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Six ways the Central Bank will combat money laundering in UAE

The Central Bank and United Arab Emirates (UAE) Government, considers it extremely important that monies earned by illegal means abroad are not circulated in the financial system of the country for the benefit of the criminals. To combat with it terrorism Central Bank has issued circular no. 24/2000 including other amendment resolution issued from time to time, which reflect the recommendations relating to stopping the financing of terrorism issued by the Financial Task Force (FATF) established by the countries of the Group of Seven.

Money Laundering:

It refers to a transaction aimed at concealing and / or changing the identity of illegally obtained money, so that it appears to have originated from legitimate source, where in fact it has not. Also, it includes monies destined to finance terrorism or criminal acts.

Recent Amendment:

On 14 December 2016 resolution was passed by the central Bank amending the circular no. 24/2000 to include mandatory physical checking of the identity documents.

Bank Account and for investment in other financial institution requirement as provided by the central bank is as follows consequent to the said amendment:

  1. All information and necessary documents like full name of the account holder, the current address and place of work
  2. Physically checking of the UAE ID Card or the passport in case of a natural person and or Physical verification of the Trade License in case of a legal person, as applicable and keeping copies thereof initialled by the account opening officer under a true copy of the original signed off.
  3. Also, in relation to legal person to obtain an incorporation certificate, renewal licenses and details of all the details of all the shareholders holding more than 5% of the public shareholding companies.
  4. the cooperative societies or charitable or social or professional societies the Bank cannot open a bank account except where the original certificate is submitted signed by H.E. Ministry of Social Affairs.
  5. All changes in the information provided during the Account opening process need to be regularly updated.
  6. It is strictly prohibited to open accounts with assumed name or numbers.


Reporting of Unusual Transactions:

The central bank has mandated to inform all the unusual and suspicious transactions aiming at Money laundering to the Central Bank in the prescribed form – by all the Banks, moneychangers and financial institutions, including their Board Members, Managers and employees personally.

Further, the compliance officer of the concerned financial institution is responsible for contacting the central bank to report the money laundering, reporting unusual transactions, sending reports and maintain the reports properly in relation to the same.

Period of Keeping Documents, Records and Files:

To the Bank and institutions to which the circular apply are required to keep the records and make it available to the Central Bank Examiners for investigation for a minimum of 5 years. Including the Bank account opening documents which should be maintained for 5 years after closing of the Accounts.

Training:

The central Bank as via the said circular made the law strictly and stopped the Banks from applying their internal procedures for the aforesaid subject in relation to identification. Further Compliance Officer in each Bank, Money changer or any financial institution is entrusted with the responsibility of providing training to the staff responsible for receiving cash or overseeing the accounts and related reports for money laundering and holding workshops from time to time for the same.

Also, the penalty in accordance with prevailing laws and regulations has been provided in case Bank fails to report the unusual transactions and where the central Bank becomes aware after verification of Money laundering activities.

As the Banking and financial business is evolving in terms of electronic connection so are the sophistication of Banking Methods to evade money laundering.

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Recent Developments in Taxation Issues in UAE

Introduction

Taxes – a word alien to this part of the world will longer be so. The last few years have seen various new developments related to taxation in whole of Gulf region and the United Arab Emirates (UAE) is not an exception.

Implementation of Common Reporting Standards (CRS)

Nations across the world have recognized the need to exchange the information to keep an eye on these tax evasions. The organization for Common Economic Cooperation and Development (OECD) have developed Common Reporting Standards (CRS) with the assistance of G20 nations, the European Union and other stakeholders. It is majorly following the principles laid down by United States’ Foreign Accounts Tax Compliance Act (FATCA). Like FATCA, it also inflicts financial institutions around the world to collect and share certain specified information related to account holders with their home country’s authorities.

The UAE also committed to exchange important financial information related to individuals and legal entities to curtail tax evasions. The MoF has stated on various occasions that CRS shall be completely applicable to UAE by the end of 2018. Ministry of Finance (MoF), UAE has recently issued a comprehensive guidance note for implementation of CRS in UAE. As per the same, the banks and other financial institutions shall be collecting the information about their clients. The major cut off dates for the same are:

2017 : An Year of Change in UAE for tax and investment Purposes

As per data available on 10th January, 2017 the UAE has entered tax treaties with 73 nations and investment protection treaties with 37 countries, many of which shall come into force within the year 2017.

