The UAE corporate tax is applied to relevant corporations and businesses. Corporate tax consultants in Dubai advise business owners to have a good understanding of the different provisions of the corporate tax regime to stay prepared. A good understanding of corporate tax clarification, assessment, and document requirements will help you to ensure better compliance and avoid penalties.
In UAE, corporate tax was introduced in 2022, and now it is implemented all over the UAE. If you are an entrepreneur, then you must understand the corporate tax regime. As it is now mandatory to register for the UAE corporate tax. So, it is time for businesses to know more about the corporate tax in the UAE. If you want to get familiar with corporate tax, then keep reading this blog.
How to carry out the UAE corporate tax assessment?
The regime of corporate tax in the UAE will be based on the self-assessment system. You have to know yourself if you are subject to paying the corporate tax or not. It means businesses have the responsibility of ensuring that tax returns are filed. Businesses are responsible for submitting accurate supporting schedules to the federal tax authority. This documentation should be complete and compliant.
However, taxpayers are allowed to challenge an amended corporate tax assessment. The procedures for challenging the FTA assessment are outlined in the Tax procedure law. Businesses must form a final opinion on the assessment only after the issuance of the law.
Can I apply for UAE corporate tax clarifications?
Yes, businesses are now able to apply for corporate tax clarifications. Businesses and taxpayers must have clarity over how to comply with the UAE corporate tax requirements. It is very important to smoothen the tax regime function. It is beneficial for you to submit the corporate tax clarification requests to the FTA.
However, it depends on the federal tax authority for clarification. Now, businesses can get the corporate tax clarification decision from the FTA. Before its implementation, businesses had to follow the clarification of VAT by FTA. But now businesses can read the decision number issued by the federal tax authority to know their eligibility.
What are UAE corporate tax documents requirements?
Businesses will have to maintain financial and other important records to comply with UAE. You will
have to submit the documents and records for the UAE corporate tax return. Corporate tax advisors in Dubai can better advise you on the list of documents you need to submit.
- Passport copies of the owner.
- Copy of Trade License.
- The concerned person’s contact details.
- Contact details of the company.
- Annual Financial Audit Report.
- Memorandum of Association (MOA).
- Power of Attorney (POA).
- Emirates ID of the owner.
Should Free Zone persons maintain records?
Free zone persons have to look for corporate tax eligibility. Free zones have 0% corporate tax, but they have to register for it. These businesses will have to maintain financial statements and records. The business in the free zone can seek help from the best accounting and bookkeeping firms in the UAE. Moreover, exempted persons will also have to maintain the records to allow the FTA to ascertain their exempt status.
What are the audit requirements for businesses?
Businesses should know whether an accredited audit firm or applicable laws must audit their financial statements. However, free zone persons need to have audited financial statements. They have to audit their financial statements to get the benefit of the 0% corporate tax. Corporate tax consultants in Dubai can help you with the audited financial statements.
Talk to the best corporate tax advisors in Dubai, UAE
In UAE, corporate tax was introduced in 2022, and now it is implemented all over the UAE. If you are an entrepreneur, then you must understand the corporate tax regime. As it is now mandatory to register for the UAE corporate tax. So, it is time for businesses to know more about the corporate tax in the UAE.
It is a good idea for you to consult the best corporate tax consultants in the UAE. ebs is one of the best accounting and bookkeeping firms in Dubai, UAE. Our professional team will help you to know about your eligibility for corporate tax. Businesses must find companies with proven records of their services. ebs is one of the best companies in the UAE.
Our services include these about the corporate tax:
- Tax planning and structuring
- Tax audits and reviews
- International tax planning and compliance
- Tax compliance
- Tax dispute resolution
Feel free to contact us to get our best corporate tax service in the UAE. Our tax experts will update you with all the new tax-related updates. It is important for you to stay compliant. Our company will ensure that your company has all the tax regulations.
ebs likewise offer services, for example, accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.