The UAE Corporate Tax regime will become effective for financial years starting on or after 1 June 2023.
In Dubai, the tax consultants are need to advise business owners to get clear understanding about Corporate Tax and asked them to stay prepared for Corporate Tax. Here we will help you to understand corporate tax assessment, clarification and document requirements which help you to avoid penalties.
How to process the Corporate Tax Assessment ?
In UAE, the Corporate Tax regime will be based on a self-assessment principle which means all the businesses will ensure that the tax returns are filed and the schedules which are submitted to FTA should be correct and comply with the Corporate Tax Law. After the CT returns filed, the FTA may review it and issue an assessment within the period prescribed in the CT Procedures Law.
Though the FTA issued Corporate tax assessment, taxpayers are allowed to challenge corporate tax which were amended. In Corporate Tax Procedures law, it will explain the process and procedures for challenging the FTA assessment. After the Corporate Tax Law issued then only the Businesses in UAE are advised to bring a final decision on the assessment .
Can we Apply for UAE Corporate Tax Clarifications?
And the answer is Yes. Before apply for clarifications, the taxpayers need to understand how to comply with UAE Corporate tax requirements and it will help you to function the tax system smoothly. If there is uncertainty over a proposed or entered into arrangement or transaction, businesses can apply for a clarification regarding the correct or intended corporate tax treatment. You may submit the corporate tax clarification requests to the FTA.
Though the FTA will list the clarification which given the facts and circumstances outlined in a clarification continue to apply. Now, the FTA provides clarification with regards to any uncertainty regarding the VAT. The Tax Consultants expect the corporate tax clarification procedures to be in line with the VAT clarification procedures.
What are Corporate Tax Document Requirements?
All the Businesses in the UAE should maintain the financial and other records to comply with UAE corporate tax requirements. You will be required to maintain the documents and records which will explain the information contained within the UAE corporate tax return and other documents submitted to the FTA.
Businesses will have to maintain financial and other records to comply with UAE corporate tax requirements. You will be required to maintain the documents and records that explain the information contained within the UAE corporate tax return and other documents submitted to the FTA. Corporate tax advisors in Dubai can advise you on the list of documents you are required to maintain.
Should Free Zone Persons Maintain Records?
Free Zone Persons will be within the scope of the UAE Corporate Tax and subject to tax return filing requirements. Hence, businesses operating within the UAE free zones will be required to maintain financial statements and records. With the help of corporate tax consultants in Dubai you can get idea about the documentation requirements. And also Certain exempted persons will be required to maintain records to allow the FTA to ascertain the person’s exempt status.
Why YUGA ?
Corporate tax advisors in Dubai can advise businesses on key tax matters such as assessment, clarification and documentation requirements. YUGA is one of the best corporate tax consultants in Dubai simplify Corporate Tax compliance. Ensure corporate tax compliance and avoid relevant penalties by using our bespoke tax advisory services.
FOR MORE INFORMATION, CONTACT US :
Phone : +971 52 1952 532 / +971 4 240 1110
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Website : www.yugaaccounting.com