We are FTA Certified Tax Agent & Tax Agency in UAE
VAT BOX is a leading Tax Agency (TAN 30001614) & Tax Agents (TAAN 20049185 &20008256) by the Federal Tax Authority (FTA) with 4 branches: Dubai, Abu Dhabi, Sharjah, and Ajman in the UAE. Our team is here and ready to accelerate your UAE VAT/TRN Registration within a time frame in a professional manner.
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ESR Notifications & Filing
VAT BOX providing ESR Notifications & Filing Services in Dubai, Abu Dhabi, Sharjah, Ajman, Ras Al Khaimah and all over UAE.
Relevant Activities under UAE Economic Substance Regulations
- Banking Business
- Insurance Business
- Investment Fund Management Business
- Lease-Finance Business
- Shipping Business
- Headquarters Business
- Intellectual Property Business
- Holding Company Business
- Distribution & Service Center Business
Exempt Licensee as per Cabinet Resolution 57/2020
The Scope of Exempted Licensee as per Cabinet Resolution No. 57/2020 is extended. Following entities fall in Exempted Licensee:
- An Investment fund
- A licensee that is Tax Resident in a Jurisdiction other than in the UAE
- A licensee that is wholly owned by one or more UAE Resident and meets the following conditions:
- An entity should not be part of MNE Group
- An entity should carry business only in the UAE
- A licensee that is the branch of a foreign entity the Relevant Income of which is subject to tax in a jurisdiction other than UAE
How to meet the Economic Substance Regulation Test?
- Check whether the entity is directed and managed in the State in relation to that activity.
- Check whether the entity conducts/ performs Core Income-Generating Activity (CIGA) in the State.
- Check whether the company employs the adequate number of qualified full-time employees or incurs an adequate level of operating expenditure and adequate physical assets in the state.
- If CIGA is conducted by another entity for the relevant licensee, then check whether the Licensee has full control and is be able to monitor the activities of another entity.
ESR Notification should be filed by all Licensee and Exempted Licensee annually providing the following details:
- Date of commencement and end of Financial Year
- Relevant Activity being carried
- Whether Revenue generated from such Relevant activity during relevant Financial year
- Other information as required by the Regulatory Authority
* Exempted Licensee to also provide all the information and documents for claiming the status of Exempted Licensee.
Notification must be filed within 6months from the end of its Financial Year & ESR Report must be filed with 12months from the end of its Financial Year of Licensee or exempted licensee.
An administrative Penalty amounting to AED 20,000 shall be imposed on Licensee or Exempted Licensee who has failed to submit the notification or any information or document required to be filed.