Corporate Tax Services Dubai

Corporate Tax Services Dubai

MAK is renowned for providing top-notch Corporate Tax Services in the UAE, boasting expert consultants to guide businesses through the intricacies of tax assessment, registration, and return filing. The advent of corporate tax in the UAE signals a significant shift in the regulatory landscape, necessitating thorough preparation from companies to ensure compliance with this new taxation framework.

In the UAE, adherence to government-set tax laws and regulations is mandatory for businesses. Corporate tax rates stand at 0% for taxable income up to AED 375,000 and 9% for amounts exceeding AED 375,000. Multinational corporations meeting specific criteria related to the OECD Base Erosion and Profit Shifting initiative’s ‘Pillar Two’ face a distinct tax rate. Corporate tax services play a pivotal role in helping companies navigate this complex tax system, ensuring compliance and reaping various benefits.

Utilizing corporate tax services in the UAE offers advantages such as precise tax calculation and filing, tax liability minimization through strategic planning, adherence to tax laws, avoidance of penalties for non-compliance, and access to professional advice on tax-related matters. Additionally, these services empower businesses to make informed decisions by providing insights into the tax implications of various transactions.

As the UAE Corporate Tax comes into effect from June this year, businesses are gearing up by strengthening their strategies and goals while maintaining compliance with tax regulations. MAK Auditing, an FTA Approved Corporate Tax consultant in Dubai, stands ready to assist companies in preparing for corporate tax through services like tax assessment and advisory.

MAK Auditing’s comprehensive Corporate Tax Solutions in the UAE cover all aspects, including general provisions, imposition of corporate tax, exempt persons and businesses, taxable person and corporate tax base, and various other critical elements outlined in the federal decree law.

The Corporate Tax Services provided by MAK Auditing encompass a structured approach, covering general provisions, imposition of corporate tax, exempt persons and businesses, taxable person and corporate tax base, free zone entities, calculating taxable income, exemptions, corporate tax reliefs, deductions, transactions with related parties, tax loss provisions, tax group provisions, and more.

The procedure for Corporate Tax Services involves assessing tax obligations, planning for tax efficiency, preparing and filing tax returns, ensuring timely tax payments, representing businesses during tax audits, and providing ongoing support and advice on tax-related matters.

MAK Auditing divides its Corporate Tax services into six parts, namely Corporate Tax Assessment, Registration, Return Filing, Accounting, Audit, Compliance, and Advisory Services. This comprehensive approach ensures that businesses receive tailored support at every stage of the corporate tax process.

For over a decade, MAK Auditing has been a trusted partner, offering professional and effective Corporate Tax services in the UAE. The firm’s track record includes working with various governmental, non-governmental, public, and private organizations, showcasing extensive expertise. MAK’s Corporate Tax Advisory services cater to the unique needs of each business, providing customized solutions and expert guidance on compliance requirements.

MAK Auditing’s corporate tax consultants in the UAE offer valuable assistance on Corporate Tax Registration, filing CT returns, and explaining updated regulations from the Federal Tax Authority to prevent CT fines and penalties. Clients highly recommend MAK Auditing for its quality services across all business requirements, especially in the realm of Corporate Tax Services in the UAE. To seek assistance or address queries related to Corporate Tax, contact MAK Auditing Dubai today or visit their office for further clarification.

Corporate tax audit

Conducting a Corporate Tax Audit in the UAE is an obligatory procedure designed to scrutinize the tax liability, tax compliance, and financial records of companies meeting specific criteria. During this process, auditors thoroughly examine financial statements, tax returns, and relevant documents to identify any discrepancies or errors.

Corporate tax audits are essential for the regulatory body to assess whether a taxable organization is adhering to corporate tax laws and standards outlined by the Federal Tax Authority (FTA) guidelines. Compliance with the Corporate Tax Law and Audit procedures is mandatory for all companies operating in the UAE.

The FTA conducts investigations during corporate tax audits to ensure that taxable companies have settled all debts and that all taxes are collected and remitted to the authorities within the specified time frame.

Determining the need for a Corporate Tax Audit in the UAE is governed by Ministerial Decision No. 82 of 2023, which outlines specific criteria for Applicable Taxable Persons to prepare and maintain audited financial statements for corporate tax. These criteria include:

A Taxable Person earning revenue exceeding AED 50,000,000 (fifty million UAE dirhams) during the relevant Tax Period.

A Qualifying Free Zone Person.

It is crucial to note that UAE’s corporate tax audits are not conducted randomly but are based on the criteria mentioned above. To mitigate the risk of fines or penalties associated with a tax audit, businesses must ensure strict compliance with all tax regulations and laws.

TAX Agent in UAE

MAK Auditing stands out as one of the premier registered Tax Agents in the UAE, offering exceptional tax agent services. As a certified tax agency in the UAE, we specialize in guiding businesses through the implementation and compliance of Value Added Tax (VAT) as per the regulations outlined by the Federal Tax Authority (FTA) UAE. Authorized by the FTA, MAK has been appointed as a Tax Agent by various companies to represent them before the Federal Tax Authority.

Having evolved into a distinguished audit firm in Dubai, MAK Auditing boasts legitimate tax agents and tax consultants in the UAE.

Tax Agent in Dubai:

A tax agent in Dubai is typically appointed on behalf of an individual or entity to act as their representative before the Federal Tax Authority. The role of a tax agent involves managing a business’s tax obligations and ensuring that all its functions align with the rules and regulations set by the FTA. MAK Auditing UAE, as an FTA Approved and Certified Tax Agent, serves as a mediator between businesses and the Federal Tax Authority, representing companies as taxable entities in dealings with the FTA.

