Corporate Tax Advisory Services
A competitive CT regime based on global best practices is expected to strengthen the UAE’s position as a top business and investment hub and accelerate the country’s growth and transformation to achieve its strategic goals. The UAE’s commitment to uphold international standards of tax transparency and to prevent unfair tax practices is also reaffirmed by the implementation of the CT regime.
While conventional tax compliance consists of federal, kingdom, and nearby tax education, tax advisory offerings move past the tax go back and into the sector of tax method and optimization. From reading monetary records to imparting forward-searching guidance, tax advisors assist their customers apprehend the influences in their monetary choices and provide recommendation on the way to maximize their tax position, all even as contemplating enterprise or private monetary goals.
When will the UAE CT regime come into effect?
The UAE CT regulations will come into force for financial years beginning after 1 June 2023. Example: If the fiscal year is from his 01.07.2023 to 30.06.2024, the company will be subject to UAE CT from his 01.07.2023. is the start date of the first fiscal year beginning after June 1, 2023). From 1 January 2024, companies with financial years from 1 January 2023 to 31 December 2023 are subject to the UAE CT (this is the first the beginning of the fiscal year).
What is the role of the Ministry of Finance?
For the purposes of bilateral/multilateral tax agreements and international exchange of information for tax purposes, the Ministry of Finance remains the “competent authority”. The Ministry of Finance may issue additional guidelines and implementing regulations regarding the UAE CT and other federal taxes.
What should I do to prepare for the UAE CT?
To assess what the UAE CT system means for your business, you should take the following as a starting point: Use the information available to determine if and when your company is subject to the UAE CT. Understand business requirements under corporate tax law. For example, whether your business needs to be registered with the UAE CT. What is your business’s accounting/tax period? By when your business needs to file a UAE CT return. What elections or applications can or should your business make for the purposes of the UAE CT? How UAE CT affects your business obligations and responsibilities under contracts with customers and suppliers. Financial information and records you must retain for UAE CT purposes. Please check the Ministry of Finance and Federal Tax Administration websites regularly for more information and guidance on the UAE CT regime.
Types of tax advisory services offerings include:
- Guidance on federal, kingdom, and man or woman profits tax returns
- Advice on federal and kingdom company tax returns
- Understanding the tax results of obtaining or divesting enterprise assets
- Restructuring or reorganizing agencies and partnerships
- Estate making plans, together with education of wills and trusts
- Federal, kingdom, and nearby man or woman and/or company tax making plans
- Understanding the tax implications of actual property transactions
- Personal monetary making plans
- Income tax making plans for executives, together with worker reimbursement and gain plans
- Investment making plans
- Understanding the tax implications of present and charitable contributions
- Understanding the tax effect of profits and deductions, contributions, essential purchases and investments
- Tax perception into university saving programs
- Retirement making plans programs
- Representing customers in tax negotiations and disputes with the IRS
- Representing customers in IRS, kingdom, or nearby audits
- Property tax assessments
- Succession making plans
- Tax recommendation to executors and trustees
- Tax credit score evaluations to decide most allowable credits (e.g., studies and improvement credits)
- Trade and customs tax offerings and guidance
- Transfer pricing evaluation, documentation, and amendment of present policies
- Tax valuation offerings
