Archive for the ‘Dubai and regional news’ category

AML/CFT – Anti-money Laundering & Combating the Financing of Terrorism – Regulatory compliance

August 23rd, 2021

Global Governments have implemented concerted measures to increase the scrutiny of AML/CFT processes and controls, to fight financial crimes.

In December 2020, the UAE Cabinet adopted the formation of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism with an aim to follow the international requirements in this sector. The Ministry of Economy (MoE) sent out e-mails to all companies with a link to the Annual AML/ CFT Risk assessment form along with deadlines for each category of DNFBPs.

All Designated Non-Financial Businesses and Professions (“DNFBP’s) must register on a “goAML portal” before 31 March 2021.  So any ‘grace period ‘ is well over.

The goAML portal is a integrated platform used to file Suspicious Transaction Reports (STRs) and/or Suspicious Activity Reports (SAR).

It is your obligatory duty under the Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019, to have procedures in place to report Suspicious Transactions to manage anti-money laundering (“AML) and counter terrorist financing (“CFT”). This system will allow you to help authorities identify criminal and suspicious activity.Failure to register on goAML may result in severe penalties invoked by the Ministry of Economy. We therefore urge you to treat this notice as a matter of priority and complete your application to ensure access to the goAML system.

Non- compliance to this will attract fines up to AED 5 Million!
In addition to the financial sector, this regulation applies to all Designated Non-Financial Businesses and Professions (DNFBP), and the members of their boards of directors, management, and employees, established and/or operating in the territory of the UAE. They are applicable to all such natural and legal persons in the following categories: 

Auditors and accountants; 
• Lawyers, notaries and other legal professionals and practitioners; 
• Company and trust service providers; 
• Dealers in precious metals and stones; 
• Real estate agents and brokers; 
• Any other Designated Non-Financial Businesses and Professions (DNFBPs) not mentioned above.

All such businesses must:

• register with the Financial Intelligence Unit (go AML)

enroll on the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions List).

To determine whether you are likely to be a DNFBP go to: https://www.economy.gov.ae/english/AML/goAML/Pages/verify.aspx

e-invoicing in KSA and Dubai – does your system meet the requirements? Ask Synergy Software Systems.

July 16th, 2021

The Kingdom of Saudi Arabia (KSA). The Kingdom announced e-invoicing for resident companies, which was published on December 4, 2020. e-invoicing will become mandatory for tax payers from December 4, 2021.

The aims of the e-invoicing mandate are to provide more transparency, and enhance consumer protection and anothee benefit of e-invoicing implementation is the readability of the invoice formats

. Companies registered in Saudi Arabia should immediately start updating or changing their systems and processes to support issuance of e-invoices. This may be a little challenging. However, the key to successful implementation is to start early.

Note that Dubai has also announced similar legislation.

If you need to upgrade or change your system or to .add additional functionality to your systems to comply with the invoicing mandate then please contact us 009714336589

On this blessed occasion of Eid, we wish you and your family good health, wealth and prosperity. And don’t forget to take a reflection on you and your business this Summer.

Synergy Microsoft Gold partnership

June 23rd, 2021

Our Microsoft Partner Network Gold competency membership has been confirmed again for the 15th time.

Ramadan 2021 – change to working hours

April 12th, 2021

 The start date of the holy month depends on the sighting of the Moon because the Islamic calendar is based on the lunar cycle. The Moon-sighting committee – a group of astronomers, court officials and advisers from the country’s Islamic authority – typically convenes after maghrib, or sunset, prayers on the 29th day of Sha’ban to look for the new crescent moon. The holy month of Ramadan will start when determined by the UAE Moon-sighting committee which is  to meet on Monday. So the first day is expected to be Tuesday  If they see it, then Ramadan begins the following day. If not, Sha’ban will last 30 days and Ramadan will begin thereafter.

Ramadan is the ninth and holiest month of the Islamic – or Hijri – calendar. It is also believed to be the month the Quran was revealed to the Prophet Mohammed. Muslims fast from sunrise until sunset every day of the month, which is typically either 29 and 30 days. As well as abstaining from food and drink, Ramadan is also a time when Muslims strengthen their faith through prayer and increased recitation of the Quran.

Piety increases during the final 10 days, when Laylat Al Qadr is believed to fall. That night is believed to be when the Quran was revealed to the Prophet Mohammed.It is traditionally celebrated on the 27th night of Ramadan but its exact date is unknown. The rewards for acts of worship carried out on this night are said to be more than the rewards of 1,000 months of worship.

