Shahbaz Sarwar’s Post

A growing push at the IRS to assess more transfer pricing penalties has sparked concerns among taxpayers that the agency is able to penalize any position it disagrees with—and even solid supporting documentation isn’t enough to eliminate the risk. The agency made the shift in recent years following internal criticism that it let companies off the hook for penalties if they provided even low quality documentation to prove their transfer pricing positions. But now, tax lawyers say the change means the IRS could assess penalties whenever it disagrees with the transfer pricing method the taxpayer chooses in its analysis, even if that choice is supported by thorough documentation and robust data. Read more below: #transferpricing #internationaltax #corporatetax #irs

Hello everyone! 🌟 Attached is a summary of the new Tax Residency Guide issued by the FTA. This guide is packed with essential insights on eligibility, timeframes, and restrictions for obtaining your Tax Residency Certificate. Dive in and stay informed!📄✨ Riddhesh Shah Shiny Mascarenhas #tax #taxfacts #uaetax #fta #taxresidencycertificate #auditing #finance #business #suntechauditorsandconsultants

Latest guide on Tax Resident and Tax Residency certificates, clarifies a host if things. Take a look at a short summary prepared by our team. TRC can only be applied for the current or past tax periods not future. Juridical person can apply for TRC after 3 months into a tax period where natural person can apply only after fulfilling conditions I.e., 180 / 90 days. #tax #uae #taxresident #dubai #uaecorporatetax

📢 Attention all businesses! The Federal Tax Authority urges all Taxable Persons to register for Corporate Tax ASAP to avoid hefty penalties. Failure to comply will result in a penalty of AED 10,000/-. Don't stress—Brooks Management Consultancies is here to help! We streamline the registration process, ensuring you're compliant and penalty-free. Let us handle your tax needs so you can focus on what you do best. ☎ +971 55 378 1492 📞 +971 4 8786553 📧 info@brooksme.com #corporatetax #taxcompliance #brooksmanagementconsultancies #taxregistration #avoidpenalties #businesssupport #uaetax #finance #accounting #businesstips

𝐃𝐚𝐲 𝟑: 𝐏𝐫𝐢𝐜𝐞 𝐒𝐞𝐭𝐭𝐢𝐧𝐠 𝐟𝐨𝐫 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐏𝐚𝐫𝐭𝐲 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬! 📏💼 With only two months remaining in the first tax period, it's essential to ensure that price setting for related party transactions adheres to the Arm’s Length Principle. This principle requires that terms and pricing between related parties reflect the conditions that would apply if the transactions were between independent parties in comparable circumstances. Did you know? Failing to apply the Arm’s Length Principle can lead to adjustments by tax authorities, who may require prices to reflect fair market value Take proactive steps now to confirm that all related party transactions meet Arm’s Length standards. Stay with us for daily tips to keep your tax strategy on track! 🚀 Riddhesh Shah Shiny Mascarenhas #tax #uaetax #uaebusiness #taxstrategy #freezone #impactassessment #armslength #auditors #consultants #suntechauditorsandconsultants

📢 Attention!!!! The corporate tax registration deadline has been announced, and it's time to ensure compliance for a seamless fiscal year ahead 🚨 Remember, failure to register on time could result in significant penalties, with fines starting at AED 10,000. Reach out to us today to learn more about the registration process and how we can help you meet the deadline with ease. Let's ensure your business is primed for success in the upcoming fiscal year! 💪🚀 #CorporateTax #DeadlineAlert #TaxCompliance #BusinessSuccess #GetInTouchToday #ZBS

✨ Important Update for All Tax Registrants! ✨ Starting 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟭, 𝟮𝟬𝟮𝟰, registrants who update their tax information during the 𝗴𝗿𝗮𝗰𝗲 𝗽𝗲𝗿𝗶𝗼𝗱—which runs until 𝗠𝗮𝗿𝗰𝗵 𝟯𝟭, 𝟮𝟬𝟮𝟱—will not face administrative penalties for delayed updates. And there's more: If you’ve already been penalized for not updating within the legal timeframe, those penalties will be 𝗿𝗲𝘃𝗲𝗿𝘀𝗲𝗱. But here’s the key: this applies to the period from 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟭, 𝟮𝟬𝟮𝟰, until the grace period is fully reflected in the FTA system. 🔑 Don’t miss this opportunity to make sure your records are accurate—without any penalties! Do you have any questions about this? Drop them below or reach out directly. Contact us at 𝘄𝘄𝘄.𝘆𝗼𝘂𝗿𝗼𝗳𝗳𝗶𝗰𝗲𝗽𝗮𝗿𝘁𝗻𝗲𝗿𝘀.𝗰𝗼𝗺 #TaxUpdates #FTA #Compliance #Finance #yourofficepartners

HMRC has published guidelines on common risks in transfer pricing compliance, which contain a lengthy analysis of areas of risk and what HMRC sees as best practice for compliance and policy design in this area. These new guidelines, which form part of HMRC’s wider Guidelines for Compliance, should be required reading for affected businesses in indicating HMRC's expected benchmark for compliant transfer pricing policies, documentation and activities going forwards. The guidelines reflect areas in which we have seen HMRC focus over a number of years, and will be an important resource for re-evaluating aspects which may be reviewed by HMRC during enquiries and how these may affect the penalty position. For more details read our Insights article at https://lnkd.in/eBUq3FbY #transferpricing #hmrc #tax

R&D Tax Credits: How to identify qualifying activities and expenditure in your business. Our experts can help businesses identify and document qualifying R&D projects and costs whilst ensuring compliance with HMRC requirements. Contact us for a no obligation assessment. Support for Existing Claimants 1. Conduct a thorough review of your current claim process in line with current HMRC requirements, identifying areas for improvement and uncovering potential underclaimed or overclaimed activities/costs. 2. Bespoke HMRC enquiry support in the event of a compliance check, leveraging our extensive experience in successfully defending R&D claims and supporting our clients with record keeping processes. 3. Provide a competitive fee comparison to ensure you're getting the best value for your R&D Tax Credit services. We often find businesses are not getting the best value from their current arrangement including cover for HMRC enquiries. #RDTaxCredits #QualifyingActivities #InnTax #InnovationTax #CorporationTax #researchanddevelopment #randd #randdtaxcredits #taxrelief #accountants #innovation #hmrc #funding #rdtax #taxincentives #tax #taxrelief

What are the compliance requirements for a Free Zone Person under the Corporate Tax Law? Free Zone Persons must register with the Federal Tax Authority (FTA) as outlined in FTA Decision No. 3 of 2024, or risk facing administrative penalties. Even if revenue is below AED 50 million, a Qualifying Free Zone Person is required to prepare audited financial statements & document the calculation of Qualifying Income. Tax Returns & Corporate Tax payments must be filed & paid within 9 months from the end of the Tax Period. Additionally, maintaining records & documents for 7 years is essential. Stay compliant & avoid penalties by reaching out to Creation Business Consultants for expert advice & tailored support tax@creationbc.com or 📞 +971 4 878 6240 | +971 505 36 1923. #CorporateTax #FreeZone #Compliance #FTA #TaxRegistration #FinancialStatements #TaxReturn #BusinessCompliance #TaxAdvice #CreationBC #UAEBusiness #MiddleEastFinance #TaxPlanning #CorporateGovernance