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Top VAT Consultants in Abu Dhabi (2024) - Shuraa Tax

The UAE entered the world of taxes a few years ago. The government introduced Excise Tax in 2017 followed by Value Added Tax (VAT) in 2018. VAT, also known as consumption tax, is an indirect tax imposed on saleable goods and services. According to the VAT law, every business in the UAE is required to register for VAT with the Federal Tax Authority. However, undertaking all the VAT responsibilities can be a bit of a challenge for the business owner, which is why they seek a VAT consultant in Abu Dhabi who can represent their company and fulfill the formalities on its behalf.

ICV Certificate in Dubai

The United Arab Emirates has a highly competitive landscape that requires businesses to adhere to various regulatory requirements and standards to thrive and expand. One such imperative requirement is the In-Country Value (ICV) Certification. This initiative was introduced by the UAE government to foster economic growth by encouraging businesses to contribute to the local economy by using local goods and services in their operations. The ICV certificate in Dubai evaluates and verifies a company's commitment to supporting the local economy.

Import Duties in UAE

A wide range of products are subject to import duties in UAE. The government introduced an excise tax on tobacco and tobacco products, carbonated drinks, and energy drinks in October 2017. The rule was further expanded on December 2019 and included sweetened beverages, electronic smoking devices and tools, and liquids used in electronic smoking devices, medical equipment, and tools. Similarly, the authorities also imposed import duties on commercial goods depending on several factors such as the jurisdiction of the registered business, the nature of goods, the source and destination of the goods, and more.

IFRS Advisory Services in UAE | Shuraa Tax

International Financial Reporting Standards (IFRS) refers to a set of accounting principles or codes that determine how transactions and other accounting procedures need to be recorded in financial statements. Every business is required to perform its financial reporting activities in line with the IFRS standards. That is why they need IFRS advisory services in UAE that can simplify their accounting processes and improve their business efficiency and accountability. These service providers possess sound knowledge and industry expertise in accounting, auditing, bookkeeping, and consulting services.

Corporate Tax Return in UAE

The process of corporate tax return UAE is a mandatory process that includes the submission of a report to the relevant tax authority detailing the income and expenses of the company. As per the Corporate Tax law, the taxable entity has to file the returns for a specific tax period on the information about corporate tax liability and payments. Additionally, if the authority, requests any additional information, document, or record, the taxpayer has to submit it as and when required.

Difference Between Vat and Corporate Tax

The United Arab Emirates has its own set of rules and regulations when it comes to business establishment. From understanding the law of the land to fulfilling all the liabilities, business owners must be cognizant of all these obligations. Since the tax structure of the UAE covers several taxes, the business owner must be aware of all of them, especially the two important ones – VAT and Corporate Tax. The key difference between VAT and corporate tax is the nature of the tax. One is profit-based while the other is consumption-based.

Vat Refund Dubai for Tourist

The Value Added Tax (VAT), introduced in 2018 in the UAE, applies to various goods and services. Tourists, upon their visit to Dubai, can avail the opportunity to save some extra cash in their shopping, dining, and other entertainment experiences with the VAT refund program. The policy of VAT refund Dubai for tourist applies to those who are non-residents of the UAE and have met a minimum purchase threshold. Moreover, the purchased goods are to be taken out of the country to make them eligible for a VAT refund.

Withholding Tax in the UAE: A Guide for Business Owners in 2024

Withholding tax in UAE is an amount paid by an employer or entity as income tax on behalf of its employees or workers. It is termed as ‘withholding’ as it is deducted at the source of the income. The withheld amount is a credit against the income tax that the employee has to pay during the year. However, if the employer withholds an excess amount of money from their income, then the employee will be eligible for a tax refund. On the other hand, if insufficient funds are withdrawn from the income, then the employee has to owe the IRS(Internal Revenue Service) while filing their tax returns.

