COMPLIANCE

FAME Advisory is a leading firm providing international tax consultation services. With great knowledge and objectivity, we provide excellent tax management and tax consultation services. We are updated with the latest UAE and international tax laws and understand about the frequent variations in tax implementations in other countries. Our Tax and Compliance Experts provide and coordinate cross border tax advice to leading multinational corporations and local businesses, family offices, joint ventures and other local, regional organizations.

VALUE ADDED TAX (VAT)

FTA REGISTERED, VAT CONSULTING IN UAE AND OTHER GCC COUNTRIES

The UAE is a progressive country with plenty of attractions and perks for existing businesses and emerging entrepreneurs!

Dealing with tax and related services is a complex process. We have a full-service international tax practice and advise on all areas of tax including M&A (tax structuring, due diligence), corporate tax and VAT along with assistance in litigations.

WHAT WE DO?

INITIAL REVIEW & VAT IMPLEMENTATION

  • Operational Review and Impact Assessment: Analysing the VAT impact on the transactions as well as business functions undertaken by the entities
  • IT System review: We review the existing systems to identify changes required at Master and Transactional level to ensure the system readiness for VAT implementation
  • VAT Registration: Assistance in applying for the VAT registration with the respective authorities
  • Transition management: Hand Holding to the existing team at the company ensuring successful transition to adapt to current VAT regimes
  • Ongoing support: To help businesses focus on their principal operations, we assist companies with VAT expertise to ensure compliance and smooth transition of evolving tax regimes
  • Project Manager: A dedicated Project manager to ensure the implementation of the VAT related requirements
  • Technical and Functional Trainings: Training sessions are intended to provide information and training on VAT aspects in relation to the business.

VAT AUDIT SUPPORT

  • Transaction advisory in form of assistance in pre/ post audit support to companies
  • Identifying risks, areas of exposure / non-compliance during the audit
  • Advising on post audit requirements in terms of liaising with the Authorities.

GCC VAT COMPLIANCE SUPPORT

We ensure continuous support to companies in preparation, review and filing of VAT returns across the GCC countries which involves the following key steps:

  • Evaluation of sales and purchase registers and invoices
  • Review of financial information
  • Review of VAT return working
  • Assistance in filing VAT return.

FILING CLARIFICATION / RULING APPLICATIONS

Due to the evolving nature of the VAT legislation, we advise companies on matters which are complex and do not have specific guidance from the Federal tax authorities. This involves:

  • Undertaking technical research including review of laws applicable in other tax jurisdictions. 
  • Providing assistance in drafting and submitting VAT Public Clarifications / VAT Ruling requests with the Authorities.
  • Assistance in filling Representation services on behalf of the clients through our group entity

OUTSOURCING OF VAT FUNCTION

We at FAME Advisory support companies by providing tax specialists (i.e., outsourcing, co-sourcing, deputation, etc.) so that the company has to only focus on its core operations while tax compliances are handled by our professionals.

REFUND ASSISTANCE

We assist in undertaking the following:

  • Recommending whether refund applications should be filed or excess input tax should be carried forward to subsequent tax return
  • Drafting refund applications and assistance in submission (including review of refund related documents)
  • Assisting in answering queries raised by the Authorities during the review of the claim request.

VAT REVIEW

We undertake the following key steps:

  • Review of all business transactions in relation to the tax policy;
  • Review of all business processes;
  • Review of reports generated and identification of any additional requirement;
  • Documentation review in terms of contract review, invoices review, etc.
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COMPLIANCE WITH ECONOMIC SUBSTANCE
REGULATIONS IN UAE & OTHER COUNTRIES

We assist companies with Economic Substance Regulations (ESR) that highlight the reporting of all the economic activities carried out by legal entities in the UAE, Bahrain, British Virgin Islands and Cayman Islands.

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How can FAME Advisory help comply with ESR regulations?

We have a dedicated team of experts who can assist clients with ESR. Following is the scope of activities:

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Impact Assessment

  • Understanding the company’s structure and nature of business including activities and transactions undertaken in countries in order to evaluate the applicability of the ESR;
  • Identifying whether the company’s activities fall under any of the relevant activities defined in the ESR regulations
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Gap and remediation investigation

  • Evaluating the economic substance requirements based on applicable activity identified by our experts at FAME;
  • Gathering information and data with respect to the manner of conducting relevant activity, revenues booked, premises available, number of employees and so on;
  • Recognizing the gaps, in discussion with the company’s’ management,
  • Underlining the remedial actions that may be taken (if any);
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Compliance / Reporting

  • Support in confirming timely compliance with the notification filing requirements of the ESR and collecting details required;
  • Assistance in ensuring well-timed compliance with the reporting necessities of the ESR and collating required details in the prescribed reporting form and related declarations 
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ANTI MONEY
LAUNDERING LAWS

FAME Advisory with its rich experience in the relevant sectors has been consulting clients across the UAE, especially whose operations are subject to the implementation of Anti Money Laundering programs. 

With all-encompassing understanding and diversified involvement, our Chartered Accountants, business consultants and industry specialists are proficient in understanding the risk and provide remedial actions and policies to companies that are struggling to comply with AML and CFT law in different countries.

Complying with local and international AML regulation is mandatory for organizations that fall under its preview. Following are the services that we offer related to Anti-Money Laundering (AML):

  • Assisting in preparation of AML Manual 
  • Assistance in the GoAML Reporting for the Designated Sectors  
  • Suggesting the AML Compliance Policy and procedures
  • Timely due diligence frameworks and process implementations
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ULTIMATE BENEFICIAL OWNERS (UBO)
REGULATIONS

The Cabinet Resolution No. 58/2020 on the Regulations of Procedures Related to Real Beneficiaries (the UBO Regulations) Resolution introduces new requirements for entities to disclose their beneficial owners. The main purpose is to augment the transparency of entities registered in the UAE, as well as to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of beneficial owner data.   

The UBO Resolution requires entities licensed in the UAE to prepare and file an Ultimate Beneficial Owner (“UBO”) register with the relevant authority and update the same in case of any changes within prescribed time. 

We at FAME Advisory can assist in the following to facilitate proper compliance for your entity:

  • Review of the shareholding structure as well as parent company documentation.
  • Assist with preparation and review of the UBO form to be filed with licensing authority and filing them.
  • Any other correspondence with licensing authority in this regard.
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REACH US Headquarters
Onboard the UAE’s one of most trusted advisory firm offering various tailored services to support all upcoming & existing businesses across the UAE.
OUR LOCATIONSWhere to find us?
FAME Advisory: 412, Office Court Building - D79, Oud Metha, Dubai, UAE

TMSL (Collaboration Partner): 501-A, Pinnacle Corporate Park Next to Trade Centre, BKC, Bandra East Mumbai, Maharashtra, India
GET IN TOUCHFollow us on Social Media
To get the latest news and updates from FAME Advisory, join our social media now.
REACH USHeadquarters
Onboard the UAE’s one of most trusted advisory firm offering various tailored services to support all upcoming & existing businesses across the UAE.
OUR LOCATIONSWhere to find us?
FAME Advisory: 412, Office Court Building - D79, Oud Metha, Dubai, UAE

TMSL (Collaboration Partner): 501-A, Pinnacle Corporate Park Next to Trade Centre, BKC, Bandra East Mumbai, Maharashtra, India
GET IN TOUCHFollow us on Social Media
To get the latest news and updates from FAME Advisory, join our social media now.