Ensure compliance with the latest tax regulations in the UAE, including VAT, Corporate Tax, and Transfer Pricing, with the assistance of YUGA Accounting. Our specialized team helps businesses stay aligned with regulatory requirements and optimize their tax strategies. Reach out to us to transform your tax approach and enhance efficiency.
For any business, whether small, growing, or a multinational corporation, meeting tax obligations is crucial. Understanding the types of corporate tax laws in your jurisdiction is key to ensuring accurate and timely tax payments.
Managing business operations can often make it challenging to stay updated on tax law changes. As a result, expert advice from tax professionals is often essential to navigate these complexities.
At YUGA Accounting, we have a team of skilled professionals who specialize in UAE tax laws. Our tax specialists are well-versed in the latest FTA regulations, ensuring that your business remains compliant with all tax requirements. With extensive experience, we provide tailored tax services to businesses of all sizes across the region.
New UAE Tax Developments and the Importance of Compliance
In recent years, the UAE has introduced significant changes to its tax system. At YUGA Accounting, our Tax Advisory Services are tailored to help businesses navigate these evolving regulations and stay compliant. Understanding the latest tax rules is essential for businesses to follow guidelines accurately and avoid heavy penalties.
Although the UAE does not impose income tax, certain products, such as those harmful to health or the environment, are subject to Excise Tax. In 2018, VAT was introduced for businesses exceeding the VAT threshold. Corporate tax, once limited to oil companies and foreign banks, is now applicable to a wider range of businesses, with a new corporate tax law effective from 1 June 2023. This law includes tax rates on taxable income and requires compliance with transfer pricing regulations. As the tax landscape is constantly changing, businesses must seek expert consultancy services, like those provided by YUGA Accounting, to ensure compliance and adjust their information accordingly.
The introduction of Economic Substance Regulations aims to increase transparency, requiring entities in the UAE to report actual profits earned from business activities conducted in the UAE.
At YUGA Accounting, we offer specialized workshops and training on tax compliance, risk assessments, VAT, Corporate Tax, International Tax, and Transfer Pricing. Our goal is to provide you with tailored, effective solutions that enhance your business performance and ensure long-term compliance.
Understanding Ultimate Beneficial Ownership in the UAE
The concept of Ultimate Beneficial Ownership (UBO) in the UAE is aimed at improving financial transparency. It requires businesses to disclose details about their ultimate beneficial owners, including major shareholders and nominee directors. Companies registered with the Department of Economic Development (DED) must submit statements and shareholder records along with supporting documentation to verify these details.
A UBO is defined as an individual who holds at least 25% of the shares or has the authority to control or remove directors. All licensed companies, except government-owned entities, are obligated to file UBO reports. Failure to comply may result in licensing issues or restrictions on corporate activities.
Understanding the Economic Substance Regulations in the UAE
Introduced in August 2020, the Economic Substance Regulation (ESR) applies to businesses engaged in specific onshore activities in the UAE. For a business to meet the criteria of having economic substance in the UAE, it must pass the Economic Substance Test, which ensures certain requirements are fulfilled.
This includes conducting core income-generating activities within the UAE and having the necessary personnel, premises, and financial resources within the country. The ESR was established to prevent the UAE from being used as a tax haven and aligns the country with global standards on transparency and economic integrity, as advocated by organizations like the OECD and the EU.
Tailored Tax Services and Solutions for Your Business
We offer effective solutions to both local and multinational companies. To deliver these solutions, we collaborate with other member firms of YUGA Accounting, leveraging our vast experience in tax practices, planning, and procedures worldwide, including the UAE.
YUGA Accounting & Tax Consultancy offers the following Tax and Compliance Services:
- Corporate tax impact assessments
- Registration, Filing, and de-registration with the VAT authority
- Excise Tax Compliance
- Advisory on tax matters specific to the business
- Transfer Pricing analysis and compliance and Master files, Local files, and Country-by-Country reports under OECD standards
- Review and draft intercompany agreements
- Registration and filling of company tax
- Obtain tax clearance certificates and UAE Tax Residency certificates.
- Economic Substance Regulations compliance
- Training and workshops on UAE tax laws at an organizational level
- Transfer pricing assessment of the operating model
- Preparation for tax registrations, de-registrations, and amendments
Expert Tax Services Offered by YUGA Accounting & Tax Consultancy
At Yuga Accounting, we provide professional tax services designed to offer comprehensive solutions that cater to the unique needs of our clients. Here’s how we make a significant difference:
- Our team is readily available to assist a wide variety of businesses daily, taking proactive steps to fulfill all their tax-related requirements.
- Our consultants stay informed about the latest tax codes and regulations, ensuring that we provide accurate and effective guidance to businesses and corporations.
- With vast experience in tax, audit, and consultancy services across various industries, we offer our clients thorough and reliable support.
- Our diverse team combines expertise from different disciplines, enabling us to meet a broad range of client needs with tailored solutions.
FOR MORE INFORMATION, CONTACT US :
Phone : +971 52 1952 532 / +971 4 240 1110
Mail-Id : info@yugaaccounting.com
Website : www.yugaaccounting.com