The Harmonized Commodity Description and Coding System (HS) is a tool used by most nations around the world for custom tariffs in international trade. It is also accepted by GCC nations for a collection of international trade data. An amended version of this system shall come into force in UAE from 1st January, 2017.

It is indicated at various occasions, that the rules related to the implementation of Value Added Tax (VAT) shall be introduced very soon and a full-fledged VAT and excise legislation shall come into force by 2018.

Conclusion

The rulers of the UAE have shown their commitment towards the treaties and maintain a cordial business relations with nations around the world. In the line of the same, they have issued effective rules for exchange of information about the identified and high value account holders with the appropriate jurisdictions to ensure minimal tax evasions and curtail unfair use of legal entities for tax avoidance.

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KSA to Plans Boost Investment in Private Sector

Introduction

Economy of Kingdom of Saudi Arabia (KSA) has faced the worst hit of a sharp fall in oil prices and to deal with the situation efficiently and overcome the menace, the Government has launched various development and transformation programs to divert the economy from its dependence on oil. Mr. Salman, King of the nation has informed about the Government plan to inject 200 billion Saudi Riyals (SAR) (approx. 53 billion USD) in a period of coming four years between 2017 to 2020 to boost investment by the private sector during the introduction of Budget of KSA for 2017.

The Plan

A reform and transformation program launched last year anticipates the capacity of the private sector to invest tens of billions USD over the coming few years on various projects for schools, housing, communication, power stations and industrial zones. But, the willingness of the private sector to invest in the conventional oil dependent economy is a major challenge for this program.

An official document released with Budget 2017 on 22nd December, 2016 mentioned that the incentive program is proposed to promote private sector investment to boost growth and development programs. An investment of approx USD 53 billion is proposed during 2017-2020. It further mentions about the establishment of an investment fund that will provide capital for investment into development programs, but do not provide the details about incentives being offered or source of finance for the fund. However, it clearly states that incentives shall be granted to the sectors providing support to development programs of the nation and creation of jobs for Saudi nationals.

This initiative is aimed to successfully diversify the economy from oil and create new source of revenue for the Government. It shall also promote private sector to invest in various social development programs of the Government to ensure a sustainable growth of the economy.

This document further states that the Government is increasing the fee charged from companies for employing expats above the number of Saudi workers. Further, an additional fee shall be payable on all dependents of expat workers, which will gradually be increased to 400 SAR per dependent by 2020. This shall obviously have an adverse effect on companies’ ability to invest.  

The Bottom Line

Considering the present scenario, it will be a challenging situation, but once, the details of the incentives are revealed by the Government, a better outlook for corporates can be envisioned.

If you are looking to expand your business in Kingdom of Saudi Arabia or set up your company in Kingdom of Saudi Arabia,  you can reach us on [email protected]

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Top 10 Highlights of Oman State Budget 2017

Introduction

On Sunday, 1st January, 2017 Oman released its state Budget which clearly states Government’s decision to cut spending and reducing the trade deficit. The whole Gulf region is dealing with the crisis because of the sharp fall in oil prices resulting in increased trade deficits of all the countries in the region. Moreover, Oman is not having rich oil and fiscal reserves like neighbor countries; therefore, there is a pressing need to divert prime source Governmental income from oil to other sources of revenue. This article aims to share some key highlights of Oman State Budget 2017.

