Is it important to do tax research? It is impossible to know and study the entire Internal Revenue Code (IRC) and how it gets updated. It can be very difficult to find everything you need regarding tax responsibilities. You have to keep track of the federal tax law to communicate your findings to stakeholders.
That is why even experienced tax professionals turn to some accounting and bookkeeping companies in the UAE to discuss tax regulations. ebs is also one of the best accounting and bookkeeping firms in the UAE. We have the best tax professionals and experts to guide you about tax updates and regulations. It is important for you to have a proper knowledge of tax laws and regulations in the UAE. companies have to remain compliant with all the rules and regulations imposed by the Federal Tax Authority. We also provide the official sources for you to go through and research yourself about the new rules and regulations by the FTA.
Keep reading this blog to learn more about the UAE tax rules and regulations and how to conduct correct research.
What is tax research and why it is beneficial?
The aim of tax research is to help you properly define the tax impact and effect on the business. You should be aware of what the new laws are effective in the UAE. For instance, the UAE has corporate tax and VAT for the companies to pay. If your company is not registered but still, you have to fulfill some of the requirements to stay compliant.
The result of your tax research will help your business to make informed decisions for tax planning, strategies, and compliance. If you conduct proper tax research, then you will understand the binding and persuasive authorities for particular points of tax law or issue. For tax issues, this includes administrative, legislative, and judicial authorities.
When you research about the tax in the UAE, you particularly see the regulatory authorities. Now let’s discuss the research methodology you should use for awareness.
What tax research methodology should you use?
It is crucial to follow the tested and proven steps for conducting tax research. Following a trusted process can assist you in ensuring you have done your due diligence while researching the tax issues.
The steps for tax research include:
- Define and identify the facts and issues.
- Collect relevant authorities.
- Analyze the research.
- Develop recommendations and conclusions.
- Communicate the results.
There are a lot of authentic resources for you to conduct your tax research. Official authorities in UAE such as the Federal Tax Authority upload the provisions of the tax laws on their website. You can access those documents and the official notices and announcements there. But sometimes there are long PDFs to read to know the new tax amendments. At this point, you can consult the tax people. It is recommended to consult the best accounting and bookkeeping companies that provide tax services. You can discuss your taxation issues with trusted professionals. ebs is one of the best accounting and bookkeeping companies. Our tax experts will handle your all issues.
How can I do tax research if I am new to the topic or issue?
Firstly, you must analyze the facts, point out the legal issues involved, and formulate appropriate tax questions. But what if you are not familiar with any tax-related terms?
That’s where you need proper assistance from tax agents. We have the best tax agents for you to help and work according to the regulations of the authority. ebs will assist you in every way and will accommodate your tax compliance.
How should I use technology to improve my tax research?
While the internet has millions of terabytes of data, you should not rely on a service like Google for your tax research. You must not entirely rely on a service like Google for your tax research. It is important that you complete the background research on the tax system in UAE.
It is difficult to ensure that everything on the Internet is relevant, from trusted sources, or up to date. That is why research technology allows tax professionals to find a comprehensive approach to tax research. Our team of professionals uses this research technology to ensure accurate tax research. We can assure you that all the tax guidance our experts and website provide is accurate and updated.
Our experts keep track of all the latest tax laws and FTA updates. We ensure that the information we are providing is accurate. Feel free to contact us and get a free consultation regarding UAE tax and tax research.
ebs is accessible to help you in finding out about bookkeeping in the UAE. 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.