With the introduction of the excise duty and impending vat regime there is going to be an increased pressure on firms to ensure their tax procedures and processes are up to international standards when reporting and record keeping.  The local trend for the region is towards tax reporting and in turn transparency.  For example, when the UAE signed up to the Multinational Convention on Mutual Administrative Assistance in Tax Matters in 2017 it signaled the commitment of the state to combat international tax avoidance and evasion.  The UAE has shown its commitment to remain on track to fulfill its obligations under the Common Reporting Standards (CRS), for which information will have to be provided in 2018.  [source lexology.com]

Tax Transparency’ (‘TT’) is the term adopted to describe the objective of ensuring that Tax payers business activities are not associated with any arrangements which are known or suspected to be designed for tax evasion.
Tax evasion, and in most countries the deliberate facilitation of tax evasion, is a criminal offence. Entities and especially Banks may be subject to legislation which imposes strict liability where staff or other persons acting for them facilitate tax evasion unless it can be demonstrated that reasonable preventative procedures are in place. Deliberately and dishonestly ‘turning a blind eye’ to evidence of tax evasion is regarded as facilitation.

We have designed a new Accredited CLPD course on Tax Transparency where we will discuss:

– How governments react toward taxpayers’ tax evasion and aggressive tax avoidance
– What is the difference between Tax Planning, Tax Avoidance and Tax Evasion
– How to identify Tax Evasion
– What are the possible Tax Evasion and Tax Avoidance schemes that can happen in the UAE

For further information and to book click here: