How Do Tax Professionals Help a Firm in The UAE?

June/14/2023

Employing a tax consultant is a better option because it educates an organization about the country’s tax code. Tax professionals help with the preparation of tax-related documents. They help your business by doing the following:

Reduce the burden of taxes by staying current on the newest tax changes.
Assisting you in selecting whether a voluntary or required VAT system is right for you.
Analyzing the tax benefits and drawbacks of your company’s actions
Using metrics-based analysis to identify industry developments and their tax implications

Different Tax Categories in the UAE

Because of its 0% personal income tax, an abundance of business permits and operations authorised in free zones, and low import tariffs, the United Arab Emirates (UAE) has been one of the most tempting places for new businesses, mid-sized businesses, and large organisations. The UAE government has always made an effort to make the country’s tax climate as appealing and reasonable as possible. Throughout history, the United Arab Emirates has created various tax categories.

1. CORPORATE TAX

The United Arab Emirates has agreed to levy a corporate tax on business earnings commencing on or after June 1, 2023. The planned corporate tax rates in the UAE

Non-taxable earnings and exemptions

Businesses that participate in commercial operations and the extraction of natural resources
There will be no tax withholding on domestic or international payments.
Individuals who hold shares or other kinds of property in their own name and receive dividends, gains on capital, or other types of income.
Individuals with bank accounts or savings plans receive interest and other forms of income.
Salary or job income determines an individual’s wages.
Qualifying shareholdings in a UAE company generate dividends and capital gains.

VALUE ADDED TAX (VAT)

VAT (Value Added Tax), which was implemented on January 1, 2018, is an indirect tax levied on the purchase and sale of goods and services. The UAE government’s decision to impose VAT is part of a bigger strategy to reduce the country’s reliance on oil and petroleum products as a source of income, and the VAT rate is 5% on a variety of goods.

Zero-rated supplies include:

Medical supplies and equipment
Gold, silver, and platinum trading
Crude Oil and Natural Gas
For the first time, a house was sold.
Exports and international transportation

Exempt supplies include:

The supply of certain financial services as defined under VAT legislation
The supply of certain financial services as defined under VAT law
Passenger service in the surrounding area

Tax Consultancy Services in the UAE at a Reasonable Rate!

Get one-stop assistance with the following skilled tax consultancy services in the UAE:

VAT Consultation in the UAE

Based on our extensive understanding of interpreting and applying VAT, we provide effective VAT consultancy services to assist commercial organisations with the easy running of a firm.

VAT Audit in the UAE

Forthrightconsultancy – A tax consultant in Dubai employs a hands-on approach to conducting a full VAT Health Check of firm transactions and evaluations of current VAT taxing follows and techniques.

VAT Registration in the United Arab Emirates

When registering for VAT in Dubai, businesses must adhere to stringent VAT standards. VAT laws require a company to register for VAT if its yearly income exceeds AED 375,000. If a company’s annual income is between AED 187,500 and AED 375,000, it is not required to register for VAT under UAE law. Furthermore, if the value is less than AED 187,500, the business is exempt from the registration requirements of this rule. Forthrightconsultancy offers VAT registration services in the UAE.

Tax Consultants and Business Formation

Businesses must appoint a qualified tax agent for any tax-related issues. Forthrightconsultancy in Dubai can supply you with a professional and trustworthy in-house tax expert.

Filing of VAT Returns in the UAE

Depending on the size of the business, VAT returns must be completed monthly or quarterly. Customers may rely on Forthrightconsultancy to help them submit VAT returns in the UAE on time and accurately, as well as to guide them through the process of resolving outstanding tax issues.

VAT Transactions Advisory

VAT transaction advice services are a sort of service in which a VAT expert assesses certain business transactions to determine whether or not VAT applies. This allows them to examine how VAT affects firms and determine what changes need to be made to their accounting systems and business processes.

The Importance of Tax Consultants in the UAE

Assist you with tax returns and financial accounts that have been audited.
Detailed instructions on how to calculate tax payments correctly
Create techniques to avoid future fines and interest on your tax returns.
Assist in the renewal of your company’s rights and permits, as well as audits.
Provides the most recent information on any changes to tax policy.
Assists in the preparation of tax-adjusted balance sheets and the resolution of tax issues.

Why should you hire Forthrigthconsultancy for Tax Consultancy Services in Dubai?

Our qualified consultants will evaluate your personal and commercial tax needs. Then, based on your company’s requirements, we’ll develop a financial strategy plan. Our employees have the necessary abilities and knowledge to understand the taxation system. In addition, we provide services to our customers by utilising sophisticated technologies and techniques.

Tax professionals play a vital role in assisting firms in the UAE with their tax-related obligations and strategies. With the introduction of corporate tax and the implementation of Value Added Tax (VAT), businesses in the UAE need expert guidance to navigate the complexities of the tax system and ensure compliance. Tax consultants provide valuable services such as tax planning, preparing tax documents, staying updated on tax changes, and analyzing the tax implications of business activities.

They help reduce the burden of taxes, identify tax benefits and drawbacks, and ensure accurate and timely filing of tax returns. By hiring a reputable tax consultancy firm like Forthrightconsultancy, businesses can access knowledgeable professionals who can provide tailored advice and assist in optimizing their tax positions. With their expertise and use of advanced technologies, tax consultants in the UAE help businesses effectively manage their tax responsibilities while maximizing financial efficiency.