Ministries and other federal institutions will be open from 9am to 2pm during Ramadan.

Synergy Software Systems and Deyafa Systems offices will be open for support calls from 9-4 Sun-Thu during Ramadan. Outside those hours there will be minimal staffing.

Some general Ramadan Do’s and Don’ts

DO… make the most of the community spirit. Say ‘Ramadan Kareem’ to friends and colleagues, introduce yourself to those neighbours you’ve always meant to say hi to, organise an after-work iftar, and catch up with friends and family.

DO… understand that many locals become night owls. Everything happens later during Ramadan. Malls are open past midnight and suhoors go into the early hours. Similarly email responses may take longer as will processing visas, or just about any other government business transaction

Demos are not likely to overrun at end of day

DO… your bit for a good cause. Ramadan is a good time to put your money where your mouth is. The UAE has a wide range of charitable and volunteering organisations.

DON’T… forget the ‘rules. If you’re not a Muslim, then they still apply – you’re still expected to be respectful. It’s frowned upon to dress inappropriately, eat, drink or smoke during daylight, play loud music or swear in public. At the very least these things are frowned upon and will cause discomfort to others, and at worst you may find yourself in trouble with the police or fined.

DON’T… lose your patience. Working hours are likely to be shorter (and perhaps a little less productive), those who are fasting tend to be tired, and the UAE’s roads will be more hectic at times. Remember that Muslims may be fasting for more than 14 hours a day.

Do Exercise caution: large crowds gathering to break their fast can be targets for extremists,. Always be aware of your surroundings especially when travelling . outside of the UAE. Also be aware that common thieves and professional beggars also target charitable alms givers during Ramadan and Eid

A set of mandatory guidelines for worshippers attending prayers across mosques in Dubai during the holy month of Ramadan, have been announced. The Islamic Affairs and Charitable Activities Department in Dubai (IACAD) said that Isha and Taraweeh prayers can be performed in mosques, as long as worshippers observe precautionary guidelines, including wearing of face masks and maintaining physical distancing.

Dr. Hamad Al Sheikh Ahmed Al Shaibani, director general of IACAD, said: “Crowding in the mosques or its precincts is strictly prohibited. The duration of prayers remains the same as previously announced. However, Isha and Taraweeh prayers are capped at 30 minutes (including Azan and Iqama). Mosques will be closed immediately after Taraweeh prayers are completed.”Al Shaibani further said that the guidelines for worshippers during Ramadan are part of measures directed by Dubai’s Supreme Committee of Crisis and Disaster Management. All mosques in Dubai will be frequently sterilised throughout the day during Ramadan to ensure safety and prevention, he added.

The maximum duration of both prayers in mosques has been capped at 30 minutes. Worshippers praying in mosques must bring their own prayer mats, and must strictly avoid handshakes and any other physical greetings that breaches physical distancing protocols. They must also maintain a safe distance from other worshippers as guided by floor stickers.

Lectures and seminars in mosques remain suspended. However, worshippers have the option to virtually attend lectures. Worshippers are also advised to read the Quran through smart devices inside the mosques. The department will evaluate the situation before making a decision on Qiyam-ul-layl (late night prayers) performed during the last ten days of Ramadan. The Supreme Committee will be updating its guidelines in this regard, official news agency WAM reported. Organising Ramdan, Iftar and donation tents and Iftar tables is strictly prohibited. Donations should be channeled through accredited charity organisations in Dubai.

Meanwhile, general guidelines for praying in mosques include: –

  • The mosque will remain open from the time of azan until the end of obligatory prayer.
  • Maximum duration of Isha and Taraweeh prayers in mosques is capped at 30 minutes.
  • Isha prayers will be held five minutes after the azan.
  • The mosque’s doors will be kept open from the beginning of the azan until the end of congregational obligatory prayer.
  • Performing a second congregational prayer or praying alone after the completion of main prayers is not permitted; worshippers must avoid crowding.
  • All mosques will close immediately after the prayers.
  • The distribution of food or any other items such as face masks at the entrance of the mosque is strictly prohibited.
  • Individuals with chronic illnesses or compromised immunity are advised not to pray in mosques and avoid crowds.
  • Intensive inspections will be conducted to ensure strict adherence to precautionary guidelines during Ramadan; violators will face penalties.

The UAE reported 1,883 Covid-19 cases on April 7, raising the nationwide toll to 476,019.

