Archive for December, 2022

Federal Decree-Law No. 47 of 2022 – – the legislative framework for corporate tax on business profits in the UAE

December 21st, 2022

On December 9, 2022, the UAE published the Corporate Tax (CT) Law, which will be effective from the financial years starting on or after June 1, 2023.

https://mof.gov.ae/wp-content/uploads/2022/12/Federal-Decree-Law-No.-47-of-2022-EN.pdf

https://mof.gov.ae/corporate-tax-faq/

https://mof.gov.ae/corporate-tax-faq-ar/

Corporate Tax is a form of direct tax levied on the net income of corporations and other businesses.  Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions.

Broadly, Corporate Tax applies to the following “Taxable Persons”:
● UAE companies and other juridical persons that are incorporated or effectively managed and controlled in the UAE;
● Natural persons (individuals) who conduct a Business or Business Activity in the UAE as specified in a Cabinet Decision to be issued in due course; and
● Non-resident juridical persons (foreign legal entities) that have a Permanent Establishment in the UAE (which is explained under Section 8).
Juridical persons established in a UAE Free Zone are also within the scope of Corporate Tax as “Taxable Persons” and will need to comply with the requirements set out in the Corporate Tax Law. However, a Free Zone Person that meets the conditions to be considered a Qualifying Free Zone Person can benefit from a Corporate Tax rate of 0% on their Qualifying Income (the conditions are included in Section 14).
Non-resident persons that do not have a Permanent Establishment in the UAE or that earn UAE sourced income that is not related to their Permanent Establishment may be subject to Withholding Tax (at the rate of 0%). Withholding tax is a form of Corporate Tax collected at source by the payer on behalf of the recipient of the income. Withholding taxes exist in many tax systems and typically apply to the cross-border payment of dividends, interest, royalties and other types of income.

During this month, FTA will also be running a series of online orientation sessions for EmaraTax users. There will be two sessions per day:

• 10 – 11 am providing you an opportunity to raise specific questions about using EmaraTax;
• 3 – 4 pm focusing on specific aspects of EmaraTax, in particular password reset, returns submission and payments.

This You Tube recording has already been released and will soon also be available in Arabic.

Microsoft Edge update will permanently disable the Internet Explorer 11 desktop web browser

December 19th, 2022

Microsoft announced last week that in February. 2023 a future Microsoft Edge update will permanently disable the Internet Explorer 11 desktop web browser on some Windows 10 systems.

115 June 22was the day Internet Explorer reached its end of support, and the company told customers that the legacy web browser would get disabled via a Windows update.

“The out-of-support Internet Explorer 11 (IE11) desktop application is scheduled to be permanently disabled on certain versions of Windows 10 devices on February 14, 2023, through a Microsoft Edge update, not a Windows update as previously communicated,” Redmond said on Friday.

“All remaining devices that have not already been redirected from IE11 to Microsoft Edge are scheduled to be redirected with the Microsoft Edge update scheduled for February 14, 2023.”

Enterprise admins should to transition from IE11 to Microsoft Edge with IE mode and remove IE visual references from the Start Menu and the Windows taskbar with the Disable IE policy before February 14 to avoid “business disruption at scale when users lose access to IE11-dependent applications.”

Next year’s May non-security preview release and the June Windows monthly security update are designed to remove those in environments where admins do not act before IE11 gets permanently disabled.

Internet Explorer will redirect users to the new Chromium-based Microsoft Edge when launching the Internet Explorer 11 desktop applications. During the process, users’ data (including settings, passwords, and favorites) will be imported into Microsoft Edge to make the switch easier.

Since October 2020, IE11 has automatically launchrd Microsoft Edge when visiting incompatible sites. The list of incompatible sites (managed by Microsoft) contains 7,562 domains, a long list of high-profile online platforms and services, including Facebook, Instagram, Google Drive, Microsoft Teams, Twitter, and many others.

Internet Explorer around for some time yet

Although officially retired from multiple Windows 10 versions on the semi-annual channel (SAC) servicing channel and not shipping with Windows 11, IE11 will still be available on Windows 7 ESU, Windows 8.1, and versions of Windows 10 LTSC client, IoT, and Server. The web browser will continue to receive technical support and security updates on systems that run these Windows versions for the lifecycle of the Windows version.

