Office 804, Park Lane Tower, Business  Bay Dubai, UAE

Tax Agent in Dubai

Prologue

Running normal operations of business and staying on top of regulations and compliance requirements can be difficult tasks to juggle side by side for any management. There is no requirement to emphasize how vital tax knowledge and understanding is for a business, irrespective of the industry it belongs to. Getting a tax agent on board who has elite authorization to represent taxpayers can be a favorable decision for the management as it provides the opportunity to stay informed about the ongoing tax regulations.

How Tax Agents Add Value

Tax agent aids the business in composition of tax related matters and can prove to be extremely helpful in the following manners:

  • Executing a measurements-based assessment to evaluate industry drifts and its tax conclusions
  • Guiding your involvement with VAT in terms of voluntary and mandator, providing assistance with tackling Corporate Tax
  • By staying educated on the ongoing tax regimes, decreasing business’s tax liabilities
  • Screening on-going business actions to determine tax merits and demerits
  • Avoiding certain penalties by ensuring tax implementations are in accordance with the approved standards

Categories of Tax in UAE

To understand the need of tax agent in UAE. it is necessary to have information on the current tax regulations in the country which consists of the following mainly:

  1. Corporate Tax – A recently introduced regime that is going to affect businesses having fiscal year beginning on or after June 1, 2023, having 0% rated tax on taxable income up to AED 375,000 and 9% rated on taxable income above AED 375,000.
  2. Value Added Tax (VAT) –Introduced on Jan 1, 2018, this is an indirect tax collected on sales and purchases of services and goods. There are certain zero rated and exempt supplies from the tax as well.
  3. Excise Tax –An indirect tax applicable on products that can be harmful for individuals and the environment such as tobacco, carbonated drinks, artificial flavors, and electronic smoking devices etc. There are certain products that are exempt from the tax and certain items having varying tax applicability percentages.
  4. Tourist Tax –There is a small percentage of tax applicable on the tourists visiting UAE, levied as 10% as service charge, 10% as municipality fees. City tax (which ranges between 6% – 10%) 6% as tourism fee.

Tax Consultancy Services in UAE

For effective approach to all maters related to tax, a business demands a tax agent in UAE that can provide with all the expertise at one stop. Tax agent needs to provide the sort of consultancy that can enable business to run their normal operations in compliance with the correct comprehension and implementation of tax regimes. More of a hands-on approach is needed by tax agents to investigate the transactions and ongoing activities of the business from tax implementation point of view.

A valued tax consultancy in UAE can accommodate you in the audit of financial statements as well as tax returns which are crucial to a business. An in-depth evaluation of calculating tax payments can only be provided by a competent tax agent who can also facilitate in building strategies to avoid penalties and interests on upcoming tax returns. An expert individual will estimate both your personal and business requirements, constructing a strategy that is custom to what your business requires. In order to do so it is necessary for the tax agent to have the knowledge and experience to grasp the taxation system.

Significance of Having Tax Agents

In UAE, FTA carries out tax audits to ensure businesses are complying with in place VAT laws and regulations and payment of tax bills is being done promptly. Getting a tax agent on board can help your business in investigating tax transactions, complying with all the UAE VAT laws, and helping in having a tax plan suitable for your business needs. Ideally a tax agent would be assisting the business in all matters that are linked with taxation such as VAT registration, advisory, return filing and implementation so that compliance cost for an entity is reduced.

Tax agent needs to be enrolled with FTA and must be available to get appointed by any taxable person to represent him/her before the FTA and provide all the necessary expertise in fulfilling tax duties and entitlements of that individual. If there’s anything alarming regarding the working behavior of a tax agent, it needs to be documented in the tax register which is in custody of FTA.

Taking the Right Decision

There is a variety of services offered by tax agents in Dubai, a business needs to be mindful of what is required when getting the former on board, ensuring that scope of work offered is in full sync with the requirement. In order to tackle any tax related concerns, it is vital to choose a consultancy that has a valid license accredited from a government or a council to rest assured that services provided will be authentic.  Handling tax filing and tax returns is indeed a complicated procedure and requires one dedicated source for carrying out the process effectively. If your business does not have the capacity to do so, best way to go about handling this would be hiring a tax consultancy in UAE that already has the vast expertise to deal with your tax requirements.

Having the knowledge of dealing with tax returns and tax filing and having the analytical skills to tailor that knowledge as per business requirements, are crucial to exist when a business goes ahead with a tax agent. Along with doing the required documentation, an expert tax agent will be able to provide tax health checks for your operations as well, delivering consultancy where needed and aiding the business in avoiding penalties.

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