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The UAE is starting a new federal corporate tax that kicks in for financial years beginning on or after June 1, 2023. This tax change has made a big difference for businesses in Dubai. To handle the new tax rules, companies need expert help. They want to make sure they follow the laws, save money on taxes, and grow their business. That’s where corporate tax consultation service come in. These experts provide the knowledge and support businesses need to make smart choices. They help lower tax costs and take advantage of benefits. With their help, businesses in Dubai can stay strong and succeed in today’s fast-changing market.
- What is Corporate Tax consulting in Dubai
Corporate tax in Dubai refers to the tax levied on the profits of businesses operating in the United Arab Emirates (UAE). The corporate tax registration in dubai is designed to promote economic growth, encourage foreign investment, and enhance the country’s competitiveness.
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The UAE’s corporate tax regime is governed by Federal Decree-Law No. 47 of 2022. The regime applies to all businesses operating in the UAE, including free zone companies, except for those engaged in natural resource extraction. The corporate tax rate is 9% for taxable income exceeding AED 375,000, with a 0% tax rate applying to taxable income up to AED 375,000.
- Why Are Corporate Tax Consultation Services Important?
01. Corporate tax Compliance with Tax Regulations
Ensuring compliance with corporate tax regulations is a main when it comes to corporate tax management. With the ever-changing tax landscape in Dubai, businesses must stay up-to-date with the latest regulations to avoid penalties and fines. Corporate tax consulting in duabi help businesses follow up the complexities of tax laws and ensuring corporate tax compliance with all regulatory requirements. By partnering with a reputable tax consultant, businesses can rest assured that their tax affairs are in order and that they are meeting all their tax obligations.
02. Minimizing Tax Liabilities
Minimizing tax liabilities is a objective of corporate tax planning. Businesses in Dubai must navigate a complex web of tax laws and regulations to ensure they are not overpaying taxes. Corporate tax consultant in Dubai help businesses identify areas where they can minimize their tax liabilities, such as through tax deductions, exemptions, and credits. By leveraging the expertise of a tax consultant, businesses can optimize their tax position and reduce their tax burden.
03. Maximizing Tax Benefits and Incentives
Maximizing tax benefits and incentives is an essential aspect of corporate tax planning. Dubai offers various tax incentives and benefits to businesses, such as free zone exemptions and research and development incentives. Corporate tax consultation services help businesses identify and claim these incentives, ensuring they receive the maximum tax benefits available. By partnering with a tax consultant, businesses can stay informed about the latest tax incentives and benefits and ensure they are taking advantage of all the tax savings available.
04. Improving Financial Planning and Management
Improving financial planning and management is a necessary benefit of corporate tax consultation services. By providing expert tax guidance, tax consultants help businesses make informed decisions about their financial affairs. This includes planning for tax liabilities, managing cash flow, and optimizing financial performance. By leveraging the expertise of a tax consultant, businesses can improve their financial planning and management, ensuring they are well-equipped to achieve their business objectives.
- How Can Corporate Tax Consultants in Dubai Help?
Outsourcing your accounting in the UAE can really help your business. It helps to reduce the costs for hiring and training a full-time team. also, the firms you hire will have certified accountants. who have expereince in various aspect of accounting, ensuring accuracy and complience with uae regulation. This allows you to free up internal resources and focus on core business activities, leading to increased efficiency and productivity.Also, these accounting firms use the latest software. So, you get access to best tools without spending immense amount money. Outsourcing makes it easier to grow your business, manage risks, and keep up with regulations. You’ll also get useful financial advice and lessen your administrative workload.
01. Corporate Tax registration and compliance
Corporate tax consultants in Dubai can assist businesses with corporate tax registration and compliance, ensuring they meet all regulatory requirements. This includes:
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Register you for corporate tax with the Federal Tax Authority (FTA).
Get a Tax Registration Number (TRN) for you.
File your corporate tax returns and payments.
Keep your tax records neat and updated.
02. Tax planning and optimization
Corporate Tax consultants in Dubai can help businesses optimize their tax position through effective tax planning. This includes:
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- Looking at how your business runs to find ways to save on taxes.
