AURIFER

AURIFER

Your tax advisers in the Middle East

We are Aurifer. We are a boutique
tax firm established in Dubai.

Our highly skilled and well-trained advisers guide you through your fiscal obligations in the Gulf.
We are your personal pragmatic partner in all of your ventures. Our international tax experience in policy and
implementation is exactly what you need for the changes lying ahead.
We exist to guide businesses and governments through assessing the impact of new VAT legislation and provide strategic tax advice to address any issues, seize possible opportunities. Together we determine your tax strategy and processes to ensure compliance and keep your financial edge. This may entail important changes to your corporate strategies and structure, such as merging, demerging or divesting some of your assets. In order to determine the impact we need to not only analyze your income but also all of your purchases and expenditure.
Our comprehensive analyses examine the impact on your organizational processes as well as the finance, IT and logistics department, HR, marketing and sales.

Aurifer assists in tax controversies with the tax administration. We guide you through initial stages of securing tax treatment through agreements with the tax authorities, through administrative controversies after an audit, and finally before the courts through our partnership with renowned law firms.
Traditionally, businesses in the Gulf have had some experience with corporate income tax, especially with respect to their foreign investments. Our experts guide you through questions around tax residency, analyzing how double income tax treaties apply to your structure and transfer pricing requirements.

The experts of Aurifer are also available for short term projects to assist clients more closely with particular tax transformation projects.

Who we serve

The introduction of Value-Added Tax in the Gulf triggers a need
for governments and businesses to understand the implications to their organization.

The advisers

Thomas Vanhee
Thomas Vanhee
Founding Partner
Roberto Scalia
Roberto Scalia
Of Counsel

We provide tax training
.

At Aurifer, we pride ourselves on our training skills. Our experts have extensive training experience in multiple jurisdictions, having provided training both to professionals and on an academic level. We provide general and sector specific training.


Training Overview

News

Ten days to go before the KSA Tax Amnesty ends

Ten days to go before the KSA Tax Amnesty ends

20200921 by Thomas Vanhee, Faisal Al Asousi
COVID19 had a profound impact on economies globally. KSA responded to the impact by increasing the VAT rate from 5 to 15% and take a number of economic measures to stimulate the private sector. The KSA tax authority, the General Authority of Zakat and Tax, also took a number of initiatives.

Ten days to go before the KSA Tax Amnesty ends

Ten days to go before the KSA Tax Amnesty ends
20200921 by Thomas Vanhee, Faisal Al Asousi

COVID19 had a profound impact on economies globally. KSA responded to the impact by increasing the VAT rate from 5 to 15% and take a number of economic measures to stimulate the private sector. The KSA tax authority, the General Authority of Zakat and Tax, also took a number of initiatives.

The GAZT initiatives contained several measures in respect to Zakat, CIT, VAT and Excise Tax. They included amongst others deferrals of import VAT, and additional delays to submit tax returns. One important feature though was that it contained a Tax Amnesty.

The Tax Amnesty is essentially a penalty waiver program under which tax payers can correct their position without being penalised. Such programs have proven to be hugely successful in other jurisdictions .

The initial deadline to make use of the Tax Amnesty was 30 June. Many tax payers took advantage of the deadline and managed to disclose their positions without penalties.

The deadline for the Tax Amnesty was subsequently extended to 30 September 2020 and is now set to expire in 10 days. It is likely that this is the last chance to benefit from this initiative, before GAZT steps up compliance enforcement. 

Under the Tax Amnesty, all Zakat, CIT or mixed Zakat and CIT paying entities would not be penalized for any failure to file, pay, or register late, provided they correct their positions before the end of the deadline and pay the taxes due. 

Some important penalties are for example:

  • Penalty for late VAT registration : 10,000 SAR
  • Late payment penalty for VAT : 5% to 25% of the liability in the tax return with an additional 5% for each month after this tax due 
  • Late payment penalty for CIT: up to 20K SAR per tax return and 1% for every 30 days.  

Given the impact of the latest Ministerial Decision amending the Income Tax By-Law , the Tax Amnesty has gained in importance. The change applies retroactively to 1 January 2020.

The amendment to the By-Law removes the limitation to consider a KSA company up to the second level of indirect ownership to determine its liability under Zakat or CIT. Such structures were already controversial and looked at closer by GAZT. It considered that in some cases tax payers “manipulated” share holdings to unlawfully obtain a (generally lower) Zakat liability instead of CIT. It treated such cases as tax evasion. 

Disclosing such a structure and paying the dues without penalties can only be done anymore for the next 10 days. The same holds for any other situation of non compliance in KSA.

Tax payers should act now, before GAZT steps its enforcement once the Amnesty Period ends.

Get in touch with our KSA tax team via thomas@aurifer.tax or faisal@aurifer.tax to know more.

New ESR Law

New ESR Law

20200831 by Thomas Vanhee
Attend our webinar on the new ESR law in the UAE. Register via lovely@aurifer.tax

New ESR Law

New ESR Law
20200831 by Thomas Vanhee
Attend our webinar on the new ESR law in the UAE. Register via lovely@aurifer.tax

UAE VAT Business Refund - File before 31 August 2020 for 2019 expenses

UAE VAT Business Refund - File before 31 August 2020 for 2019 expenses
20200817 by Aurifer
The deadline for claiming 2019 expenses under the Business Refund Scheme in the UAE expires on 31 August 2020. Attached is an overview of the requirements and the relevant deadlines for all GCC countries which have implemented VAT.
READ OVERVIEW

Our library

About these books
Aurifer's employees are published authors. Order any of the above publications through our office. Please note that some publications may not be in English, but instead are in French or Dutch. More publications are to follow shortly.