You can switch to Microsoft Edge with IE mode which enables backward compatibility and will be supported through at least 2029. To enable IE mode in Microsoft Edge, go to edge://settings/defaultbrowser, toggle on the ‘Allow sites to be reloaded in Internet Explorer‘ option, and restart the browser.

Microsoft also discontinued IE support in Teams in November 2020 and also ended support across Microsoft 365 apps and services in August 2021. Other Microsoft services and apps have also ended support for Internet Explorer during the last few years.

Why Dynamics 365 Finance and Operations technology makes a difference.

December 7th, 2022

Microsoft has invested billions of dollars into Dynamics 365 technology and security, which has produced many great new features.

When you move to the cloud, everyone is maintained on the same version, and you will always be in lockstep with Microsoft updates. You can be proactive and flexible in promoting those upgrades into your production environment to enhance your user experience.

Your integrations will become extensions-based, rather than relying on over-layering. This will give you several benefits because Extensions make rolling updates much easier

  • Easier to apply new releases, updates, and hotfixes without affecting customization
  • ISVs provide new releases quicker
  • Reduce the cost and effort involved with an upgrade
  • – all of this without impacting the core code of your environment

We understand why some businesses are hesitant to move to the cloud, but from our view, the benefits outweigh the risk. Microsoft has invested heavily in Azure. It is built on the latest hardware, has 24-7 monitoring year-round, and is consistently updated.

With this move, you will have peace of mind not having to worry about the hardware, energy, labour costs and work associated with backup and disaster recovery. While many businesses feel they have control over their on-site servers, this can lead to a false sense of security. Cyber threats are prevalent and getting faster and more sophisticated. Whether a business has on-site servers with a backup plan or not, many simply aren’t prepared for the worst-case scenario unless they have a large internal IT team or pay for a costly third-party IT service.

Microsoft recognizes this and has over 3,500 Azure cybersecurity professionals working to protect its cloud and has invested in it to the tune of over $1 billion annually. Simply put, upgrading takes that load off your shoulders and puts it onto a specially trained Microsoft team.

Azure also has thousands of connectors, and a Dataverse ( Common data model) to integrate non-Microsoft systems with your Dynamics 365 Finance and Operations environment.

One of the greatest benefits of upgrading is you can create low/no-code applications using the Power Platform. Power BI, PowerApps, Power Automate, and the Dataverse combine to form the Power Platform, a program that integrates seamlessly with Dynamics 365 solutions.

It lets you compile, design, and publish your data very easily into visually appealing reports and dashboards that can be used internally and externally and published to workspaces or organizational/public-facing apps.

Create apps for your team to have the information they need to work from wherever they are, on whatever device they use..

One of the best features of the Power Platform is that data changes synchronise across your system. For example, go into a system to update a client’s contact information, and that change will update in all your connected systems.

Power BI is a cloud-based analytics tool that gives you a single visual view of your most critical business data. You can create reports on the health of your business, dashboards displaying critical numbers and figures that help your staff work, and rich and interactive visualizations. It is easy to use and integrates seamlessly with Dynamics 365 technologies. There are out of the box embedded dashboards and Synergy has created many client specific dashboards.

Time to move to Dynamics 365 Finance and Operations with Synergy Software Systems

December 7th, 2022

No more Dynamics Ax support

Most versions of Dynamics AX are off both Mainstream and Extended Support, which means they have no access to new features, and will not get fixes for either non-security or security issues, and cannot reach out to Microsoft for one-on-one support.

AX 2012 R3 is on extended support, but that support cycle will end on January 10, 2023. Extended support means you still get security fixes. However, you have no access to new features, and need to pay an annual fee plus a per-incident charge for non-security fixes and access to support.

From January 2023, all Dynamics AX customers will be on their own for Microsoft core code and security threats, or for issues about compatibility with database or operating system changes. It’s essential to have a proven partner to support local builds and customisations and to help explain and manage the upgrade process.

That’s why if you have not already moved to Dynamics 365 Finance and Operations then time has run out. Urgent action is advised. It takes time to review options, to understand the different licences, the many new features, the new technology platform, and to mobilise resources and to reimplement an enterprise company.