Ensuring Integrity, Empowering Success: Your Partner in Seamless Compliance
OUR APPROACH
1. Discovery Call
We conduct a first meeting to clearly understand your business specificities and evaluate your business’ potential tax exposure.
2. Quotation preparation
Your Office Partners experts will diligently create a custom made proposal to perfectly suit your business’ specificities.
3. Starting operations
Once the quotation is accepted and onboarding done, Your Office Partner will start gathering relevant documentation and calculate the exact tax liability.
4. Tax filing
Your Office Partners will then file periodic taxes such as VAT and Corporate Tax using our extensive experience to minimize tax exposure. Let’s connect.
UAE taxes for businesses
While the UAE is known for its low tax regime, it is essential for businesses to stay informed about the regulatory environment and comply with all tax obligations. Here are the 2 key taxes affecting regular businesses in the UAE:
- 1. Value Added Tax (VAT): Introduced in January 2018, the standard VAT rate is 5%. This tax applies to most goods and services, with some exemptions and zero-rated categories.
- 2. Corporate Tax: Effective from June 2023, a federal corporate tax of 9% applies to businesses with profits exceeding AED 375,000. This initiative aims to enhance economic transparency and align with international standards.
TAX SERVICES
VAT Services
Your Office Partners assist UAE businesses with the following VAT services:
1.VAT registration
VAT Registration is an important process for businesses in the UAE. Companies that earn more than AED 375,000 annually are required to register for VAT. However, there is also an option for voluntary registration available to businesses with lower turnovers of at least AED 187,500. This allows businesses to recover VAT on qualifying expenses.
2.VAT de-registration
VAT de-registration, often referred to as cancellation or termination of VAT registration, occurs when a business seeks to cancel its VAT registration with the UAE Federal Tax Authority. The FTA will approve VAT de-registration in the UAE only if the reasons for termination are legitimate and the legal conditions are met. Businesses in the UAE can de-register from VAT if their turnover after registering with the FTA does not exceed AED 187,000 in the first 12 months following registration, or if the business stops making taxable supplies.
3. VAT preparation and filing
Submitting a VAT return is a requirement for anyone registered for VAT, regardless of the nature of their sales, purchases, or tax registration status. Your Office Partners assists both individuals and businesses in filing their VAT returns in the UAE, while also offering a range of other VAT services. Providing expert guidance and support for your VAT return in compliance with UAE VAT regulations, Your Office Partners ensures accurate VAT return filing along with meticulous management of accounting documents related to each tax submission.
4.VAT advisory
Selecting a trustworthy and knowledgeable tax consultant is crucial for grasping the taxation policies of your country. Your Office Partners stands out as one of the top tax consultants in Dubai and the UAE, providing tax services to businesses throughout the region. By assisting organizations in managing all tax-related activities, Your Office Partners simplifies the complexities of tax payments and legal obligations. Our skilled tax consultants offer exceptional services, ensuring that clients’ businesses adhere to international tax standards.
UAE Corporate Tax
Effective from June 2023, the UAE introduced a 9% corporate tax on profits exceeding AED 375,000. This move aligns with international standards, promotes transparency, and supports economic growth. Your Office Partners is here to guide businesses through compliance and optimize tax strategies.
Your Office Partners assist you to:
1.Determine if your business or income is exempted from Corporate Tax
Various entities in the UAE enjoy exemptions from corporate tax, which include: Wholly owned government entities, non-profit organizations (with specific conditions), certain categories of investment funds. Our corporate tax services in the UAE and Dubai involve advising clients on the available exemptions and assisting them in identifying whether their organization qualifies for any of these benefits.
2.Determine if your business is considered as “Resident”
According to the UAE’s Corporate Tax Law, a resident entity is defined as a company that is either registered in the UAE or conducts its primary management operations within the country. These resident entities are required to pay corporate tax on their income earned globally. In contrast, non- resident entities are taxed solely on the income they generate from sources within the UAE.
3.Register for Corporate Tax
All businesses liable for corporate tax in the UAE are required to register with the appropriate tax authority and secure a tax registration number (TRN). The registration process entails submitting an application along with necessary documents, including the company’s trade license, articles of association, and proof of residency.
4.Calculate and file Corporate Tax
The taxable income of a company is calculated by deducting allowable expenses and exemptions from the company’s gross income. Allowable expenses include operating expenses, depreciation, and interest on loans, among others. Moreover, businesses subject to corporate tax must file their tax returns and make the necessary tax payments within the specified deadlines. Failure to do so can result in penalties and fines. Our corporate tax services in UAE and Dubai include helping businesses calculate their taxable income, filing their tax returns and advising them on the available deductions and exemptions to minimize their tax liabilities.
Mohamed Saleem
Founder
- Federal Tax Agent accredited from the UAE Federal Tax Authority
- Certified Enterprise Risk Manager, CPD (UK) certification ISO 31000
- Anti-Money Laundering certified, Risk Assessment and Enhanced Due Diligence
- SAR/STR Compliance
- Certified Management Accountant
FAQs