Highlights

  1.    The State budget 2017 expects the average price to be around USD 45 per Barrel for the year considering the last year low of 24 USD per barrel.
  2.    Ministry of Finance at Oman mentioned that it is planning to maximize revenues from sources other than oil and shall be changing regime of Income Tax, excise duty on various goods like tobacco and alcohol and amendments in fee for hiring expat employees.
  3.    It also states that new openings in the public sector will be limited in the year 2017 with an objective to reduce the burden of public sector salaries on the State Budget. The private sector will have to create jobs. Further, the private sector will also have to bear the extra baggage of increased fees for hiring expats and taxes levied by the Government. A cut in tax exemptions and subsidies and increased power tariffs will affect private sector revenues substantially.
  4.    State budget suggests an increase in income tax rates to 15 percent for later years, which shall add to the revenues to Government in the future but burn a hole in the pockets of tax payers.
  5.    The royalty payable to the Government by Oman Telecommunications and Ooredoo Oman, two of the major telecommunication firms in Oman have been raised to 12 percent from the existing 7 percent. This resulted in a sharp fall of shares of both the firms immediately after the announcement.
  6.    The State Budget 2017 also indicated Government’s intentions to promote public private partnership and sell states’ share in many companies. This shall be started by selling state’s share in Muscat Electricity Distribution Co., which is targeted to be completed in the first half of 2017. It also mentioned governments’ intentions to make the best use of public private partnership to reduce burden of public sector and promote private sector investments in development projects. It is also proposed to enact a law for public private partnership in near future.
  7.    This budget also projected increase in foreign borrowing to 133 percent, which shall be the prime financing tool for governmental expenses in covering the deficit for the year 2017.
  8.    The budget 2017 recognizes the Government’s commitment towards “Tanfeedh” an initiative launched in 2016 which is expected to create more than 30,000 jobs for Omani citizens and to support GDP growth by more than 1.3 billion Omani Riyals.
  9.    The budget also states that legislation for Value Added Tax (VAT) is already prepared and shall be placed for review and approval of appropriate authority very soon. It is expected that VAT shall be applicable in all GCC countries by the end of 2018.
  10.  It also recognizes the needs for efficient tax collection mechanism and monitoring of compliance processes.


Bottom Line

The state budget of Oman, 2017 shows the governmental strategy for reducing dependence on oil revenue and diversification towards other sources of revenue. It also lays down special emphasize on public private partnership for encouraging sustainable developments and growth of employment opportunities in the country. However, some provisions may not be welcomed by the private sector because of their adverse impacts on revenues of the private sector. Government of Oman clearly stated its focus will be reducing government expenditures and increasing revenues from different sources to reduce fiscal deficit for a long lasting and sustainable growth of the nation which shall definitely bring desired results in near future.

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7 major plans that are part of the Renewable Energy Drive in Kingdom of Saudi Arabia

Introduction

The Kingdom of Saudi Arabia (KSA) is the largest exporter of oil in the world and has second largest crude reserves in the world. It is curtailing its renewable power target as it is planning to use more natural sources of power e.g. Natural gas, Solar and wind energy. The higher targets were established for renewable power when the crude prices were three times higher than their current levels, a few years ago. The Minister of energy of Kingdom of Saudi Arabia has agreed that the energy mix has shifted towards gas and therefore, the higher targets from renewable sources are no more required. It will also be in line with the ambitious “Saudi Vision 2030.” The Minister also revealed that OPEC and Non OPEC producers are unlikely to extend the earlier agreements for cut in production beyond June, due to the high level of expectations and compliances involved in the agreements and considering the situation have improved in the last few months and the same is expected to continue in coming years.

The Plans

KSA is picking up the pace on its renewable energy drive. As per a Statement given by minister of energy of KSA on 16th January, 2017, at an energy industry event in Abu Dhabi.

  1. The Kingdom will be launching a renewable energy program in the next couple of weeks and shall be investing between USD 30 billion to USD 50 billion to achieve its target of producing abundant electricity from renewable to power to serve energy needs equivalent to three million homes, within the next six years.
  1. It is planning to make substantial investments in nuclear energy and planning to connect with neighboring countries likes Yemen, Jordan and Egypt for the same.
  1. The KSA shall connect with Africa for the exchange of non – fossil source of energy as hinted by the minister.
  1. Some geothermal and waste projects will also form part of the nation’s renewable energy program.
  1. KSA is also planning to reach Europe at later stages of this program to take advantage of Peak demand and arbitrage in the region.
  1. Riyadh shall start the bidding process for projects under the program which aims to produce ten Giga watts of water. The Minister also invited the global industry to participate in this project.
  1. The country will also be making a substantial investment in nuclear energy and is looking at constructing two nuclear reactors to generate electricity up to 2.8 Giga Watt. However, this is still at very initial stages. But, a significant investment in nuclear energy for civilian purposes can be seen in the near future.


Conclusion

Reducing the nations’ dependence on oil for the generation of power was an important part of Saudi Vision 2030. The aim was to protect the nations’ economy from the effects of fluctuating oil markets. The initiatives of the ministers in this regard are commendable and shall achieve the desired objectives for the Kingdom. On the other hand, it gives great opportunities for international industry to participate and take benefits from ambitious projects of the Kingdom.