Eid Al Fitr is the annual three-day celebration after the last day of the Islamic month of Ramadan to Shawwal 3. It’s been predicted that Eid al Fitr could fall on May 13

 سائلين الله عـز وجـل أن يرزقكـم فيه مغـفـره ورحمه وعتق من النار.

May all your prayers be answered

Wi-Fi-6E is coming in 2021

January 9th, 2021

Many of this year’s new phones, laptops, TVs, routers, and more will come with support for Wi-Fi 6E,

Wi-Fi 6 and previous generations of Wi-Fi use the 2.4 GHz and 5 GHz radio bands. A “Wi-Fi 6E” device is one that is capable of also operating on the 6 GHz band,

This new upgrade to Wi-Fi is like expanding your wireless connection from a two-lane road to an eight-lane highway. It’s the biggest upgrade to Wi-Fi in 20 years, and connections should be faster and a lot more reliable because of it.

The Wi-Fi Alliance, is starting to certify the first wave of products with support for Wi-Fi 6E. Phones, PCs, and laptops with support should reach the market in the first months of 2021, according to the IDC research group, and TVs and VR devices with support are expected to arrive by the middle of the year. Intel announced that it will have WI-Fi 6E chips available in January 2021, The new Snapdragon 888 processor chip includes support for Wi-Fi 6E so it should be present in many of this year’s top Android phones. It’ll be some time before most new devices are shipping with Wi-Fi 6E, even by the start of 2022, IDC only expects 20 percent of shipping Wi-Fi 6 products to also support Wi-Fi 6E.

Wi-Fi 6E devices will be backward compatible with Wi-Fi 6 and previous Wi-Fi standards. But, to take advantage of those new 6 GHz channels in Wi-Fi 6E, you’ll need to be using devices that support it. In other words, you’ll be using Wi-Fi 6E once you pair a Wi-Fi 6E-enabled client device (like a laptop or smartphone) and a WI-Fi 6E-enabled access point. With Wi-Fi 6 devices and a Wi-Fi 6E-enabled router, none of your devices will communicate over Wi-FI 6E. They’ll all be using Wi-Fi 6 on the typical 5 GHz or 2.4 GHz channels.

Wi-Fi 6E relies on a huge expansion of the wireless airwaves available to consumer devices .Existing Wi-Fi devices operate on two spectrum bands, 2.4GHz and 5GHz. Wi-Fi 6E adds a third — 6GHz — and there’s a lot more of it, thus quadrupling the total amount of airwaves used for typical Wi-Fi. We can have larger, higher-speed connections, and the airwaves are less likely to be congested. In an apartment building, for instance, your neighbors’ Wi-Fi networks might interfere with your own. With Wi-Fi 6E, there’s a lot more bandwidth to go around, so there’s less of fighting over the exact same airwaves.

Though the US has approved use of 6GHz airwaves, communications regulators in other countries also need to approve the spectrum for Wi-Fi use, The UK, EU, South Korea, Chile, and United Arab Emirates have all given a green light on allowing 6GHz usage for Wi-Fi, while regulators in Brazil, Canada, Mexico, and Japan are among others where progress is being made.

OMAN VAT update November 2020 -ask Synergy Software Systems

November 27th, 2020

The International Monetary Fund, Oman’s economy is expected to shrink by 10 percent this year, the biggest contraction in the Gulf, and its fiscal deficit could widen to 18.3 percent of GDP from 7.1 percent last year.

Last year Oman enacted on June 15 an electronic system for registering excise taxpayers, setting the stage for residents to be taxed on products deemed harmful to public health and the environment after a 90-day grace period. The Omani “sin tax” involves a 100% levy on tobacco, pork, alcohol and energy drinks and a 50% tax on carbonated drinks. This year it increased the tax on alcohol to 100%

Oman announced that it expects to introduce an income tax on high earners in 2022, the finance ministry said in a 2020-2024 economic plan, new details of which were published late on Sunday, as the Gulf state seeks to restore finances battered by low oil prices.

The plan also aims to redirect state subsidies to those groups who need it, rather than subsidize all users. Electricity and water tariffs will be changed gradually in the coming years, the document said.

Meanwhile Oman Royal Decree No. 121/2020 was passed, and the VAT Law was published by the Official Gazette of Oman on 18 October 2020. The date of implementation is expected to be 16 April 2021 (i.e. 180 days from the date of publication of the VAT Law). The Executive Regulations will clarify certain aspects of the VAT Law and those are expected to be published soon by the Official Gazette.
In the next 4-5 months’ time, businesses in Oman should consider the implementation impacts on the entire business, operations, procurement, sales, administration, human resources, information technology, etc. We advise an internal steering committee with a representative from each function.

