An Overview of the UAE Economic Substance Regulations (ESR) mandatory reporting with Q&A

About this event

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The ESR's adoption in the UAE enhances and benefits enterprises in the UAE by assisting with reputational concerns. It aids in the application of good governance requirements such as equal tax regimes as well as ensuring transparency and many more.

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Business must provide certain standards for enterprises to demonstrate that their immediate economic activity takes place in the UAE and is not exclusively motivated by the desire to benefit from a low or no-tax jurisdiction. As a result, the destructive tax practice of profit shifting from higher tax jurisdictions to lower tax jurisdictions is prevented.

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Many companies in the United Arab Emirates are being fined AED 20,000 simply for failing to submit the ESR notification. It is one of the smallest fines; there are additional fines that are far more expensive. The majority of the businesses that have been fined are unfamiliar with the regulations and the implications of non compliance with the Economic Substance Regulations in the UAE.

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In this webinar, we are excited to present the Economic Substance Regulations amendments and refreshers. We will also outline the applicability, duties and responsibilities, filing and reporting procedures, deadlines, consequences and a Q&A discussion on the UAE's Economic Substance Regulations.

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What will I learn

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• ESR refreshers and information
• Applicability of ESR in UAE
• Recording and Filing Guidelines
• Deadlines and due dates
• Penalties and Consequences

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About JRB Chartered Accountants:

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JRB Chartered Accountants is a vibrant organization that specializes in assurance, tax, reporting & compliance, risk advisory, technology consulting services.

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We believe in leveraging innovation to improve the way our clients function and grow. That is why, at JRB, we combine the specialized skills that we have gained across business functions in over 20 industries with our hands-on experience.

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We adopt best in-class international standards, tools, and methodologies to ensure the service provided is of the highest technical, professional and ethical standards for the benefit of our clients.

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About the Speakers

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Salman Rafique FCCA, UAECA, BSc (Partner & Co-founder, JRB Chartered Accountants)

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Salman brings over 15 years of experience working with both private and public companies in the UAE and aboard. Salman gained his experience while working for clients from large family-groups and diverse range of organizations in industries, including insurance, banks, real estate, construction, hotels, telecommunication, manufacturing, trading, technology, biotech and healthcare. Salman has extensive experience in the field of compliance, assurance, taxation, advisory and reporting gained as a result of advising and managing a wide portfolio of public and private businesses. His broad expanse of local experience allows him to bring a unique perspective to the clients he services whilst enabling them to grow.

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Previously, he has held senior management positions with leading accounting & consulting firms ranked amongst the Top-10 globally. He is a Fellow member of Institute of Chartered Certified Accountants and a Certified Compliance and AML officer.

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Rayhan Aleem (Founder and Managing Partner, Alpha Pro Partners)

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Rayhan is the Founder and Managing Partner of Alpha Pro Partners. He has previously managed finance departments of several large Hedge Funds and Investment Funds in the City of London and is passionate about accounting and automation for small and medium sized businesses. In his free time, Rayhan enjoys playing football and keeping fit.

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