UAE reduces penalties on VAT, excise tax as a Covid Relief The new provisions will be applicable 60 days as from April 28, 2021. The
Due Dates for Declaration of Ultimate Beneficiary Owners (UBO) in JAFZA Companies
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A real beneficiary of an entity is someone:
a) who ultimately owns that entity through direct or indirect ownership of shares representing 25% or more interest in the capital of such an entity; or
b) who has voting control of 25% or more of the capital of such an entity by exercising control over such an entity (by for example, having a right to appoint or remove the majority of the entity’s directors/managers).
If it is not possible to identify the real beneficiary (i.e. a natural person) of an entity, then the natural person who exercises control over the entity shall be considered as the real beneficiary.
JAFZA UBO Compliance deadline
As per the Regulation, the details of Ultimate Beneficial Owner (UBO) are supposed to be filed by all the licensees (Legal Person) within 60 days of the promulgation of the decision i.e. by October 27, 2020. However, most of the Licensing Authorities have issued their own deadlines to be adhered to comply with Beneficial Owner Procedure Regulations.
In this regard, recently, JAFZA has extended the deadline up to 31st March 2021 for licensees registered with them.
How can we help?
If your business in the UAE is looking to understand more about the taxes in the country and conduct a tax audit for your company, then you can take the assistance of Alya Auditors– Chartered Accountants. Alya is a reputed name in the field of Auditing and Accounting and is also a certified firm in the UAE which will assess the needs and requirements of the company and accordingly provide a solution.
For any more details on the services provided by Alya Auditors -Chartered Accountants, feel free to Contact Us. We will be happy to help.