Top 13 Audit Firms in Dubai, UAE 2024 | Shruaa Tax

Auditing is a significant aspect of conducting business. In a dynamic central business hub like Dubai where people come together to exchange services and products, it is important to maintain a reputation among your potential associates by keeping strong financial controls. To respond to this need of businesses, there are several accredited audit firms in Dubai that are dedicated to aiding companies in achieving growth and creating value. From premium advisory to taxation and assurance services, these firms offer exceptional client service with a tailored approach.

UAE Vat Reconsideration

UAE VAT reconsideration allows taxpayers to request for the review of FTA’s decision. The Federal Tax Authority has the right to impose penalties on taxable entities in case of non-compliance or breach of provisions of UAE VAT laws. However, there are situations where businesses follow the rules diligently and still get penalised by the authorities. In such circumstances, if the entity is unsatisfied with this decision, it can file a petition for VAT reconsideration to the authority to review and reverse the penalty.

Corporate Tax Services in Dubai

The Corporate law of the UAE requires businesses to comply with tax regulations set by the government, including the Corporate Tax that has to be levied at 0% for taxable income up to AED 375,000 and 9% for taxable income over AED 375,000. The Corporate Tax Services in Dubai assist companies in navigating the complex tax structure of the UAE and ensure compliance with FTA guidelines. As a result, businesses are more capable of making informed decisions with the insights provided by the corporate tax service into tax implications of business transactions.

VAT on Transportation Services in UAE

The latest public clarification issued by the Federal Tax Authority (FTA) sheds light on the treatment of VAT on transportation services in UAE. According to Article 46 (4) of the VAT Decree-Law, the supply of local passenger transportation in the UAE is exempt from VAT. Similarly, Article 45 (1) of the Executive regulation exempts the supply of local passenger transportation services through the means of transport by land, water, or air within the UAE. However, if the transportation services are undertaken for pleasure trips such as sightseeing, or other forms of entertainment, then the exemption will not apply.

Financial Statement Audit in UAE

The financial statement audit in UAE refers to an independent examination of financial statements and related disclosures of a company by professional auditors. This audit process helps the company in analyzing its performance and adds credibility to its financial position. Therefore, all registered companies in the UAE are required to file annual reports for audit and get them attested by a registered auditor. They must also ensure that the submitted report discloses all material matters.

Tax Accounting Services in Dubai

Tax accounting services help businesses prepare, analyze, and file tax returns in a seamless way. It provides the guidelines that need to be followed while filing tax returns. Besides, with their expertise and experience in tax-related matters, they know how to deal with the tax structure of an organization in a better way. In addition, availing a reliable and proper tax accounting services in Dubai ensures that the business as well as individuals comply with UAE tax laws by fulfilling their tax obligations.

VAT Compliance Services Dubai

All the companies and taxable entities operating in the UAE are required to maintain books of accounts and stay VAT compliant as per the provisions of the UAE VAT law. However, with constant changes in business activities and regular updation on legal information, complying with these laws can be a challenge. That is why companies require VAT Compliance Services Dubai to ensure accurate information reporting and transparency while staying up-to-date on VAT compliance.

Accounting Services in UAE

With the rise in the number of business entities, the demand for accounting services in UAE has also increased. Hiring such services ensures systematic maintenance of daily business records and several other accounts-related functionalities in an organization such as preparing charts of accounts, forming ledgers, posting expenses and sales entries in accounting software, Bank reconciliation, recording petty cash transactions, etc. Being a versatile professional, a bookkeeper makes sure to bring all these company activities into one platform. Shuraa Tax offers a wide range of tax and bookkeeping services customized to your business type and requirements.

Corporate Tax in UAE

The Corporate tax in UAE was introduced on 1st June 2023 by the UAE authorities. The law specifies that every business entity or individual operating in the UAE that is eligible for taxes would be subjected to a 9% corporate tax. The rule was implemented to strengthen the country's status as a leading global hub for investment and accelerate the strategic goal towards development and transformation. Furthermore, it would help the country meet international standards for tax transparency and combat harmful tax practices.