In January 2022, the Ministry of Finance (MoF) has announced to implement Corporate Tax (CT) at 9% on business profits exceeding AED 375,000 for the financial year beginning on or after 01 June, 2023.
CT will be paid on a company’s profits reported in its financial statements prepared in line with internationally accepted accounting standards i.e. generally the International Financial Reporting Standards (IFRS) in United Arab Emirates.
Corporate Tax Implementation Service
Our Strategy for Corporate Taxation (CT) Implementation is categorised in below phases:
- Detailed Impact Assessment:
- Implementation Support:
- Post-Implementation Support:
We evaluate existing business models, contracts and legal structure for understanding the impact on legal (contract, business structures), financial (margins, pricing, cash flows), and operational (supply chains/processes, transaction flows) aspects of the business.
After assessing the impact, we develop procedures to manage the project and changes within an organisation to seamless implement Corporate Tax compliance, planning and reporting framework.
Corporate Tax compliance, planning and reporting is an ongoing process which we manage under our direct supervision by experienced and skilled professionals.
Corporate Tax Consultancy Service
A dependable and reliable CT Consultant render following services to manage tax affairs of an organisation:
- Ensure timely compliance on provisions of law & regulations related to business transactions, including CT Return filing, documentation requirements and other routine matters pertinent to business.
- Conduct a comprehensive tax plan to save tax legitimately.
- Maintain liaison with Federal Tax Authority to coordinate on internal matters giving rise to tax implication or notices served on an entity from the Authority.
- Train relevant employees of a company to maintain compliance with CT law & regulations.
- Provide detailed understanding on specific complicated areas including Group Entities located in Free Zones and Branches located outside UAE.
- Conduct internal reviews on regular intervals to monitor compliance with internal procedures and controls developed for adherence with law and regulations.
- Advice on business operations that have tax implications, updates in law and regulation relevant for a company, and other allied matters.
- Report on specific matters to translate provisions of law and regulations in easily understandable manner for business entrepreneurs and provide recommendations that is best suitable under given circumstances.
How we standout as an Expert Corporate Tax Consultant
Our partners and staff have obtained comprehensive knowledge of UAE CT Law & Regulations and possess well-groomed experience on CT matters through international market that have complex CT framework.
We apply our knowledge and experience to assist our clients in developing good CT compliant routines that ensure accurate and timely CT Returns filing and CT compliant documentations.
We know the subjective nature of assumptions, hence we base our conclusions on detailed study of data from relevant industry and from extensive market research.
Our valuable advices on CT matters have benefited clients in international market to save unnecessary tax payments, which help them to retain and maintain optimal cash flows for business ventures.