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Tax Consultancy in Dubai

Role of tax consultancy is rapidly evolving in UAE, with global tax landscape having accelerated changes after regular intervals and increasing requirements Middle East has also transformed their tax footprint remarkably over last few years. Combination of global and regulatory trends indicate that tax consultancy Dubai has become progressive more than ever and now requires utmost compliance. Cost enforcement, efficiency in delivery, understanding of tax obligations and implementation of compliance procedures are some of the competing abilities any tax consultant must constitute.

As widely understood UAE currently has Value Added Tax (VAT), recently introduced Corporate Tax and Excise tax as main tax regimes.

Value Added Tax (VAT) Consultancy Services

In order to expect effective and efficient services, any business would need to get in touch with robust and reliable tax consultants. It should be made sure that there are years of experience in tax services and proven results under belt for tax consultancy services in question to emphasize successful outcomes. Tax consultants are required to be well versed with tax regimes and must have an understanding of reporting standards, as basic qualification attributes.

According to UAE Commercial Law 2015 every company registered in UAE is bound to maintain the books of account. Tax consultants should be able to assist companies with the VAT obligations in the nature that is custom tailored to the structure and operations of the business. VAT consultants in UAE must be able to allow businesses to carefully document their income costs and VAT charges associated with it. The enactment of VAT will greatly impact business operations reducing risks and complexity of transactions. It can become complicated for businesses to meet tax compliances but with the aid of tax consultants continuous support can be provided to perform obligated duties.

Filing of VAT Return is another important feature of VAT regime, which in UAE requires a precise summation of certain business transactions. Even if an individual has knowledge of how these aspects work, proper expertise is required to ensure effective application of tax regimes, as this is not one size fits all field, tax consultants must be able to provide advice and services that are tailored as per businesses’ needs and operations.

Corporate Tax Consultancy Services

Recently in UAE tax regimes has changed and new regulations are being introduced to ensure compliance with worldwide tax movements. As part of such actions, corporate tax as introduced recently effective from June 2023 which have made it compulsory for businesses to prepare documents in compliance with financial reporting standards as they will be basis for both VAT and Corporate Tax. As announced, tax will be levied on the profits reported in the statements with a rate of 9% for amount crossing threshold of AED 375,000. FTA will be overseeing the payments in regards to Corporate Tax so meeting the compliance requirements has become a necessity now more than ever.

Having efficient tax consultants on board with a business will provide immense help as their expertise will ensure your requirements are being met without affecting the operations. With the experience brough in by the tax consultants, it becomes easy for the businesses to understand what actions need to be taken when it comes to preparation of financial reporting documents. An efficient tax consultancy Dubai can help you get prepared for Corporate Tax regime by providing tax assessments as per your business structure by analyzing the data that is required to be collated for corporate tax requirements.

Corporate Tax is going to be one of the most impacting tax regimes introduced in UAE and having a tax consultant as part of advisory team can enable businesses to get a head start in the compliance process. Specifically for the companies in free zones and mainland, it becomes fairly simple to understand the eligibility of Corporate Tax if there’s expertise of a tax consultant available, who has all the knowledge provided by the government. Compliance with tax regimes is not only to avoid penalties, but also to maintain transparency for shareholders and investors, and at the root of all this phenomenon, an expert tax consultant can prove to be the greatest asset for any business.

Excise Tax Consultancy Services

In 2017 UAE government introduced Excise tax for all the entities running business with specific products that are generally considered harmful for human health and environment. Excise tax law is levied on the products falling in this category such as energy drinks, tobacco, and carbonated drinks etc. All the leading tax consultancy firms in UAE provide excise tax services in order to help businesses understand the need of regime and tax payment. With expert tax consultancy services providing you insight, it becomes manageable for business to absorb whether the excise tax liability being reported is true to facts and submitted to authorities within the date bracket asked.

There are certain documents that need to be prepared and recorded in compliance with the Excise tax regime, which can be maintained to perfection by any expert tax consultant. FTA holds authority to run random audits on businesses who are dealing with tax levy products to ensure whether compliance with regime is being done or not and has the authority to penalize in absence of former as well. This makes having a tax consultant on board a necessity for such businesses, which enables them avoiding heavy fines by complying with all the required activities.

Tax Consultancy Services

As stated above, compliance with tax regimes is one of the main requirements of any business operations irrespective of whichever industry it belongs to. Keeping in light all the operations being ran in the business it becomes closer to impossible to keep a leash on tax obligations without having a dedicated individual for the purpose. With FTA carrying out audits to ensure obligingness with all set out regimes, it becomes utmost vital for any business to gather expertise and insights as how to stay compliant and avoid penalties. After much consideration, every business needs a vigilant tax consultant that can ensure success and compliance to required regimes in the long run enabling business to grow to new heights of triumph.

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