ESR Compliance
UAE has published the Economic Substance Regulations that demands valid enterprises which meet their ‘relevant activity’ to demonstrate genuine economic substance in the UAE.
The issuances of new reporting requirements are permitted in the functioning of ESR.According to this legislation, it’s illicit to violate any regulation which is part of the OECD recommendations on the prevention of harmful tax practices. However, the violation shall result in penalties, loss of tax treaty reliefs and revocation or non-renewal of trading licenses.
As per Cabinet Resolution No. 31 of 2019, the Relevant Activities are listed below.
- Banking Business
- Insurance Business
- Investment Fund Management Business
- Lease-Finance Business
- Holding Company
- Headquartered Business
- Shipping Business
- Intellectual Property Business
Distribution & Service Centre Business
Khazrajiaudit -Your Premier Partner in IFRS Advisory Services
Welcome to Khazrajiaudit, where we offer expert IFRS (International Financial Reporting Standards) Advisory Services to assist your organization in navigating the complexities of financial reporting. Our seasoned professionals are dedicated to providing comprehensive guidance to ensure compliance, enhance transparency, and optimize financial reporting processes.
Our IFRS Advisory Services:
- IFRS Implementation Assistance:
Stay ahead of evolving global accounting standards with our IFRS implementation services. Our experts guide you through the transition, helping your organization adopt and apply IFRS standards effectively.
- IFRS Compliance Reviews:
Ensure adherence to IFRS requirements through our comprehensive compliance reviews. We assess your financial statements, policies, and procedures, identifying areas that may require adjustments to align with IFRS standards.
- IFRS Training and Workshops:
Empower your team with the knowledge and skills needed to navigate the complexities of IFRS. Our tailored training programs and workshops cover key aspects of IFRS, ensuring your staff is well-equipped for effective implementation and compliance.
- IFRS Advisory for Complex Transactions:
Receive expert advice on accounting for intricate transactions under IFRS. Our advisory services cover mergers, acquisitions, joint ventures, and other complex financial transactions, ensuring accurate and compliant financial reporting.
- IFRS Updates and Interpretations:
Stay informed about the latest updates and interpretations of IFRS standards. Our team monitors changes in accounting standards and provides timely updates, enabling your organization to adapt swiftly to evolving regulatory requirements.
Our ESR team can assist you in the following areas: -
- ESR Advisory and Consulting
- ESR Assessment
- Submission of ESR Notification
- ESR Reporting
Reuest A Free Consultation!
Khazraji is one of the leading providers of auditing & accounting services