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  • Article

BVI to Sign up to BEPS Minimum Standards

The British Virgin Islands has confirmed that it will implement the OECD’s base erosion and profit shifting (BEPS) minimum standards as a BEPS Associate member.

The BVI has said it will participate in the new “Inclusive Framework” announced by the OECD. As a member of the framework, the BVI is committing to implement the OECD’s proposed minimum standards on harmful tax practices, tax treaty abuse, country-by-country reporting, and dispute resolution.

The BVI Government said it will formalize its membership of the BEPS Inclusive Framework group in the first quarter of 2017, once its application process is completed. The territory’s Government has already said it will take forward legislative proposals to introduce country-by-country reporting, a core element of BEPS.

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Taxation in GCC

Why Taxes?

The sharp decline in oil prices in recent years, have substantially affected the revenue of the Government in GCC countries. It has also delayed, various development projects which will again result in increased costs for completion of projects. The subsidies offered on various energy and oil products in the region have also been eliminated in recent past. Removal of these subsidies will reduce the burden of expenses, but it cannot be long-term solution. Revenues need to be generated to keep the growth projects going forward. The Governments of GCC nations understand the immediate need to find out an alternative source of revenues for them for a fiscal sustainability. This resulted in introduction of taxation in the region, which was an alien for many residing in this part of the world.

Introduction

After multiple rounds of meetings of senior officials and advisers of these counties and an extraordinary meeting of ministers of finance of GCC nations held in Jeddah on 16th June, 2016 the treaties between the GCC nations for VAT (Value Added Tax) and Excise tax were approved. These treaties provide a common framework and the basis for the formation of national legislation for the introduction of taxes in all member nations. However, some administrative matters related to intra GCC trade and tax collection mechanism for it, still need to be worked out.

Introduction of taxes will be considerable economic reform in the region, which was tagged as tax free till now. The nations have signaled no income tax on individuals for now. Many industries like healthcare, food, social services and education are exempted. But, the introduction of VAT and Excise Tax will definitely need some preparation of the businesses operating in the region. Kingdom of Saudi Arabia has already confirmed the introduction of VAT with effect from 1st January, 2017 while in United Arab Emirates it is expected to be effective from 1st January, 2018. The rest of the nations in the region shall also implement it very soon. 

Value Added Tax (VAT)

VAT is a tax on consumption and it is a popular fiscal tool. It is a the tax on consumption; therefore, the burden of tax will be on the consumer more than on the business. It will achieve the twin objective of tax maker viz. It will not change investment decisions of business and it will generate revenue for government.

VAT is charged by suppliers of goods and services and payable on purchases. VAT is collected by businesses from buyer and they have to file a VAT return to authority after ascertaining the net tax payable or refunded to them, if they have already submitted extra tax to the government.

Business requires getting them registered with the VAT authority for being authorized to collect taxes. In various jurisdictions, minimum turnover limits have been specified, for mandatory registration with VAT authorities. The business having lower turnover can register themselves at their choice. However, it is important to note here that once registered, the businesses are mandatorily required to charge VAT on their supplies and are eligible for deduction on purchases.

Excise Tax

It is again a tax on consumption, putting the ultimate burden on the buyer. It is levied on import of goods and services within the country. It is collected by business on behalf of tax authorities and later submitted to the authority along with excise return. Organizations engaged in import or manufacturing of excisable goods shall comply with regulations issued by Excise authorities in the jurisdiction.

What Business Owners need to Do?

    • Check whether your business turnover or activities fall under mandatory registration with the authorities.
    • Register your business with the authorities.
    • Maintain proper books and records for the collection and submission of taxes specific period of time.
    • Maintain a proper record for import of goods and inventory in the warehouse.
    • Have proper systems in place to issue tax invoices to buyers.
    • Maintain proper documents, books and records for payment of taxes to suppliers.
    • File periodic tax returns to avoid penalties for non – compliance.

The Bottom Line

Whether you like it or not, this is now realty and you have to be tax compliant for doing business in this part of the world. The ambitious growth projects of government require sufficient revenues on a sustainable basis and taxes are the most efficient source of revenue for Governments since ages. Governments have already given plenty of time to warm up and prepare yourself to ensure that taxation can be administered properly immediately after implementation. Therefore, the businesses should tighten their belts and start considering what this newly introduced law affects them and take appropriate steps for ensuring compliance with the law.

