The Ministry of Finance in the UAE announced the implementation of Federal Corporate Tax (CT) on the net profit of businesses in January 2022. With effect from the 1st of June 2023, Corporate tax will be applied to all businesses operating across the UAE. However, navigating this evolving tax landscape can be challenging for unacquainted ventures, which is why they need UAE corporate tax consultants who can help them meet their tax obligations while optimizing financial performance.
Tax consultants are invaluable assets in the UAE’s dynamic business market. They assist companies in staying compliant with the FTA’s (Federal Tax Authority) regulations and avoid any kind of non-compliance activities that could lead to hefty consequences. Therefore, it is crucial to find the right corporate tax consultants in Dubai who can help you effectively navigate the complex tax landscape and provide proper tax consultancy and services.
UAE corporate tax consultants: The indispensable role
The corporate tax consultants in Dubai provide a range of services, helping businesses navigate the complexities of the tax system, minimize liabilities, and maintain compliance. Let’s understand how they contribute to efficient financial performance and success of the business –
Expert guidance and tax compliance: Corporate Tax consultants in Dubai possess in-depth knowledge of UAE’s corporate tax laws and regulations. As the government aligns its policies with international standards, it tends to update these regulations, and businesses are required to keep up with them. Tax consultants keep them informed about the latest updates and ensure that they comply with the established regulations. Furthermore, they help businesses avoid the pitfalls through timely advice, accurate tax return filing, and proper record maintenance.
Tax planning and optimization: Effective tax planning is crucial for businesses to minimize tax liabilities and maximize profitability. Tax consultants assess the financial structure of the organization, identify relevant tax deductions, and accordingly develop strategies for optimum tax efficiency.
Tax registration and filing support: Navigating the tax registration and filing process can be challenging for companies, especially those new to the UAE market. UAE corporate tax consultants assist companies with tax registration, tax return submission, and tax refund management as well. They ensure that the organization complies with corporate tax regulations, thus minimizing the risk of penalties and delays.
Tax audit management: Tax audits can be intimidating, but with an experienced tax consultant on the side, businesses can stay prepared for potential audits with all documentation, invoices, and records being up-to-date and complying with UAE corporate tax laws. Furthermore, tax consultants act as liaison between tax authorities and the organization, enabling effective communication and smooth process.
Custom solutions for different setups: UAE corporate tax consultants are vital for all kinds of business setups in the country. They help free zone entities understand and comply with specific regulatory requirements while maximizing tax benefits. On the other hand, they also help mainland entities develop tax strategies that align with their unique structure and growth objectives.
Risk mitigation: To navigate the UAE’s tax environment effectively, business owners need to identify potential risks and evaluate their impact on the business. Tax consultants assess these risks and accordingly develop strategies to mitigate them. This reduces the probability of non-compliance issues leading to financial penalties and reputational damage.
Assistance with Double Taxation Treaties: The UAE has signed Double Taxation Treaties (DTTs) with numerous countries around the world. This treaty ensures that businesses, such as MNCs and those with cross-border operations, are not taxed on the same income in multiple jurisdictions. Tax consultants help businesses understand these treaties to prevent them from double taxation and maximize international tax relief opportunities.
Enhance business efficiency and profitability: Outsourcing taxation activities to experts allows businesses to focus on their core strategic business objectives. The experts streamline tax procedures and reduce administrative burdens of businesses, offering them valuable insights to drive operational efficiency and profitability.
Key services offered by UAE corporate tax consultants
The tax consultants provide the following corporate tax services to businesses operating in the UAE:-
- Training
- Impact assessment and advisory services
- International tax advisory services
- Corporate Tax Registration & Compliance Support
- Representation services
Benefits of employing corporate tax services in the UAE
Here are some of the key benefits of using corporate tax services in the UAE:-
- Precision in the calculation and filing of taxes
- Minimization of tax liability through strategic tax planning
- Compliance with corporate tax laws and FTA guidelines
- Prevention from penalties for non-compliance
- Access to professional advice on tax-related matters
Prominent corporate tax consultants in Dubai, UAE
Let’s have a look at some of the leading tax consultants offering the best and finest corporate tax services in the UAE:-
Shuraa Tax
- A prominent name in UAE’s tax management and consultation.
- Offers top-notch corporate tax services, accounting solutions, and audit services.
- Offer customized packages based on the exact business requirements.
- Help clients navigate everyday challenges, including corporate tax laws and transfer pricing regulations, accounting system compliance, and more.
Accruon Consultant LLC
- Specializes in providing comprehensive tax services to businesses and individuals.
- Offers a wide range of tax advisory and compliance services according to the unique needs of the clients, such as VAT-related services, corporate tax, accounting and bookkeeping, auditing and assurance, etc.
- Holds a strong reputation for delivering professional tax consulting services in the UAE.
Charles and Darwish Associates(CDA)
- Known for delivering the best tax consultancy services to clients.
- Key focus on providing standard and tailored accounting services to meet the specific requirements of the clients.
Ernst & Young (EY)
- Founded by Arthur Young and Alwin C. Ernst.
- A globally-renowned professional services firm, offering tax advisory, auditing, accounting, risk management, and compliance services to businesses and individuals.
- Provide solutions based on their deep industry knowledge and understanding of local tax regulations.
PricewaterCoopers (PwC) Middle East
- A renowned name in corporate taxation services for many years.
- Have a highly experienced team delivering a range of corporate tax services such as compliance & advisory, accounting & budgeting assistance, and planning & consulting, etc.
KPMG Middle East
- A leading professional services firm with an experienced and well-versed team in UAE corporate tax laws.
- Key services include corporate tax compliance, tax planning and consultancy, corporate accounting and budgeting assistance, and more.
KGRN Chartered Accountants
- One of the leading corporate tax service providers in the UAE.
- Offer a comprehensive range of tax services, including accounting, audit, business advisory, tax consulting, tax planning, compliance, etc.
Kreston International
- A renowned tax consultancy firm with a strong presence in the UAE.
- Provide a wide range of tax solutions using their vast network and resources.
- Equipped with a team of experienced tax professionals who stay up-to-date with the latest tax regulations and industry trends.
- Committed to providing expert advice tailored to the specific needs of the client.
Conclusion
To stand firmly in the dynamic and evolving tax environment of the UAE, businesses need to stay abreast of the regulatory framework of the tax authorities. Corporate tax consultants act as invaluable partners for businesses, helping them optimize their tax liabilities and ensure compliance with Corporate tax laws and guidelines.
The professional tax consultants of Shuraa Tax empower businesses to prosper in the competitive market through expert guidance, strategic planning, and risk management services. They convey the best tax practices for businesses and ensure precise tax reports after systematic analysis and validation.
Reach out to Shuraa at www.shuraatax.com for the best corporate tax services in the UAE.
