UAE: Year-End Compliance Reminders
UAE: Year-end Compliance Reminders
With the end of the year fast approaching, here are some reminders and tips to ensure compliance with tax-related and regulatory reporting matters.
Important Deadlines
31 December 2021 - Tax Penalties Amnesty
Who:
- Taxpayers with unsettled administrative penalties imposed before 28 June 2021 (under the old penalty regime)
What:
- Deadline for taxpayers to settle all tax payable and 30% of the outstanding admin penalties imposed under the old penalty regime to avail of the 70% Penalty Amnesty.
31 December 2021 - Country by Country Reporting (CbCR)
Who:
- Multinational Enterprises Groups of Entities subject to CbCR with Financial Year (FY) ended 31 December 2021
What:
- Submission deadline of CbCR report
31 December 2021 - Economic Substances Report (ESR)
Who:
- Licensees undertaking Relevant Activities with FY ended 31 December 2020
What:
- Submission deadline of ESR
28 December 2021 - Value Added Tax (VAT)
Who:
- Registrants with tax period September to November 2021 or November 2021.
What:
- Submission of the VAT return
Year end: VAT Apportionment
Who:
- Taxpayers making both VAT taxable and example supplies in the UAE
What:
- Adjustment to recoverable input tax for the difference between the recovered input tax vs recomputed annual recoverable portion of the residual input tax based on the following:
- Annual wash-up adjustment.
- Actual use adjustment.
Year end: VAT adjustment Capital Asset Scheme
Who:
- Taxpayers with capital assets used for both taxable and example supplies in the UAE.
What:
- Computation of adjustment arising from change in use of capital asset
How can Crowe help?
- Support in the submission of ESR and CbCR reporting requirements
- Assessment of the eligibility of the taxpayer of the Tax Penalties Amnesty and assistance in the computation of required amount to be paid.
- Assistance in the calculation or review of year-end adjustments for VAT.