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Introduction of New Regulations for Tax profile of the listed companies in KSA

Introduction

The General Authority for Zakat and Tax (GAZT), in the Kingdom of Saudi Arabia (KSA) comes up with a new regulatory framework for zakat and tax profile of companies listed on Tadawul by issuing circular no. 6768/16/1438. The new regime requires listed companies to pay taxes on the basis of nationality of shareholders of the company as per tadawul system on the last date of year. The circular shall be applicable to all the financial year ending after issuance. Accordingly, it shall be applicable to the financial year ending on 31st December, 2016 and all the tax and zakat returns for the year ending December, 2016 needs to be in compliance with this circular. This article aims to highlight some major changes brought in by this circular.

Previous Scenario

As per the prevailing scenario, key components for zakat base should be maintained in the books of zakat payer for a period of complete one year to form a part of zakat base. The company’s zakat/ tax liability is generally based on the founding members’ ownership as mentioned in the articles of association. The listed companies can change their ownership multiple times in a year and it may be with a GCC or non GCC national and it does not impact the zakat returns of the company. There is no impact of transfer of listed shares in determining the zakat base for the company.

Major Changes

The circular states that the companies listed on Tadawul will be required to determine their zakat/ tax liability on the basis of ownership shown in Tadawul system on last day of the financial year. These reports can be obtained from “Tadawulaty System” and it outlines the required details for ownership records e.g. residency, nationality, address etc.

  • The circular directs listed companies to file their zakat/ tax returns as per the real ownership percentage as on the last day of financial year and attach a statement showing shareholding ownership pattern by Saudi nationals, non Suadi Nationals and GCC Nationals.
  • It also provides for advance payment of taxes in the following year according to the amount of taxes in the return for previous year.
  • Circular indicates that it shall be applicable to financial year ending after issuance of this circular and previous assessment(s) will be finalized on the basis of information available for them.
  • The listed companies are now required to make provision for their zakat and tax liability on the basis of ownership information available in Tadawul system.
  • If the ownership of the company is in hands of non GCC nationals as per the records available in Tadawul System will now be required to with declaration certification requirements of Article 60 (e) of Saudi Income Tax law, if applicable.
  • The listed companies will not be allowed to consolidate its subsidiary entities for filing zakat returns. Separate zakat and tax returns needs to be filed for each wholly owned subsidiary. It will add the burden of compliance cost for companies.
  • Some of important items which are deductible for zakat purposes may not be deductible in full for tax purposes (for example, loan charges, repairs and maintenance of fixed assets and etc.)
  • Listed companies will now have to bear the burden of additional administrative cost for updating data of ownership structure in the system every year.

Conclusion

The new circular clearly indicates the intention to impose stricter compliances and keep a track of actual ownership of entities. The listed companies should now check their ownership records as per Tawadul system and update the same before the end of the financial year to prepare for ascertaining the zakat/ tax liabilities. Planning before time can help companies to calculate the financial impact on the company as well as ensure timely compliance for all group companies.

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GCC : Will Growth Rate Continue to Decline?

Introduction

Tough days are still on for all six countries of Gulf Cooperation Council (GCC). Various reports and survey including report of World Bank provides for slashing growth rate and tightening of monetary and fiscal policies and increased fiscal deficits. World Bank agrees that the prime reason for this forecast is majorly due to expectation that oil prices will continue to trade on lower levels in comparison to previous years’ prices. Oil prices may marginally increase from current prices but large gap still exists.

What is the Concern?

Although the growth rate for all the countries in the region is predicted to be on a declining mode, United Arab Emirates (UAE) and Qatar are still in better position than other counties in the region. Kingdom of Saudi Arabia (KSA) is expected to be having the worst growth rate decline among all the countries.

The economic outlook for all oil producing counties is deteriorated ever since the start of collapse in prices of oil, gas and energy. Economies that have already diversified their economy are in better position like UAE is expected to outperform its counterparts because a large portion of its GDP now comes from infrastructure and tourism.

Qatar though largely dependent upon oil and gas output but is still going strong because strong financial reserves and large reserves of natural gas.