The VAT Law published is exhaustive with the benefit of the experience of other GCC VAT Laws.

Registration
Muscat has set a voluntary registration threshold of 19,250 Omani riyals and mandatory registration for businesses and individuals with turnover of at least 38,500 riyals.
Non-resident businesses that provide taxable supplies will be required to VAT register. Unlike resident businesses, there will be no minimum threshold that needs to be met before nonresident businesses must register for VAT with Omani authorities. A non-resident business will probably have an option to appoint an agent in Oman – that does not have to be jointly and severally liable, nor a fiscal representative of the principal. More detail is expected in the executive regulations.
Rules for digital service providers based outside of Oman are still in development. Digital service providers based outside of Oman, as well as e-commerce services, will need to pay careful attention to regulations over the coming months to ensure compliance.

VAT impact assessment,
Administration:

• VAT registration and gathering information from customers
• VAT recovery issues and VAT grouping
• VAT litigation avoidance strategies

The VAT fiscal impact,
• budgets, cash-flow, working capital, etc. Financial record keeping it is to be expected, that any company found to have kept inadequate records or issued incomplete invoices may be subject to potentially severe fines.
IT impact,
Ascertain the impact on the accounting system software and hardware such as gathering and loading data, developing statutory reports, amending other financial reports.
• The law sets out rules for proper record keeping and invoicing. All VAT-registered entities must keep specified records, including customs and invoicing documentation, and retain these records for at least 10 years. Archive storage space/cost and the impact of future planned system upgrades needs to be considered.
• The law specifies mandatory filing requirements, including documentation required when filing VAT returns. Now might be a good time to look at both document management systems and RPA e.g. for data entry validation, or VAT reconciliation or for data entry to government websites.

Process and documentation impact,
Redefine the processes under VAT – quotes, contracts and terms and conditions will need revision. Update your process documents for audit purposes.
VAT is a transaction-based tax, so the underlying legal documentation (ie, the contract or terms) detailing the supply of a good or service is the start of the review process. Review your contracts to determine the Omani VAT impact. Does the contract account for VAT (and/or other taxes)? When a contract is ‘silent on VAT’, this could well mean that the amounts specified therein are treated as inclusive of VAT. To avoid misunderstanding, such “silent” contracts should ideally be updated. Parties may need to (re)negotiate the considerations to account for non-recoverable VAT.
Businesses should also review the contracts to determine whether they reflect economic reality. Are the parties to the contracts the actual supplier and recipient of the service or goods? This is important in relation to the invoices issued by the supplier and, the right of the recipient to potentially recover VAT.
To apply the correct VAT treatment of the supply of a service or good, the supplier may need to obtain additional information from the recipient.
Contracts and/or terms and conditions may need to be revised in order to collect or store such information and to ascertain the correct Omani VAT treatment of the services or goods supplied.

Invoicing
Chapter 8 of the law outlines invoicing requirements. Any person making a taxable supply of goods or services will be required to issue a tax invoice, which may be in the form of an e-invoice rather than in paper format.
The details required to be disclosed on a tax invoice, the language in which invoices must be issued, rules for simplified tax invoices, and other similar requirements are expected to be set out in the executive regulations. Currently, it is expected that invoicing will be permitted in English and that use of Arabic will not be compulsory. The executive regulations are expected to specify when a business will be exempt from issuing tax invoices.
The requirement to issue tax invoices is also triggered in other circumstances, e.g., the receipt of advance payments that generate a requirement to account for VAT, or the making of deemed supplies.
For businesses issuing invoices in a foreign currency, the VAT amount must be stated in Omani Rials (OMR) and be converted using the average purchase and sale price of the relevant currency published by the Central Bank of Oman on the date on which the VAT is due. The tax authorities are expected to clarify whether any other conversion methods will be permitted.
This may affect your accounting system because you may sue different rates contractually or for corporate budgets or period end revaluation.
User training
e.g.
– how to add a customer TRN,
– how file a return,
– how to draft anew quote or contract.
– system changes

Transition management
Based on the VAT implementation in other GCC countries, there are challenges to be expected during the process. Complacency is a major risk, as is starting the implementation and transition activity late, and not allowing adequate time to test system and process changes.
Consider for example instances in which goods or services are paid for prior to the law coming into effect, but are only delivered once the law is in place?
The regulations indicate that VAT will have to be paid in such circumstances. However, further questions are raised in terms of invoicing and filing. More details are expected to be provided on precisely how compliance will function under these transitional circumstances
Appoint a proven implementation expert, to walk you through each type of business transaction and its treatment to avoid penal consequences.

