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Economic Substance Regulation Update

  • 24 June 2020
  • 14:00 - 15:00
  • Webinar

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View the webinar recording HERE.


Join the Canadian Business Council (CBC) Abu Dhabi for a live webinar in collaboration with PKF International Limited on the topic: Economic Substance Regulation Update.

As per the Economic Substance Regulation, all UAE onshore and free zone companies and other UAE business forms are required to notify to the Relevant Authorities as to whether they are conducting the relevant activity or not as per the regulation and required to file the necessary details as mentioned in the notification form. The notification deadline for entities licensed in Abu Dhabi Global Market (ADGM) is 30 June 2020.

Expert speaker, Sarika Dhameja, Head of Tax Services, PKF will be presenting the following topics: 

  • Brief background on introduction of ESR in the UAE
  • Overview of ESR rules implemented in UAE comprising of 9 relevant activities: banking, insurance, fund management, lease-finance, headquarters, shipping, holding company, intellectual property (IP) and distribution and service center
  • Requirements of ESR
    • Conduct CIGAs in the UAE
    • Demonstrate fulfilling of Substance Test pertaining to relevant activities conducted in UAE
  • Reporting requirements
    • Compliance
      • Filing of Notification as per prescribed timelines
      • Filing of detailed report if UAE entity conducts relevant activity
    • Penalties for Non-compliance

Speaker: 

Sarika Dhameja, Head of Tax Services, PKF UAE
Sarika has 20 plus years of experience in Taxation including International Taxation, Indirect-taxes, inbound and outbound tax planning, optimization of taxes in Global contracts, Acquisition structuring and Transfer pricing. She actively handled implementation of VAT in UAE, Service-tax in India and several other tax related implementations such as Fringe Benefit Tax, General Anti-Avoidance Rules, BEPS projects etc. She has also been involved in dealing with advisory matters related to International taxation, Economic substance regulations, Country by country reportings, led structuring for several MNCs and large clients for tax planning and has represented clients in high profile tax audits and litigation proceedings before various tax authorities/forums. Sarika has authored various articles in international publications and has also presented many tax technical topics in public forums.

Moderator:

Sameer Khoury, Treasurer and Board Director of CBC Abu Dhabi. Sameer is a seasoned finance and commercial executive with over 20 years of international experience in a multitude of industries: engineering and construction (EPC), oil & gas, large infrastructure and PPPs, financial services, aviation and public accounting. He began his career in a public accounting firm in Canada, joined Northwest Airlines head office and then TCF bank, both in the USA. In 2006, he moved back to Canada, joined the international EPC contractor, SNC-Lavalin head office at Montréal, Canada and assumed different roles with increased responsibilities and most recently as VP commercial & risk heading the oil & gas operations in the EMEA region (Europe, Middle East and Africa). A Chartered Professional Accountant (CPA, CA) from CPA Canada as well as a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA) in the United States, Sameer also a graduate of Executive Masters in Business Administration (EMBA) and a Bachelor of Commerce from Concordia University – John Molson School of Business in Montréal, Canada.

Registration:

  • CBC members and non-CBC members: Complimentary

Participating Business Councils:

  • AmCham Abu Dhabi
  • British Business Group Abu Dhabi
  • Canadian Business Council Abu Dhabi
  • Pakistan Business Professional Council
  • Swiss Business Council Abu Dhabi

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