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Learn about two important regulatory frameworks in AML : Economic Substance Regulations (ESR) and Base Erosion and Profit Shifting (BEPS).
OVERVIEW
Topic 1 : Economic Substance Regulations (ESR)
- Purpose: Understand the objective of ESR, which is to ensure companies engage in substantial economic activities in the jurisdictions where they operate.
- Scope: Learn which entities ESR covers, such as those in banking, insurance, and intellectual property sectors.
- Requirements: Gain insights into the criteria entities must meet, including having a local presence and conducting core activities locally.
- Compliance: Understand the obligation for entities to annually report their economic substance to the relevant authorities.
- Penalties: Recognize the consequences of non-compliance, which can include fines or the revocation of licenses.
Topic 2 : Base Erosion and Profit Shifting (BEPS)
- Definition: Grasp the concept of BEPS, which refers to strategies employed by multinational companies to shift profits to low-tax jurisdictions.
- Action Plan: Learn about the OECD/G20 initiative aimed at addressing BEPS through 15 action points.
- Key Actions: Understand specific measures taken to tackle BEPS, such as addressing digital economy taxation, limiting base erosion, and preventing treaty abuse.
- Country-by-Country Reporting: Discover the requirement for multinational companies to provide detailed reports on their global operations, enhancing tax system transparency.
- Impact: Understand the implications of BEPS measures, including ensuring taxation aligns with economic activities and increasing transparency in tax systems.
Attending this course would provide a clear understanding of Economic Substance Regulations (ESR) and Base Erosion and Profit Shifting (BEPS). Participants will learn about compliance obligations, penalties for non-compliance, and the impact on global taxation. By grasping these concepts, attendees can ensure adherence to regulatory standards and make informed decisions regarding multinational business operations.
About the Trainer
Satya Bharat
Satya Bharat is a Chartered Accountant and Chartered Financial Analyst with 14 years of experience in roles like Head of Finance and Manager of Taxation in multinational corporations. He's authored books on Indian GST and UAE Corporate Tax, conducted webinars on various financial topics, and currently serves as CEO of DSB Chartered Accountants in Dubai, specializing in Outsourced CFO Services, IFRS Accounting, Auditing, and VAT consultancy.
