Received Penalties For Non-Submission Of ESR Report?!. File An Appeal

Received Penalties For No-Submission Of ESR Report?!. File An Appeal

Did you successfully submit the Economic Substance Notification & Economic Substance Report of your company to the Ministry of Finance?

Did you get any response from the authority is after that?

Many licensees in the UAE have come across penalty emails from the Ministry of Finance.

Did you get any such penalty email?

If yes, do you know how to resolve the issues? In order to resolve such issues, we should know exactly the reason for receiving such a penalty ticket from the Authority. We have listed down some of the reasons why you might have received penalty emails

Situation in which Economic Substance Notification is submitted declaring a Specific Relevant Activity. Later the Economic Substance notification amendment was filed that it is not covered in Relevant activity neither earning relevant income in the Economic Substance Notification.

In this case, the company need not submit the Economic Substance Report. But the approval for Amendment on Economic Substance Notification might have taken the time and by then the Economic Substance Report Tab becomes active.

Economic Substance Report was not filed since it is not carrying relevant activity . Still, the penalty ticket may raise.

How to waive off the penalties generated from situations like above?

In the above-given scenarios, the Licensee or Exempted Licensee will have the option to Appeal.

Article 13 & 14 of the Economic Substance Regulation provides the offences & penalties for failure to provide Notification and Report, respectively.  The administrative penalty will be levied on that Licensee or Exempted Licensee who fails to submit Notification & Report (wherever applicable) as below:
Failure to submit    Penalty Amount

Failure to submit Penalty amount
ECONOMIC SUBSTANCE REGULATION [ESR] Notification AED 20,000
ECONOMIC SUBSTANCE REGULATION [ESR] Report AED 50,000

 

If there is a delay in submitting Economic Substance Notification or Economic Substance Reports, and if such delay is because of the ignorance of the Law, the chance of getting approval for waiving off the penalty cannot be assured through an appeal.

But there are genuine cases as mentioned at the beginning of this article, where the penalty can be appealed and removed. We are happy to resolve your issues by submitting the Appeal to the Authority.

Hiring The Reputable Vat & Excise Consultants In Dubai Correct The Tax Policies

Vat & Excise Consultants In Dubai

Vat & Excise Consultants In Dubai mainly classifies, assists and highly recommends to companies or individuals about the filing of taxes and returns. If you have a business, there are plenty of benefits to hiring one.

The Vat Consultancy Services In Dubai are all experts who can send the customer looking for the service to save more money while fulfilling all the terms and conditions done mandatory by the government. There are two main classifications of consultants based on their speciality — personal tax consultants and corporate tax consultants. Both types of consultants have lots of duties. Vat & Excise Consultants In Dubai The main aim of any consultant is to ensure that his client’s taxes are set aside to a least. A good consultant provides the correct guidance and essential information to result in highest savings while following all the formalities.

Also Read :- Audit Firms In UAE

Here are some of important benefits of hiring a tax consultant/Chartered Accountants in Dubai:

 

  1. The complicated and precise words of tax policies can be sensibly mystifying for a common person. A tax consultant is an expert in understanding the details of these systems and thus consultants make filing taxes in an easier way by simplifying the rules for a layman.
  2. Consultants experience extensive training to augment know-how in reading and interpreting official papers which make them knowledgeable professionals to deal with taxes.
  3. Consultants have endless knowledge and clear understanding of government and banking policies that let them to guide you in taking the precise investments.
  4. The information that it is not a key reason to be uninformed of the law can draw serious penalties if there is a small error in the filing of tax returns. Revenue Service can explore tax returns for flaws in lots of inventive ways ever before as a result it is only careful to hire a consultant that has a professional understanding of tax laws.

Implement An Accurate VAT Data With The Vat Consultancy Services In Dubai

Vat Consultancy Services In Dubai

The value-added tax system is not difficult to understand but tough to manage. That’s why businesses entitled for VAT hire Vat Consultancy Services In Dubai to deal with VAT operations.

Carrying out VAT involves VAT registration, VAT implementation, VAT accounting, VAT audit, VAT filing, and managing post-implementation operations.

Hiring Vat & Excise Consultants In Dubai to apply and make sure fulfilment of VAT has plentiful benefits. Let’s have a take a look at some of them.

Implement VAT

Not all businesses need paying VAT. If your business is VAT qualified, you need to sign up your business for VAT with the tax systems of Dubai. A VAT consultancy helps to businesses for registration. Once your company is VAT registered, your VAT consultancy assists you to apply the VAT. Carrying out VAT comprises structuring business flows, making an operating model for the unit, helping in bringing into line business practices with VAT regulations, choice of accounting software, and helping through the preliminary stage. Carrying out VAT without the help of VAT consultancy can be a huge task.

Manage VAT accounting operations 

The VAT system is a transaction-based taxation system that needs precise demo of revenue, costs, output VAT, input Vat Consultancy Services In Dubai, etc. A reliable accounting system with appropriate controls assists to recognize the impact of VAT on each deal. A vat consultancy maintains precise book account compliant with VAT laws. Account keeping incorporates recording vital information such as the rate and amount of VAT taxable on products and the rate of the products before adding VAT. Your consultancy retains correct documentation and keeps the original copies of the invoices you to obtain from your traders to assist you retrieve any extra tax you have paid throughout these transactions.

Ensure VAT compliance

A VAT consultancy offers you a 360-degree solution. It offers you comprehensive services ranging from VAT registration to VAT accounting, VAT implementation, VAT compliance, and post-implementation services. Your VAT consultancy takes job for VAT fulfilment.