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All posts by: re think

by in Compliance, Industry News

Newsflash – ADGM FSRA consults on proposals for revising fees for late submission of regulatory returns

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published a consultation paper to seek views on revising fees for the late submission of regulatory returns. This Consultation Paper should be of particular interest to all entities that are required to submit regulatory returns to the FSRA, whether they are authorised […]

by in Compliance, Industry News

Compliance Alert: Shining a light: What is the Self-Certification Form (SCF) about?

What is the FATCA/CRS self-certification all about? There are two scenarios in which FATCA/CRS self-certification are required in UAE. The first is where the Regulator initiates the request in order to determine which legal entities should be filing annual reports with the Ministry of Finance. The second is where the financial institution, which has an obligation […]

by in TAX

UAE VAT Updates – Timeline for Re-determination of Administrative Penalties extended until 31st December 2022

The UAE Cabinet issued Cabinet Decision No. 108 of 2021 (Decision) amending Article 3 of Cabinet Decision No. 49 of 2021 to extend the timeline for the re-determination of administrative penalties until 31st December 2022. The initial timeline was 31st December 2021. This Decision is effective from 1st January 2022. Consequently, the FTA released VAT […]

by in Compliance, Industry News

Newsflash: AML defense network is only as strong as its weakest link – geographical risks

How strong is the global AML defense network? The global AML watchdog, FATF, has assessed 120 countries so far on the effectiveness of their national AML/CFT frameworks. Effectiveness is assessed on eleven criteria called immediate outcomes (IOs). These IOs broadly address the national AML/CFT risk framework, supervision of FIs and DNFBPs, transparency, enforcement and international cooperation. […]

by in TAX

UAE VAT Updates – Cabinet Decision on Controls and Procedures for Instalment Payment, Waiver and Refund of penalties

  The UAE Cabinet issued Cabinet Decision No. 105 of 2021 (Decision) on 28th December 2021 that stipulates controls and procedures for installment payment, waiver, and refund of administrative penalties (penalties). This Decision is effective from 1st March 2022. WHAT’S NEW? I. Settlement of Penalties by Instalments The following conditions should be met to obtain […]

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