Other nations, namely, Oman, Bahrain, Kuwait and KSA are hit strongly after an era of rapid growth. A report issued by BMI goes on say that growth rate of KSA is expected to be only 1% for year 2017 and GCC posting a budget deficit of 11% in 2016 with KSA being the worst offender. Oman and Bahrain will also be the bigger contributors to this deficit, report says.

Though there is no sortilege for any of GCC economies going into recession in coming year but a sharp slowdown is forseen. Increased cost of fuel and energy, reduced purchasing power of consumers and continuously falling oil prices have substantially shaken the investor’s confidence resulting in lower investments and increased financial costs due to tightening of liquidity norms.

Bottom Line

GCC nations have already identified the need of hour and started diversifying their economies from oil and gas products on one side and formulating and amending the existing Corporate and Financial Laws to bring them in line with international laws on the other side. KSA already implemented new Company Law, Employment Law, trademark law and arbitration law and will soon be implementing International Financial Reporting Standards for recording of financial statements to increase confidence of international investors. Many other nations are also following the same model to give a boost to their economy and keep the track of rapid growth going on.

For more details reach us at [email protected]

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Implementation of IFRS in Kingdom of Saudi Arabia

Introduction

International Financial Reporting Standards (IFRS) is the set of accounting standards developed, issued and maintained by International Accounting Standard Board (IASB) with an objective to provide uniform accounting standards globally. These standards are already been followed by more than hundred countries including European Union and majority of G20 countries. Many internationally recognized organizations have continuously praised IASB’s initiatives for global accounting standards.

Kingdom of Saudi Arabia (KSA) has also started the process of implementation of IFRS. It will be done in two phases. In first phase all the listed companies will be mandated to follow IFRS with effect from March 2017 and in the second phase all unlisted companies shall be mandated to follow IFRS for SME framework from March 2018. Currently the companies follow local standards issued by Saudi Organization of Certified Public Accountants (SOCPA). Implementation of IFRS is a part of SOCPA Project for Transition to International Accounting and Auditing Standards to bring the financial reporting and transparency level of Saudi Companies at par with their international counterparts and gain confidence of international investors.

The Transition

The deadline of SOCPA to Saudi company for maintaining and reporting of financial records as per IFRS is very close and the companies in the region are concerned about various issues related with transition from old local standards to new international standards. Currently, only banks and Insurance providers follow IFRS in KSA.

It is definitely not going to be a simple process as there are many fundamental differences between the existing and new standards. Many are finding these changes an aid to provide a boon to business, other are concerned about lack of clarity and increased burden of maintaining and reporting requirements.

SOCPA has also added additional disclosure requirements to some IFRS primarily to meet the requirements of Shariah and local law. SOCPA also keeps the power to amend or modify any IFRS if its requirements contradict with Sharia or local law.

How will it impact?

Though majority feels that the impacts will be significant for both businesses and investors, there are still a few who feels it will be less of an impact. Some of the major impacts of these standards will be on calculation of earnings per share (EPS), revenue recognition and cost structures specially for large corporate having complex structures.

One of the major changes for Saudi companies will be revaluation of fixed assets as the current standards do not require any regular valuation of assets and the book value is generally the price paid for acquiring the asset while IFRS require residual value calculation to be done annually. It will significantly impact the asset value the companies. While the companies into real estate will see a sharp upside movement in their asset value, industrial companies will face otherwise, because they have to show depreciated value of their decade old machines whose purchase and installation cost is much higher than their depreciated value on the current date.

Introduction of IFRS will substantially change the shape of balance sheet of Corporates and this will significantly impact the credit ratings and borrowing costs which may result in decreased confidence of international investors and directly brunt to the stock markets in the country.

Bottom Line

Initial few years after implementation of IFRS will be challenging for already grappling economy but in the long run it shall definitely benefit the companies to stand at par with their international counterparts. It can also help the companies to recognize the actual present value of their assets since as per existing standard only historic value of assets are depicted in the books. IFRS will be implemented in the next year and the actual picture will be revealed only after implementation as it is difficult to predict its true impact before practically applying it. It is tough to judge the impact of implantation of IFRS as there are many big companies having many foreign affiliates and already maintaining the records as per global standards.

For more details reach us at [email protected]

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