Place of Supply
Understanding the concepts of “Supply”, “Place of Supply” and “Time of Supply” is critically important for effective implementation of Oman VAT. The place of supply shall be determined on the basis of the final consumption place of the supply, regardless of the product originating place,. When the supplies are consumed within Oman, they shall be levied to VAT. Services supplied outside of Oman to its residents will be treated as supplies in Oman. Some exemptions will apply to certain services provided to end-users outside of Oman.

For services, the place of supply depends on (i) the type of recipient (is the service business-to-business or business-to-consumer?) and (ii) the type of service. Special rules may apply to certain services such as real estate related services or electronically supplied services (or e-services). Real estate related services and e-services are always deemed to be supplied where the real estate is located respectively where the recipient is located. Particularly, overseas business-to-consumer suppliers of e-services should be aware that they will need to charge, collect and remit Omani VAT to the tax authorities.

Businesses in Oman which import services or goods may need to account for Omani VAT by means of a reverse charge mechanism. Such VAT would in principle be recoverable if and to the extent the business renders VAT taxable activities.
e-services are subject to VAT when the recipient of such services is located or residing in Oman. A reverse charge mechanism applies in case of business-to-business supplies of e-services, under which the burden of VAT is shifted from an overseas supplier to the Omani recipient. As of April 1, 2021, foreign and domestic e-service suppliers should obtain customer information (ie, verified VAT number) to determine their customers’ status (business or consumer).

Free zones
Businesses operating within free zones, special economic zones and duty free zones are likely to be subject to special VAT rules. Concessional VAT treatments are likely to be applicable for supplies within, to and from the customs duty suspension zones, free zones or special zones. Importers, who avail themselves of customs duty suspension benefits under the GCC Common Customs Law, would also likely be eligible for similar benefits under VAT. Dealing with this may require your accounting system to be able to handle a ‘reverse charge’ process.
Responsible person
All businesses will be required to have a responsible person who oversees VAT compliance. This person is liable to any penalties for failures to comply. This is similar to the UK’s Senior Accounting Officer concept, where a person can be fined up to £5,000 for not taking appropriate actions to stay compliant.
In Oman, the responsible person can personally be fined up to 10,000 OMR (nearly £20,000) with a prison sentence of up to one year. The fine can be doubled and the jail sentence doubled for repeat offenders. Any late submissions are subject to a 1% fine on the owed tax every month.
The severity of the punishments put the responsible person under considerable pressure to get things right. In a complex business, multiple users make VAT decisions, often with minimal VAT training and if you are relying on others to input data correctly then it’s imperative they do it correctly as the consequences of non-compliance are life changing.
If I were in this position, I would be doing everything in my power to achieve full compliance by using the best resources and tax technology available to me. I would also document all my recommendations.
The sensible way to mitigate the possibility of non-compliance is to minimise the risk of human error. For large businesses this means automating their VAT determination. Integrated finance/erp systems and RPA are two obvious solutions.
Most enterprise level businesses will be processing thousands of transactions a day, so human error will naturally occur when choosing tax codes, especially while VAT is a new concept in the country and wider region. Eventually staff become complacent or change jobs and new hires induction and training is less risky with automated systems.
Contact us for more information on systems we have already localised for VAT compliance, and how RPA automation can reduce cost and risk.

Exemptions:
Supply of foodstuffs, medicines and medical equipment is to be determined by the decision of the President, after coordination with the competent authorities. Some of the basic foodstuff will also be exempted from five per cent VAT. In addition to financial services, provisions of healthcare and education and their related goods and services, other exemptions are undeveloped lands (bare lands); resale of residential properties; local passenger transport; and renting real estate for residential purposes, Investment gold, silver and platinum, supplies of international goods and passenger transport and related services; supply of rescue aircrafts, boats and auxiliary ships; supply of crude oil and its oil derivatives and natural gas; import of maritime, air and land transport vehicles for transport of goods for commercial purposes as well as import of related services; and supplies for the disabled and charity organisation have been designated as zero rated.

