UAE anti-money laundering: Registration for non-financial entities, individuals extended until April 30

Ministry of Economy extends deadline for registration of designated non-financial businesses & professions in anti-money laundering regulations until 30 April

The Ministry of Economy (MoE) announced the extension of the deadline granted to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and combating the financing of terrorism, until the end of April 2021. The extension has been granted due to a large number of companies in the sector coming forward to register in the last days of the previous deadline, which expired on March 31, 2021. Furthermore, the unusual circumstances faced by companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.

The Ministry explained that it is mandatory for the targeted companies, which include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers, to register in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the new deadline. The registration in these systems can be done free of cost. After the registration, they should also take the specified measures to ensure full compliance with the requirements of Federal Law No. 20 of 2018 on anti-money laundering, combating the financing of terrorism and illegal organizations, and their implementing regulations and relevant decisions.

The Ministry called on the concerned companies to take advantage of the new extended period for registration to avoid the penalties and fines stipulated in the law, which will be imposed starting from May 1, 2021. Fines start from AED 50,000 and go up to AED 5 million, while the penalties for companies that fail to register could even lead to the revocation of the license or closure of the facility itself.

Temporary Zero-rating of Certain Medical Equipment

On 1 September 2020, the Cabinet issued a Cabinet Decision No. 9/12 O of 2020 (“Cabinet Decision”). The Decision concerns the temporary application of VAT at the 0% rate on certain supplies and imports of medical equipment. Furthermore, the Ministerial Decision No. 380 of 2020 (“Ministerial Decision”) issued by the Minister of Health and Prevention on 6 December 2020 (with effect from 1 September 2020) specifies the medical equipment that are zero-rated in accordance with the Cabinet Decision. In accordance with Cabinet Decision No. 15/3 O of 2021, the above decisions shall be effective until 31 December 2021.

In accordance with the Cabinet Decision, a supply or import of certain medical equipment may be zero-rated. It should be noted that that the zero-rating of supplies and imports under the Cabinet Decision is separate, and in addition to, zero-rating of any other medical equipment in accordance with Cabinet Decision No. 56 of 2017 on Medications and Medical Equipment Subject to Tax at Zero Rate.

The “medical equipment” to which the temporary zero-rating rules apply are personal protective equipment used for the protection from Covid-19, and which contain the features and meet the specifications determined and specified by the Ministerial Decision. Such medical equipment are limited to:

  • Medical face masks that are not included in the Cabinet Decision No. 56 of 2017 on Medications and Medical Equipment Subject to Tax at Zero Rate (of approved standards 14683 and UAE.S ASTM F2100);
  • Half filtered face mask (UAE.S EN 149);
  • Non-Medical “community” face mask made from textile (UAE.S 1956);
  • Single-use gloves (UAE.S ISO 374-2); and
  • Chemical disinfectants and antiseptics intended for use on the human body, but excluding detergents, cosmetics and personal care products (UAE.S EN 1276, EN 1650, and EN 14476:2013+A2).

CONDITIONS TO ZERO-RATING

Date of supply/import of above mentioned medical equipment shall be within the period beginning from 1 September 2020 to 31 December 2021.

Go For The Right Professional Accounting Services In UAE

Professional Accounting Services In UAE

Professional Accounting Services In UAE are crucial to the expansion of your business, and you can employ them on a need-to-use basis in spite of having an in-house sector that charges you money even when the demand is small. The mainstreams of accountants are very moral, and they take their job sincerely to convey the most excellent solutions to your business.

They obtain considerable value to your financial outcome and assist you cater your clients correctly. The following are reasons why it is a great idea to hire Accounting Services In Sharjah for your business.

The problem-solving professional approach

Accountants have the good background training mandatory for resolving accounting issues. They are your top choice for managing accounting issues in your business. Professional Accounting Services In UAE It makes no sense to overtake this opportunity for obtaining the great support for some saved pennies in the short run. When things become malevolent, and you have an accumulation of records to settle tax bill, the accountant will save you always. Sadly, you will pay extra than what you were evading in the first place. As a result, the best part to do is first work out the requirements of your business and accesses into a contract with an accounting service provider to solve it at regular intervals.

Your business will be up to date

The extra benefit of working with professional accountants provides the peace of mind you get to know that the business is running efficiently always. They will ensign any wrong commitments and business for the business. You will obtain a correct image of what you are gaining or losing as you operate the business. The accountants will be your reliable advisers when you need to carry over some of the business outlays and save money for capital expenses. They will also make sure that your business’ books follow the most up-to-date and certified accounting standards.