- Setting up smart tax strategies.
- Helping you claim deductions and credits.
- Lowering what you owe and boosting your tax benefits.
03. Tax Audit Support
When tax audits come up, corporate tax consultants in Dubai can help you prepare and reduce risks. They offer:
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- Tax audits to spot any risks.
- Plans to manage those tax risks.
- Tips on what to expect during a tax audit.
- Representation during audits and disputes
04. Tax advisory and consulting services
Tax consultants can also guide you through the rules of corporate tax in the UAE. They can offer:
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- Advice on tax laws and rules.
- Help with tax disputes and legal issues.
- Suggestions for smart business structures.
- Reviews for taxes when you’re merging or buying another company.
- What are the Types of Corporate Taxes in Dubai
Corporate Income Tax
Levied on the profits of businesses operating in Dubai, with a tax rate of 9% for taxable income exceeding AED 375,000.
Value-Added Tax (VAT):
A consumption tax levied on the value added to goods and services at each stage of production and distribution. The standard VAT rate in the UAE is 5%.
Withholding Tax
A tax levied on certain types of income, such as dividends, interest, and royalties, paid to non-resident entities.
- Tax Rates and Exemptions
-0% tax rate for taxable income up to AED 375,000
-9% tax rate for taxable income exceeding AED 375,000
-5% standard VAT rate
-0% VAT rate for certain exempt goods and services
-Certain types of income, such as dividends and capital gains, are exempt from corporate income tax
-Small businesses with taxable income up to AED 375,000 are exempt from corporate income tax
-Certain goods and services, such as healthcare and education, are exempt from VAT
- How to Choose the Right Corporate Tax Consultant in Dubai?
- Ensure the consultant is certified (e.g., ACCA, CPA) and has expertise in UAE tax laws.
- Look for people who have a proven track record being a corporate tax consultant in Dubai.
- Choose someone familiar with UAE VAT, corporate tax regulations, and free zone rules.
- Read reviews, ask for references, and check their reputation in the industry.
- Ensure they offer comprehensive services like tax planning, compliance, and audits.
- Pick a consultant who explains complex tax matters clearly and is responsive.
- Compare fees and ensure there are no hidden charges.
- Opt for consultants who use modern tools for efficient tax management.
- Choose someone who tailors solutions to your business needs.
- A consultant with strong connections can help resolve issues faster.
- Why Should Businesses Prioritize Corporate Tax Consultation Services in UAE?
Dubai’s business scene is getting more complicated. The UAE has introduced a federal corporate tax starting from June 1, 2023. Companies need to get used to this new tax system. That’s where we come in. At Kerand South, we have a team of tax experts who are ready to help you with the Corporate tax Consulting in Dubai. We offer practical advice to make sure you follow the rules and make the best choices for your business. When you work with us, you can relax knowing your tax needs are taken care of. This lets you focus on what really matters growing your business.
- Find Answers Here
FAQ
All businesses operating in the UAE, including free zone companies, are required to register for corporate tax, except for those engaged in natural resource extraction.
The deadline for corporate tax registration in the UAE is within 30 days of the commencement of business activities.
Yes, you can register for corporate tax online through the Federal Tax Authority (FTA) website, but with the help of a professional it would be much easier.
The penalties for non-compliance with corporate tax regulations in the UAE include fines, penalties, and even imprisonment in severe cases.
Yes, you can claim deductions and exemptions on your corporate tax return, subject to certain conditions and requirements.
 You need to file corporate tax returns in the UAE on an annual basis, within 9 months of the end of the tax period.
Yes, you can outsource your corporate tax compliance to a third-party provider, such as a tax consultant or accounting firm.
A corporate tax consultant in the UAE provides expert advice and guidance on corporate tax compliance, planning, and optimization, helping businesses to minimize their tax liabilities and ensure compliance with tax regulations.
We are here to address any questions you may have as you implement your plan. Additionally, for clients seeking an ongoing partnership, we provide comprehensive Tax and Compliance.
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