Sector challenges

Retail sector: Certain food items may be zero-rated as per the VAT Law. The list of items which are zero-rated is not yet published. Businesses need to map the product with the list (consider the composition of the product, purpose, etc.). Incorrect classification could lead to a wrong zero-rating position.

Pharma sector: Medicines and medical equipment are zero-rated. However, the zero-rating is expected to apply in cases where the medicines are approved by / registered with the Competent authorities. The approval could be generic, or it may apply for certain period / certain class of medicines. For each sale / purchase there may need to be validation whether the medicine is approved to apply zero-rating.
Financial services: Banks and large financial institutions should classify their products into margin / fee-based income because margin is exempt from VAT and fee-based income is subject to VAT. Businesses must also consider the customer location because margins earned from a customer outside Oman will be zero-rated.
Certain charges which are penal may have a different VAT treatment. In the majority of the transactions, Islamic finance products will follow the treatment of non-Islamic finance products; however, there are some exceptions. The financial services sector may have a substantial portion of income which could be exempt, input tax apportionment.
Logistics sector: International transportation, i.e. movement from Oman to outside Oman and vice-versa is zero-rated whereas local passenger transport is exempt and local transport of goods is subject to VAT at 5%.
However the entire transportation journey involves freight forwarder, agent, shipping line, feeder operator, etc,. so ascertain the VAT impact on different charges for providing services. More clarity is expected from the Executive Regulations.
Export of services: Providing services to a customer based outside Oman is zero-rated subject to certain conditions. One important condition is that the benefit of services should accrue to the customer outside Oman. In other words, benefit should not be received by any other person in Oman. This may be subjective and depend on the arrangement with the customer and the nature of charge / services. It is advisable to identify such arrangements and to evaluate the VAT treatment. Other GCC countries are divided in terms of VAT treatment on such transactions.
It is likely that sector-specific guidance will be issued by the Oman Tax Authority to clarify the VAT treatment for different industry verticals.

Exempted Supplies from VAT
Some supplies based on transactions and others on nature will be exempted from VAT.
Supplies exempted based on transaction include:
• Any supplies transacted between the same group of the VAT group (e.g. a parent company and subsidiary or branches)
• Any supplies transacted between the same group of the VAT group (e.g. a parent company and subsidiary or branches)
• Business ownership transferred by one taxable person to another
• Any insurance claims made within the Sultanate of Oman
• All imports made by Armed forces, Army, and Air force in Oman
• All imports made by diplomats, embassies, consular bodies, international organizations. (subject to conditions)
• Supplies imported for charities and not-for-profit organizations
• Supplies brought to Oman by travellers and passengers as gifts or personal use only
• All supplies imported for people with special needs including medical aid equipmentIn addition to receivers’ or person utilizing the supplies, some supplies will be exempted from VAT by nature of product/service:
• Financial Services
• All Health Care services including the imports of medical supplies and equipment
• All educational services including the import of supplies for educational purpose
• Resale of the Real-estate and leasing of real estate properties for residential purposes only
• Non-developed land i.e. empty or barren land
• All local means of transportation for passengers

Registration process

The registration process is likely to start in January 2021 according to the Tax Authority in Oman. All registration process will be through its online e-services portal. The Applicant will have to provide the company ownership and business-related information. The necessary information required to register with the portal may include:
• Copy of trade license
• ID card and Passport copies of business owner and partners
• Company’s Memorandum of Association
• Contact details, E-mail for registration and other contact details
• Bank account details
• The income statement for the last 12 months
• Nature of business and activities performed
Each registering entity will be allotted a VAT registration identification number other than their currently held tax number.

Filing returns
Article 72 of the law prescribes the following minimum information to be provided in the periodical return:
• Value of taxable and exempt supplies;
• Total value of imported goods;
• Amount of output VAT on revenue transactions;
• Amount of recoverable input VAT on costs; and
• Net VAT due for the period.
Article 73 provides an option to amend tax returns within a period of 30 days from the date of discovery of any error or omission.

VAT payment
VAT will be payable to the tax authorities within 30 days from the end of the VAT period, together with the filing of the return. Unpaid VAT will be subject to a penalty of 1% of the tax due per month or part month, unless waived by the tax authorities in accordance with article 82 of the law

Mode of Payment
All entities entitled against the VAT requirements will have to deposit the VAT returns electronically through the E-Services portal.

