Tax & Risk Compliance

Kuvera Consulting provides comprehensive tax and regulatory compliance guidance(ESR / CbCR), helping you navigate complex tax laws, regulations, tax structures, compliance, and reporting. Our strategies align with your overall business goals in ensuring efficiency, robust compliance and informed decision-making. Our tax compliance services are designed to support your business effectively, stay up-to-date, and ahead of the curve.

Talk to a Consultant

Keeping Abreast with Evolving Tax Regulation

In the dynamic business environment of the UAE, we understand the importance of staying updated with the evolving corporate tax rules and other regulations. Our corporate tax consultants are committed to keeping ourselves abreast of these changes and how they affect businesses across industries in the country. This commitment enables us to provide our clients with timely and relevant advice, helping them confidently navigate the regulatory landscape’s complexities.

Local compliance is also a crucial part of the holistic M&A transaction advisory framework developed by Kuvera.

Corporate Tax

UAE corporate tax refers to the tax levied on the profits of corporations operating within the United Arab Emirates. As of 1st June 2023, the UAE implemented federal corporate income tax @9% on most businesses, except for certain exempt and qualifying activities in free zones and other activities such as oil and gas production and banking. However, companies( including non-residents) and individuals may also be subject to different taxes, such as customs duties, withholding tax, or specific industry taxes, depending on their business activities and PE location within the UAE. We provide corporate tax advisory services to help you understand the scope and complexities and manage your tax obligations.

CbCR reporting and compliance regulations

These were implemented under Cabinet Resolution No. 44( on 31 August 2020). Applies to Multinational Enterprises (MNEs) with consolidated global revenues of AED 3.15 billion or more (approx. EUR 750 million) in the previous financial year. CbCR Notification: Deadline: To be submitted by the last day of the reporting financial year (e.g., by December 31 for companies with a December 31 year-end). All UAE entities within an MNE group must submit a CbCR notification, even if they are not the Ultimate Parent Entity (UPE). CbCR Report deadline: The annual report must be submitted within 12 months of the financial year-end. The report must be filed in English and include detailed financial information (e.g., revenues, profits, taxes paid, and employee counts) broken down by jurisdiction.

ESR Compliance

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 (“EU”) Code of Conduct Group on Business Taxation, the UAE introduced a Resolution on the Economic Substance. As per the Law - Cabinet of Ministers Resolution No. 57 of 2020, the “Regulations on 10th August 2020, any Licensee covered under any of the 9 listed activities (Holding Company, Lease-Finance, Investment Fund Management, Headquarter Business, Distribution and Service Centre, Intellectual Property, Banking, Insurance, and Shipping) must submit a notification and a report to the Federal Tax Authority by 31st of December each year. Additionally, the law came into effect from 1st of January 2020. For further assistance, please contact our tax consultants.

Other Advisory and Risk Consulting Services

Tax Risk

Understanding tax risk involves recognizing the potential negative outcomes that can result from failing to comply with tax laws or applying incorrect tax treatment. It's important for addressing tax-related liabilities, meeting regulatory requirements, and maximizing tax planning strategies. By minimizing tax disputes, organizations can maintain their reputation and financial standing, which ultimately leads to long-term stability and success. Our corporate tax consultant services help mitigate these risks effectively.

Internal Audits

Systematic examinations and evaluations of an organization's processes, controls, and operations conducted by internal auditors to ensure effectiveness, efficiency, and compliance with policies and regulations. These Identify operational inefficiencies, detects fraud, assesses compliance with policies and regulations, strengthens internal controls, and provides valuable insights for decision-making and risk management. Our internal audit services help you maintain robust internal controls and monitor orginasational performance.

Anti- Money Laundering

The UAE first introduced comprehensive Anti-Money Laundering (AML) laws in 2002 with the enactment of Federal Law No. 4 of 2002 on Combating Money Laundering and Terrorism Financing. This was the foundation for the country’s legal framework to fight money laundering and financing of terrorism. Since then, the UAE has updated its regulations multiple times to enhance compliance with international standards set by organizations like the Financial Action Task Force (FATF).

Some key developments include:

Federal Decree-Law No. 20 of 2018

This law was introduced to further strengthen AML efforts and align with FATF standards. It focuses on regulating financial institutions and designated non-financial businesses and professions (DNFBPs) to identify and report suspicious activities.

Executive Regulations in 2019

The Cabinet Decision No. 10 of 2019 issued detailed guidelines for implementing the 2018 AML Law, outlining the requirements for financial institutions and businesses to combat money laundering and terrorism financing.

Financial Intelligence Unit (FIU)

The UAE Central Bank's FIU plays a crucial role in monitoring and reporting suspicious financial activities as part of the AML framework.

These laws have been continually updated and enforced by UAE authorities to comply with evolving global standards. Measures and regulations implemented by financial institutions and regulators to detect and prevent illegal activities aimed at disguising the origins of illicit funds. It protects financial systems from abuse, mitigates risks of financial crime, ensures regulatory compliance, enhances trust and confidence in the financial sector, and contributes to the global fight against money laundering and terrorism financing. Kuvera’s AML and compliance services ensure robust anti-money laundering measures.

Contact Us

Email Us