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Research & Insights

Nishe Publications

UAE businesses need to get cracking to be ready for June 2023’s corporate tax regime

Preparing for VAT will ensure that UAE businesses need less lead-time to be ready

UAE’s F&B businesses will not raise prices ahead of Ramadan despite higher food costs

“All are worried about the consequences to their businesses such as squeezed margins, stock shortages, and the inability to ship the items on time,” said Nasheeda, Partner at Nishe Auditing on what her clients linked to the food trade plan to do. “In the short run, most seem to be in a reactive mode. Depending on the nature of the products, many are intending to pass on at least a part of the increased costs to customers as there is only so much squeeze on margins they can take. I have also seen businesses who have lost out on their pre-Ramadan season due to shipping delays.

“While it is not clear how long these uncertainties will continue, there are also worries that, even if the Russia-Ukraine crisis gets resolved, some of the increased prices are here to stay in the long run. If that happens, it means many businesses will have to take a relook at their business strategies to remain buoyant.”

For now, though, they are only intent on seeing through the Ramadan and Eid phase. And deliver no price pain on their consumers.

Economic Substance Regulations

Economic Substance Regulations in the UAE – Deadlines announced

Economic Substance Regulations (“ESR”) were introduced by the UAE Government in 2019. ESR impacts all entities licensed in the UAE whether on the mainland or in the free zones. Penalties for non-compliance with ESR range from AED 10,000 to AED 50,000.

There are two reporting requirements under ESR – (1) filing of an annual Notification; and (2) filing of an annual Return. These have to be filed for financial years commencing on or after 1 January 2019.

Recently, many Regulatory Authorities in the UAE have announced 30 June 2020 as the deadline for Notification for the first financial year under ESR Rules. Deadline information for Notification is awaited from other Regulatory Authorities.

The Annual Return has to be filed within twelve months from the financial year-end.

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BUSINESS

At a Glance – Doing Business in GCC

If you are seeking information about doing business in the GCC countries, this new publication of Nishe can be your starting point. At a Glance – Doing Business in GCC is a one-page downloadable document providing some key statistics and other relevant information covering the UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar.

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VAT

At a Glance – VAT in GCC

In this new Nishe publication, we provide a high-level overview of some of the major VAT rules of UAE, KSA and Bahrain as a downloadable one-page PDF document. We hope you will find this informative.

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Accounting

The tricky question of accounting for leases

I live in a leased townhouse and run my business from a leased office. This is likely to be the story of many people and businesses in this region.

Accounting

No more of lease deals that are off the books

“One of my great ambitions before I die is to fly in an aircraft that is on an airline’s balance sheet,”