"With the tax rate below 10 per cent and an exemption limit of Dh375,000 (about $100,000) profit, the UAE is a very attractive place to do business. The business community will take this in their stride and be part of the UAE success story," said Atik Munshi, Managing Partner at FinExpertiza UAE, to Gulf News.

The fact that the UAE’s corporate tax regime will come into effect from June 1, 2023 gives businesses - and all concerned - ample time to prepare. "There is usually a surprise element when most governments plan on introducing any kind of tax. So, a window of a year should actually be sufficient for business houses to plan," noted Atik Munshi.

The UAE introduces a federal corporate tax on business profits for the first time, the rate is 9%.

FinExpertiza has moved up on the IAB rating, recaching #6 on the top 10 list of audit companies in Russia. The International Accounting Bulletin (IAB) is an influential trade magazine that covers the global accounting business. Each year IAB publishes a World Survey that ranks the leading 40 accounting networks and associations. Over the years FinExpertiza Global has upheld its position as an industry leader both on the home market and internationally.

At the end of January 2022, the reporting deadline expired in Cyprus for cross-border transactions concluded between June 25, 2018 and December 31, 2021. According to the requirements of the sixth amendment to the EU Directive on Administrative Cooperation (DAC6), starting from January 1, 2022, businesses in Cyprus are required to report on international transactions within 30 days.

DAC6 applies to any business that carries out cross-border transactions involving at least one of the EU countries. Cyprus was the last EU country to implement DAC6 into national legislation.


"In this situation, it is important to note that DAC6 Directive has retroactive application. This means that the law has retroactive effect, and the starting point will be directly on June 25, 2018. Failure to comply with the reporting disclosure requirements threatens businesses with significant fines, up to 20,000 euros," notes George Tsamourlidis, Head of Tax Practice of FinExpertiza Cyprus.

FinExpertiza Global specialists are ready to advise you in detail on all issues related to compliance with DAC6 requirements and doing business in the EU.

Contact:
Anna Molchanova
molchanova@finexpertiza.ru

"The EU Council will reportedly add Russia to the European grey list of non-cooperative jurisdictions. The grey list contains jurisdictions that have committed to taking certain actions to address EU concerns but have not succeeeded yet. Russia is allegedly to be added due to the country's failure to amend its international holding company regime," Friggo Kraaijeveld, Partner at FinExpertiza Netherlands, told the leading Russian news agency RIA Novosti.

"Practically, this means that Russia is being put on notice and should change the criticized tax regime if it desires to avoid being listed as non-cooperative on the European black list. The European grey list, in effect, works as a preliminary stage to the European black list. Otherwise being put on the European grey list should not have immediate adverse consequences. On the other hand, the direct impact of being on the European black list includes changes in European and national foreign economic and political relations, denial of European funding, European and national anti-tax abuse measures and stricter anti-fraud and risk audits," warns the expert.

Read more:
https://finexpertiza.com/en/news/ser-spisok-nalog/

25 years ago a star was born: FinExpertiza appeared on the audit and consulting horizon. From a local brand to a continent-spanning network, it was an exciting journey. We want to thank our partners and clients for being a crucial part of this fantastic ride. In our line of business, trust is the key asset, and our clients’ prosperity is the prime motivator. Here’s to the trust and vision we all share as members of FinExpertiza Global. Three cheers!

https://youtu.be/fxwdptL8fYQ