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Tax Advisory and Compliance Services

VAT services

Value Added Tax (VAT) is an indirect tax imposed on the use or consumption of goods and services at each point of sale. Whilst businesses collect VAT as a tax collector on behalf of the government, it is ultimately borne by the final consumer. Commencing on 1 January 2018, the UAE introduced VAT with a standard rate of 5% for the supply of goods and services. UAE VAT legislation defines certain types of goods and services to be subject to 0% or fully exempt from VAT.

 

By availing of our VAT services, your business will avoid the risk of unnecessary tax payments and fines, and maintain accurate VAT records and information on VAT filing. We will manage the VAT aspects of your business by offering the following exclusive services:

 

    • VAT registration and de-registration: The UAE VAT legislation establishes thresholds for mandatory and optional VAT registration. It is important to ensure your business registers for VAT before the due date to avoid fines for late registration when taxable supplies exceed the mandatory threshold of AED 375,000. You may also find it advantageous to register for VAT on a voluntary basis if taxable supplies exceed the threshold of AED 187,500 in order to recover the VAT paid on your purchases.

    • VAT filing: We can help you file VAT returns correctly and on due dates, as well as guide you through the process of settling outstanding amounts and obtaining refunds. Depending on the size of the company, VAT returns must be filed monthly or quarterly.

    • VAT advisory: As experienced tax professionals, we can evaluate how VAT affects your business and determine what improvements are necessary to business processes and accounting systems. We can also review individual business transactions to determine if VAT applies. We continuously examine the amendments and updates by FTA and analyze to identify the impact of such amendments on the business of our clients and communicate on a timely basis.

    • VAT Training: If you wish to understand more about the implications of VAT in order to make certain changes to the operations, information systems and accounting processes, we can deliver customized VAT training tailored for your needs.

Corporate tax services

On 31 January 2022, the Ministry of Finance announced that the UAE will introduce a federal corporate tax (CT) on business profits that will be effective for financial years starting on or after June 1, 2023 with proposed rates as follows:

 

    • 0% for taxable income up to AED 375,000 to support small businesses and startups
    • 9% for taxable income exceeding AED 375,000

 

The UAE CT regime has been designed to incorporate best practices globally and minimize the compliance burden on businesses. CT will be payable on the profits of UAE businesses as reported in their financial statements prepared in accordance with IFRS, with minimal exceptions and adjustments.

 

The introduction of CT will be a game-changer for businesses in the UAE and will require identification of any required changes to their corporate structure, operating model(s), finance / tax function, reporting systems, legal agreements, and transfer pricing policies to ensure compliance with the new UAE CT regime. It is important that businesses evaluate the impact of the introduction of UAE CT early on and proactively plan for a smooth implementation.

 

If you have not yet considered the impact of the UAE CT on your business and corporate structure, we would be happy to evaluate your position and guide you as to what actions are required to make sure your business is ready to comply with CT once it becomes effective.

 

    • Impact assessment and advisory: CT impact assessment could undoubtedly be a time-consuming procedure for your businesses in the UAE and therefore, we can provide guidance and assistance to you with the initial assessment of the anticipated impact of the introduction of CT on the form/structure and operations of your business to take advantage of the possible tax savings.

 

    • Implementation Support: For our clients who are considering implementing CT and exploring any opportunities that may arise as a result, we can assist with the following services:

      • Implement changes to the corporate structure of your businesses
      • Obtain clarifications / tax rulings
      • Apply for CT groups / exemptions
      • Amend contracts and other legal agreements
      • Review and implement necessary TP policies
      • Implement system changes / updates

Tax advisory services

As experienced tax professionals, we can provide you with professional advice about the UAE’s tax rules and any other tax-related matters of your concern and interest.

    • We will assist you to lower your tax liability by staying up to date on the latest tax amendments
    • We will assist you in deciding whether the VAT system (voluntary or mandatory) is best for your business
    • We will analyze the tax advantages and disadvantages of your business activities

Tax Residency Certificate

Tax Residency Certificate (TRC) is an official certificate or document issued by the tax authority of a country to tax resident companies and individuals fulfilling the set residency criteria as per the residency regulations under the country’s domestic tax legislation. TRC is a prerequisite for claiming any benefits of lower or no taxation in the source or residence country under the relevant treaty on avoidance of double taxation.

 

We have multiple years of experience managing treaties on avoidance of double taxation and can ease the process for individuals or companies to obtain the TRC. You can also leverage our expertise to gain clarity on the provisions of the treaties to gain an advantage in your business interests.

How we can add value to your business

By hiring us, you will acquire not only professional tax consultants/advisors but also a business partner comprising a highly skilled and experienced team of experts who are customer-friendly and caring about the growth and success of your business. We serve all our customers with equal care irrespective of the size of their business and the types of services that we provide to them by bringing the following additional values to their business:

 

  • Tax savings: By evaluating the pros and cons of your business structure, we can recommend the most suitable business structure to create tax savings

  • Avoiding penalties: By outsourcing tax consulting services to us, you can avoid potential penalties for non-compliance with the UAE tax legislation and minimize the burden of keeping abreast with the tax changes.

  • International tax expertise: Equipped with solid expertise and in-depth knowledge of the UAE and international taxation, we promise the highest quality and accuracy in the results.

  • Focus on core business: We will relieve you from the hassle of complying with ever-changing and complex statutory regulations and norms which enable you to focus on the core areas of your business with higher returns and improve efficiency and productivity.

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