Corporate Tax Impact Assessment Services in UAE

Corporate Tax Impact Assessment is a structured and systematic process for considering the implications of corporate tax for businesses while there is still an opportunity to make necessary changes within and outside the standalone business unit or the group. YUGA has a squad of competent corporate tax specialists that can effectively conduct corporate tax impact assessment services in UAE to ensure tax compliance.

YUGA  tax agents offer corporate tax assessment services in UAE to analyze the impact, document requirements and compliances to make the right tax decision. Our expert corporate tax advisors deal with Corporate Tax, and assist their clients with all the aspects of Corporate Tax and stay compliant with the tax regulations.

The UAE and the businesses established here are preparing themselves for the implementation of Corporate Tax in June 2023. The Corporate Tax policy is created to execute the most effective practices globally and minimize the risks in the businesses. The standard rate of Corporate Tax is 9%, and profits up to AED 375,000 is 0% to support small businesses and startups, thus becoming one of the most competitive policies in the world.

In this session, we look into Corporate Tax Assessment services in the UAE.

What is a Corporate Tax Assessment in the UAE?

Upon implementing corporate tax, it is required to assess the amount of tax a company needs to pay to the government based on its revenue. It involves calculating the income, applying tax rates, and considering any deductions or exemptions it may be eligible for.

A corporate tax assessment is an organized procedure to consider suggestions for businesses, where there is a potential to make relevant changes within and outside the business unit or a group. The ultimate result of an assessment is creating a base for effective Tax Planning, Business reconstructing and executing sufficient compliance verifications. Our corporate tax assessment services are a part of our Corporate Tax services in UAE where we provide holistic corporate tax solutions for your business. So, we would like you to check it out!

The overall corporate tax assessment process can be divided into three distinct stages:

  1. Tax Compliance Assessment
  2. Impact Assessment
  3. Document Assessment

Corporate Tax Impact Assessment in UAE

The process of Corporate Tax Impact Assessment in the UAE involves evaluating the potential effects of tax laws, regulations, and policies on a company’s financial performance. This includes analyzing the company’s current tax position, identifying tax risks and opportunities, and recommending strategies to enhance tax efficiency.

The aim of Corporate Tax Impact Assessment in the UAE is to assist companies in making informed tax planning decisions and ensuring compliance with local tax laws. Understanding the actual impact of corporate tax on your business before implementation is crucial. This assessment helps minimize tax liabilities, maximize tax savings, and achieve long-term business success.

Corporate Tax Assessment Services in UAE - YUGA Accounting | Dubai | Ajman| Sharjah | Fujairah | Umm Al Quwain

A Corporate Tax Impact Assessment in the UAE typically includes the following aspects:

  1. Tax incentives and exemptions: Evaluating the company’s eligibility for any tax incentives or exemptions offered by the UAE government, such as free zone status.
  2. International tax considerations: Analyzing the impact of cross-border transactions on the company’s tax position and ensuring compliance with international tax laws and regulations.
  3. Transfer pricing: Evaluating the transfer pricing policies of the company to ensure compliance with tax laws and regulations, including the transfer of goods, services, and intellectual property between related entities.
  4. Tax compliance: Evaluating the company’s compliance with the tax laws and regulations in the UAE, including the submission of tax returns and payment of taxes owed.
  5. Tax planning: Identifying opportunities to minimize tax liabilities and optimize tax benefits, such as claiming tax credits and deductions.
  6. Business structures: Analyzing the current business structure of the company and considering any changes that may be necessary to minimize tax liabilities and optimize tax benefits.

Our Corporate Tax advisors in Dubai & Ajman assist you in devising the best business and financial strategies to manage the impact of UAE Corporate Tax.

Corporate Tax Compliance Assessment in UAE

The UAE’s corporate tax regime is based on the concept of self-assessment, meaning firms must ensure their tax returns and accompanying schedules are accurate and comply with UAE Corporate Tax Law. Be aware that the FTA may review the submitted company tax returns and issue an assessment within the specified period.

Taxpayers may, however, appeal an amended business tax assessment given by the FTA. As a result, you may be able to appeal and revise the adjustments to comply with the laws. The method for contesting the FTA assessment will be Provided in soon.

The Corporate Tax advisors at our disposal are well-versed in the Tax regime and are able to offer assistance in adhering to all laws and regulations.

Document Assessment for Corporate tax in UAE

Businesses will be required to maintain financial and other records to comply with UAE corporate tax documentation requirements. Failure to meet these requirements may result in significant corporate tax penalties, which the government may announce soon. It is essential to retain files and records that support the information on the UAE corporate tax return and other documents submitted to the FTA.

YUGA Corporate Tax Advisors and consultants can help you have a clear understanding of compliance requirements and guide you to maintain the list of documents.

How to Conduct a Self Corporate Tax Assessment with FTA Tax Clarification?

The FTA has established a portal for tax preparation clarification. If a planned tax preparation or transaction raises concerns, businesses can request clarification on the correct or intended corporate tax treatment. Requests for corporate tax clarification can be submitted to the FTA, utilizing the same mechanisms as those for Value Added Tax (VAT) clarification.

Better relying on professional corporate tax consultants can help you evade the confusion and best practices regarding corporate tax law.

Corporate Tax Assessment Services in UAE

YUGA ACCOUNTING has a highly experienced team of Corporate Tax consultants in Dubai that has specialized in Corporate Tax assessment. The team helps you with the following:

  • Evaluating and analyzing the possibility of tax grouping to obtain tax benefits
  • Evaluating the eligibility of Corporate Tax and suggesting related exemptions to the mainland, free zone and offshore businesses
  • Assessing tax outcomes for the business

YUGA offers premium corporate tax services in UAE to assist you to Register for CT, File corporate tax returns and be compliant with the Corporate Tax laws and protect you from fines or penalties.

FOR MORE INFORMATION, CONTACT US :

Phone : +971 52 1952 532 / +971 4 240 1110

Mail-Id : info@yugaaccounting.com

Website : www.yugaaccounting.com