Corporate Tax in UAE

The audit of financial statements by an accredited audit firm is and will continue to be determined by applicable company Laws and Regulations. However, the UAE Corporate Tax regime will require a Free Zone Person to have the audited Financial Statements if it wants to benefit from the 0% Corporate Tax regime.

A business will be required to maintain financial and other records that explain the information contained within the Corporate Tax return and other documents submitted to the FTA. Certain exempted persons will also be required to maintain records to allow the FTA to ascertain the person’s exempt status.

Tax planning must now be part of business strategy to achieve the goals. Tax consultants exude a higher level of skills and professionalism in tax planning. Better tax planning measures help in tax savings. UAE was widely a tax-free zone until the implementation of VAT on 1 January 2018, but since then the tax environment of UAE has changed a lot. With the implementation of corporate tax hiring a tax consultant is imperative to avoid errors and penalties.

• Professional consultants give expert guidance and services that are exceptional.
• A well experienced tax consultant is well versed with government tax policies to be able to deal with all tax issues of clients.
• Provides accurate and professional legal advice to the clients.
• Clients can fully trust and can operate in a stress-free environment if tax experts are managing their tax planning.
• Prevents errors and avoids all fines.

Only specialist with complete knowledge of the tax regulations can guide you in preparation of accurate books of accounts. As the tax rules and regulations change frequently you must work with tax experts who are fully aware of the all the tax materials published by the authorities. Only correct implementation of tax planning will aid in ensuring the accuracy of the financial records. Highmark Accountants possessing comprehensive tax knowledge are perfectly placed to help you manage your financial statements.

Some of duties of the tax consultants are as follows:

• Preparing monthly and yearly tax returns and other compliance documents.
• Record maintenance and documentation of files.
• Frequent updates on any development related to tax, regulations, and practice.
• Communicate with Federal tax Authority.
• Active participation in knowledge management, professional development, and firm administrative activities are requested.
• Tax planning and long-term tax optimization.

Tax firms that possess relevant industry specific experience in taxation compliance with UAE laws to prepare books of account and to meet VAT filing requirements for your business. Tax consultants’ firms who are fully aware of tax regulations can provide ample tax advice based on their tax experience. Our experts firm provides the best corporate tax consulting services in the UAE to clients in compliance with the rules and regulation of Tax.

Tax firms that possess relevant industry specific experience in taxation compliance with UAE laws to prepare books of account and to meet VAT filing requirements for your business. Tax consultants’ firms who are fully aware of tax regulations can provide ample tax advice based on their tax experience. Our experts firm provides the best corporate tax consulting services in the UAE to clients in compliance with the rules and regulation of Tax.

Corporate tax registration in UAE is managed through the same digital tax platform of FTA portal. You must first be eligible to register for corporate tax mandatorily or voluntarily as per the criteria stipulated in Federal Decree law no 47 of 2022 on taxation of corporations and businesses. You need to complete all the mandatory fields in the application and submit the corporate tax registration application for approval. Once the application is submitted the FTA shall approve, reject, or resubmit for additional information and notify the applicant accordingly.

The first tax return filing is likely to be towards the end of 2024. Any company that adopts a calendar year starting from January 1, and ending 31st December will file the tax return no later than nine months from the end of the relevant tax period. These filings need to be done electronically from FTA portal.