Corporate Tax Consultant In Dubai, UAE
This is a Federal Tax and will therefore apply across all the 7 (seven) Emirates, beginning June 2023 or First Accounting Year, whichever is later. Hiring the best corporate tax consultants in Dubai, UAE for tax advisory services has become the need of the hour as businesses need to be registered for Corporate Tax
Impact Assessment
This is like a GAP Study to know where an entity stands vis-à-vis the requirements of UAE CT Law.
Review of the impact of the key aspects of UAE CT Law, Analyzing the current position of the business incl. its transactions, Review of the ERP System among others.
Key aspects may include Residential Status, Tax Group applicability, Exempt Income, Deductible & Non-Deductible expenditures, Reliefs as available, Transitional Provisions, Related Party transactions, Aspects of Recasting of opening balance sheet, among others.
We will provide you with an Impact Assessment Report covering Key Recommendations, Restructuring Options and Financial Model among others.
Corporate & Legal Structure
Shareholders and Licensing Activities determine this. We revisit this to optimize the benefits and minimize compliance.
One may have formed an entity or set of entities purely based on other considerations than Tax criteria. Now that UAE CT Law is here, we will strive to bring parity in corporate structure and legal structure for full Tax Compliance and optimum Taxable Income calculations.
We will work on optimizing the benefits and minimizing compliance without compromising on Anti-Abuse Rule, commonly known as GAAR and Transfer Pricing known as Arm’s Length Principle.
Implementation
Implementation is the Key to reap the full benefits of Impact Assessment and Corporate & Legal Restructuring.
Implementation involve recasting of the previous year’s Balance Sheet, Transfer Pricing Study to establish Arm’s Length Principle related to Related Party and Connected Persons’ transactions based on UAE’s Transfer Pricing Regulations and OECD guidelines, changes in corporate & legal structure as identified, ERP System alignment with UAE CT Law, Review of the Tax Clauses in contracts/agreements, among others.
We will provide you with a Tax Compliance Manual depicting CT Returns procedural steps, guidelines on document retention, compliance and administrative penalties as provided in UAE CT Law. Also, effective Tax Planning Advise during this implementation. As an add-on, Orientation training to staff members on the provisions of the UAE CT Law to make a complete circle.
Post Implementation
Advisory
On Applicability, Updates on changes, obtaining Clarifications & Advance Tax Rulings from Federal Tax Authority [“FTA”], among others on/to UAE CT Law
Provide advisory on applicability of UAE CT Laws, updates on changes to the UAE CT Law including by way various decisions, notifications, guides, and notes. This also includes obtaining clarifications and advance tax rulings.
Provide advisory on applicability of UAE CT Laws, updates on changes to the UAE CT Law including by way of Cabinet Decisions, Ministerial Decisions and FTA’s pronouncements including Guides & Explanatory Notes. This also includes obtaining clarifications and advance tax rulings from FTA on one’s behalf.
Compliance
To assist with Registration and Filing of first Tax Return under UAE CT Law with FTA
Assist with the registration of Corporate Tax with FTA by preparing and submitting the registration application. Also, in preparation and filing of the first Corporate Tax Return including supporting schedules of the business.
Assist with the registration of Corporate Tax with Federal Tax Authority by preparing and submitting the registration application and liaising with FTA on any queries pertaining to it.
Also, in preparation and filing of the first Corporate Tax Return including supporting schedules of the business.
Training
Beyond Impact and Implementation, empowering employees on UAE CT Laws and its add-ons decisions and pronouncements.
Provide customized training to employees on UAE CT Laws, its regulations, decisions, and pronouncements impacting the business and its operations. Also, provide training on calculation of UAE CT liability to key members of Team Finance.
Provide customized training to employees on UAE CT Laws, its regulations, decisions, and pronouncements impacting the business and its operations. Also, provide training on calculation of UAE CT liability to key members of Team Finance considering its transitional provisions, IFRS related matters incl. accounting policies among others.
Transfer Pricing (Domestic)
Transfer Pricing is not just international but more domestic too. We bring that out for compliance and avoid penalties
Transfer Price is the price which is applied or proposed to be applied in a transaction between related persons and connected persons. This needs to be at Arm’s Length, which is nothing but Price which is applied or proposed to be applied in a transaction between un-related person in un-controlled conditions.
We endeavour to break the wrong notion that Transfer Pricing is just only for international transactions. This is as much for domestic transactions. Transfer Pricing comes into picture as soon as ‘Related Persons and Connected Persons’ comes into a commercial transaction as parties.
We endeavour to keep an eye on such domestic transactions and make one’s business remain compliant with UAE CT Laws by making required adjustments.
Get The Best Corporate Tax Consultant in Dubai
Navigating the intricate landscape of corporate taxes demands expertise and precision. In Dubai’s dynamic business environment, partnering with a Chartered Tax Advisor and Corporate Tax Consultant is crucial for optimizing financial strategies and ensuring compliance. Let’s delve into the multifaceted role of these professionals and understand how a Corporate Service Provider can be your strategic ally in the ever-evolving world of corporate taxation.
