United Arab Emirates (UAE) has introduced corporate income tax, effective from June 1, 2023; hence, the first tax period will be June 20, 2023, to May 31, 2024. The return filling due date for the same will be February 28, 2025.
Corporate Tax in UAE:
The UAE Ministry of Finance has introduced Corporate Tax, a direct tax imposed on the net income of corporations and other businesses, on 9th December 2022 and this is going to be effective for financial years on or after 1st June, 2023. The Corporate Tax is also referred to as “Business Profits Tax” or “Corporate Income Tax” in other jurisdictions.
This means that companies operating in the UAE will need to register for corporate tax, calculate their taxable income, file tax returns, and make payments as per the new regulations. Non-compliance could result in penalties, so it is essential to understand the process and requirements thoroughly.
Given this, Ally Accounting & Auditing can play a vital role in helping businesses meet these new tax obligations, being one of the best providers of corporate tax services in the UAE.
Our services include:
- Corporate Tax Registration Services: Helping companies register with the Federal Tax Authority. This will likely involve understanding the registration requirements, preparing the necessary documents, and submitting the registration application.
- Tax Planning Services: Assisting in tax planning to help businesses minimize their tax liabilities within the limits of the law. This may involve analyzing a company’s business model, transactions and future plans to identify tax-saving opportunities.
- Tax Compliance Services: Ensuring that companies fulfill all their tax obligations correctly and on time. This would likely involve preparing and submitting tax returns, making tax payments, maintaining required tax records, and responding to any inquiries from the tax authorities.
- Tax Deregistration Services: In case a company ceases its operations or falls below the required threshold for corporate tax, Ally Accounting and Auditing could assist in the process of deregistration from corporate tax.
- Tax Audit and Dispute Services: In case of a tax audit or dispute with the tax authorities, we could provide professional representation to protect the company’s interests.