VAT recovery
VAT recovery will normally only be possible in the case when the recipient has received a tax invoice which adheres to the Omani VAT invoice requirements. These requirements include details on the supplier and recipient. Any incurred VAT on incorrectly issued invoices (e.g, wrong issuing party, wrong VAT rate and/or other missing requirements) may not be recoverable. Businesses operating in Oman should define policies to ensure a proper VAT administration and invoicing.

A VAT group is a facility that allows two or more taxpayers to be registered for VAT purposes as a single taxpayer. The VAT group scheme is of interest to taxpayers with a restricted VAT recovery rate which is part of a group with non-restricted businesses. Inclusion of such payers in the VAT group may provide for (additional) VAT recovery.
Although VAT may be recoverable, the recovery itself generally takes a certain period of time. This cash flow aspect should be one of the considerations during the (re)negotiation process, particularly with large supply contracts spanning several years.

If you need advice on preparing for VAT and updating and automating your financial or erp systems then we have implemented VAT for more than a hundred companies in UAE, KSA and Bahrain. we are gold Partners for Microsoft Dynamics 365 Fiinance, Infor Sunsystems and UiPAth RPA.

Call u son 0097143365589

Dynamics 365 Dubai partner Synergy Software Systems

November 12th, 2020

There is much talk about digital transformation but what does it mean for your company?
For selected Enterprise clients we work with Microsoft to deliver curated workshops to ‘inspire-quantify-empower- achieve’

Further to our recent seminar contact us now to avail of free upgrade and migration reviews to Dynamics 365 Finance and Supply Chain

Synergy Software Systems is the oldest Dynamics. partner in the EMEA region and has implemented solutions on Axapta 2.3 Axapta 3 Dynamics Ax4, Ax 2009, Ax2o12, Ax2012 R2, Ax2012 r3, and of course Dynamics 365.

We have also implemented every version of Dynamics CRM since version 3.

As Microsoft partners we also implement and support Office 365 and Microsoft365 . Exchange server, Teams, and the azure stack

We also have a practise for Power Bi/Power Apps/Power Automate, so we are able to help you to fully leverage the entire Dynamics 365 platform.

To take your business on the first step into the cloud with Dynamics call us: 009714 3365589

Power Bi- October Server update, discounted Synergy training, and end of support for PBi on Windows 7

November 6th, 2020

After 10 years, support for Windows 7 ended on January 14, 2020. In line with this, Microsoft will stop support for Power BI Desktop on Windows 7 on Jan 31st 2021. After that, Power BI Desktop will only be supported on Windows 8 or later version.

The January 2021 release of Power BI Desktop Optimized for Report Server will be supported in accordance with the Modern Lifecycle Policy i.e. supported until the next release (currently scheduled for May 2021), after which it will only receive security updates until January 2022, after which support will stop.

As always there were many enhancements to Power BI Report Server in the latest monthly update (October 2020)

Reporting

Modern ribbon
Canvas watermarks
Total labels for stacked visuals
Added general visual option to maintain layer order
Gradient legend
Relative time filter
Slicer improvements
New options for expand/collapse icons
Icons now scale with font size
Ability to customize indentation for child items
Ability to further customize slicer header text
Mobile authoring enhancements
New phone emulator
Updated visualization pane
Support for overlaid visuals
Bookmark available in the Mobile layout view
Turn off gridlines and snap to grid
Visualizations

Line chart dot formatting options
Modeling

Enhanced Dataset Metadata
Performance improvements to IF and SWITCH functions
Support for Excel financial functions
Model view enabled for live connect
Updates to Model view
Data preparation

Automatic Table Detection from Excel files
Automatic Table Detection from JSON files
Global option to disable automatic type detection
Other

Export data source to PBIDS in Power BI Desktop
Desktop splash screen dismiss

To learn more about Power BI there is still time to join our discounted webinar introduction course on 14th November – $100

contact us for details: 0097143365589

Dynamics 365 Finance and SCM upgrade and migration offer from Synergy Software Systems

November 4th, 2020

Over 60 companies tuned into our Webinar with Microsoft last week about the benefits of Dynamics 365 cloud and the upgrade or migration journey.
Note that the special subscription offer incentive, and free uggrade assessments are only available till year end, for a limited number of applicants and first come first served basis . There were also additional discounts offered by Synergy Software Systems till end November 2020.

Some of the reasons for upgrade include:

As of October 2021, Microsoft will no longer support Dynamics AX 2012 R3. That’s not so far away, and now is the time for remaining AX 2009 and 2012 users to move to a new ERP (Enterprise Resource Planning) solution. Such a project will seem daunting, but Microsoft Dynamics 365 Supply Chain & Finance Management will be your last and best upgrade.

