the Regulations was issued on 11 September 2019 (Ministerial Decision No. 215 of 2019), and Cabinet Decision No. 58/2019 on the Determination of Regulatory Competencies lists the Regulatory Authorities tasked with the administration and enforcement of the Regulations. Amendments to the Regulations were made by Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020, and updated Guidance was issued on 19 August 2020 (Ministerial Decision No. (100) of 2020 The Regulations require UAE onshore and free zone companies and certain other business forms that carry out any of the defined “Relevant Activities” listed below to maintain and demonstrate an adequate “economic presence” in the UAE relative to the activities they undertake (“Economic Substance Test”).
Our experts who have already supported customers in UAE for ESR compliance can help companies in the following ways:
Business owners often have multiple filing, deposit, and payment deadlines. HKMS helps businesses determine which filing and payment schedules apply.
A lot of paperwork. Dispatch of data from employees to partner and owner. HKMS helps the company to get their documents complete.
Tax compliance causes the April 15th rush. To file taxes, all taxpayers must report all taxable activity for the prior year. Businesses and owners must pay their taxes on time.
Keeping the right records can help IRS tax lawyers if there is an audit or other tax issue.
Whatever roadblock you find yourself in, we will get you to your destination.