An immediate reason Dynamics AX users who have a current Microsoft Dynamics annual enhancement plan to choose Microsoft Dynamics 365 at this time is that can currently receive an intial discount on the Dynamics 365 cloud subscription.

Contact us today to learn more. Keep reading to find out why we think you’ll love Microsoft Dynamics 365.

Advantages of the Microsoft Cloud
When you move from on-premise Dynamics AX to the Dynamics 365, its more than an update of patches or even an upgrade of features. It’s a paradigm shift to compete in the modern digital economy. Dynamics Ax 2was always very versatile and could be customised to meet your specific needs. However that flexibility came at the cost of upgrades to a later version. There might be statutory changes such as introduction of Vat or Revenue recognition, or patches need to fight cybercrime, or business expansion that outgrow existing features and hardware. However the significant challenges, of upgrade constrained the business from making timely ‘agile’ changes.

Additional complexity arose to update integrations, ISV modules and specialist reports, and integrations. With Dynamics 365 Finance & Supply Chain
Management on the Microsoft Cloud, – you will continuously update. The updates are automatic, performed in the background, immediately available, and accommodate your customizations and integrations. You’ll be able to lower your ERP costs, while always benefiting from the latest innovations Microsoft has to offer.

Apps in the Microsoft app store will deploy rapidly without worry about code conflict.

Seamless remote connectivity
Cloud-based solutions such as Dynamics 365 Finance & Supply Chain Management allow out-of-the-box mobile access and anytime, anywhere connectivity. Empower your teams to do their jobs even while working remotely. Give them access to the information and processes they need, whether working from home, on the road, or in the field. Seamless operations provide increased user and customer satisfaction, and increase efficiency.

Built-in disaster recovery
The pandemic and recent natural disasters have shown us that calamity can strike without warning and affect any business. Locating your information and processes in Microsoft’s secure Cloud gives you high-performance, remote access to all your ERP data and processes.
It also guarantees built-in disaster recovery for your organization. You’ll be able to be up and running even if you can’t get to the office. Your information will be secure from both physical disasters and cyberattacks.

Easier integrations
Dynamics 365 Finance & Supply Chain Management is built on a Common Data Service, which connects, ERP, Power Platform (including Power BI) and all the other Microsoft business productivity tools such as Microsoft 365. That enables all of those programs to work together seamlessly. Send and receive data, build workflows, automate processes, and create custom functionality. Your teams will be connected using processes with which they are familiar.

Lower IT costs
A cloud-based solution eliminates the expense of owning and maintain on-premises hardware.
– Hidden but significant savings Include” SQL licenses and support, Windows Server licences, Anti malware software for servers, back up software.
– Save on server room costs for space, electricity, and IT resources.
– No additional BREP charge,

Enhanced performance
The Microsoft Cloud guarantees high performance and ongoing improvements.
Your environment is primarily managed and maintained by Microsoft.
You will never again have the expense of upgrading servers, buying extra data storage, and paying for external hosting. All that will be covered as part of your Dynamics 365 subscription.

Stronger Security
Microsoft’s cloud platform has unparalleled security to safeguard your data.
Dynamics 365 Finance & Supply Chain Management has built-in, role-based security features such as Segregation of Duties (SODs).
Count on Dynamics 365 Finance & Supply Chain Management to support your compliance efforts and meet all your security requirements.

Innovations
Such as AI, virtual agents, connected field service, and more
Advanced tools such as machine learning, artificial intelligence, virtual agents, and connected field service were once out of reach for mid-sized company. Now with Dynamics 365 Finance & Supply Chain Management, you too can leverage the latest technology advancements to unlock new opportunities and gain a competitive edge

Contact us on 0097143365589

Agile business with Microsoft Dynamics 365 Finance and SCMO Webinar with Synergy, Redington & Microsoft.

October 22nd, 2020

Agile business and digital transformation with Microsoft Dynamics 365 Finance and SCM
Webinar with spears from Synergy Software Systems, Redington and Microsoft.

Also features a local case study for a leading UAE real estate group.
Date and Time: UAE – 28th October 2020 | 10:00am -11:30

For existing Dynamics customers looking to upgrade there will be a special offer announced by Redington and Synergy.

Please register on the link :


If you are unable to attend this session and would like to know more about Dynamics 365 then call us on 00971 4 3365589.