Who is a Tax Agent?

A Tax Agent is an individual registered with the FTA and appointed by tax registrants to represent them before the tax authority. The primary responsibilities of a tax agent include evaluating tax liabilities and managing activities related to tax rights. Acting as a legal delegate for a company in tax-related matters, certified tax agents ensure businesses comply with their tax liabilities. While hiring a tax agent is not mandatory, it helps businesses achieve tax compliance, with the understanding that the taxable person remains ultimately responsible for FTA dealings.

Difference between Tax Agents and Tax Consultants in UAE:

In the UAE, a tax agent is authorized by the FTA to represent taxpayers in dealings with the authority, including tax registration, filing returns, and communication with the FTA. On the other hand, a tax consultant offers professional advice on tax-related matters but may not have the authorization to represent taxpayers before the FTA.

Tax Agent Services:

MAK Auditing, as a certified Tax Agent in the UAE, provides comprehensive tax services. Our tax experts have successfully managed various situations, offering optimal solutions to ensure businesses operate smoothly and efficiently. We assist companies in understanding the new Corporate Tax Law, navigating the intricacies of the UAE Corporate Tax, and implementing corporate tax strategies tailored to their specific needs. As an FTA Approved Tax Agency in Dubai, MAK ensures VAT compliance to cater to diverse business requirements.

Benefits of Hiring a Tax Agent in UAE:

Engaging a tax agent brings several benefits to businesses, allowing business owners and key management employees to focus on essential duties. The core advantages of hiring a tax agent in the UAE include assistance in tax preparations, assessments, and representations; saving both time and money; aiding in tax registration, implementation, and compliance; ensuring timely and accurate filing of returns; and acting as a long-term advisor.

Tax Consultancy services

MAK Auditing, a globally recognized tax consulting firm with offices in the UAE, offers top-tier tax consultancy services led by experienced tax consultants. Our team provides comprehensive tax solutions on both direct and indirect tax matters. Whether you need assistance locally or globally, feel free to reach out to us for prompt tax solutions.

Engaging the services of a reliable and experienced tax consultant is invaluable for businesses seeking to understand and navigate the tax system of the country in which they operate. MAK Auditing stands out as a leading tax consultancy, delivering high-quality tax services to businesses of all types. Our adept tax experts assess both personal and business requirements, ensuring tailored solutions.

Tax Consulting Services:

Tax consulting is a specialized service offered by professionals to individuals and businesses, aiding them in navigating the complexities of tax laws and regulations. This service encompasses advice and guidance on various tax-related matters, including tax planning, compliance, and dispute resolution. At MAK Auditing, we expect our tax professionals to go beyond a mere understanding of tax codes, emphasizing a holistic approach that considers both internal and external factors.

Our tax consultancy services at MAK enable businesses to address challenges related to multi-administrative tax operations through compliance, reporting, and risk management for both direct and indirect taxes.

Roles of a Tax Consultant:

Tax consultants play a crucial role in helping clients minimize tax liability, maximize deductions, and manage complex tax situations. Unlike regular tax preparers, tax consultants assist with tax planning, inheritance issues, charitable contributions, and other intricate tax requirements. Key tasks of a tax consultant include researching tax issues, ensuring tax compliance for clients, preparing and reviewing tax returns, advising on tax-related matters, and reviewing proposed declarations affecting clients’ taxes.

Importance of Tax Consulting:

Tax consultants are instrumental in helping businesses comprehend and manage the tax structure of a country. Their services include tax preparation, analysis, and submission of tax returns and payments. Hiring a tax consultant is advisable as they make individuals aware of the taxation system, offering added value to businesses through activities such as assessing business structures, guiding in selecting ideal VAT policies, enhancing profitability through effective strategies, staying updated with the latest tax systems, providing proper training in bookkeeping, and facilitating performance evaluation as per industry standards.

Procedure for Tax Consultancy Services:

MAK Tax consultancy services in the UAE follow a straightforward process. This includes understanding the client’s tax situation, analyzing it, creating a tax plan to minimize liability and ensure compliance with regulations, implementing the plan, and providing ongoing support. Our tax consultants work closely with clients to identify areas for improvement, review financial statements, and develop a tax planning strategy. The consultant assists in plan implementation, preparing tax returns, and providing ongoing support for any disputes with tax authorities.

Our Tax Consultancy Services:

MAK Auditing tax consultants handle various types of direct and indirect taxes, offering comprehensive consulting services. From initial tax analysis and planning to ongoing support and representation during disputes with tax authorities, our experienced tax consultants play a critical role in helping businesses and individuals navigate the complex landscape of all types of taxes.

Here are some major types of taxes we focus on:

VAT (Value Added Tax): MAK Auditing provides guidance and advice on VAT compliance, including VAT registration, deregistration, accounting, and VAT return filing.

Corporate Tax: Our tax consultants help businesses stay compliant with corporate tax regulations, providing advice on tax planning opportunities and supporting during tax audits and investigations.

Excise Tax: MAK Auditing offers various excise tax services, including consultation, registration, and excise tax return filing.

Property Tax: We assist property owners in developing and implementing property tax planning strategies, considering factors such as property valuation, transaction timing, and tax credits.

Customs Duty Tax: Our tax consultancy service aids in classifying imported goods, advising on duty rates, and optimizing customs procedures to reduce delays and costs.

MAK Auditing stands as a comprehensive tax services provider, ensuring businesses across the GCC territories adhere to taxation requirements. With vast experience in advising companies of diverse scales, we offer a complete package of tax structuring, direct and indirect tax capabilities across the globe.

Tax Residency Certificate in the UAE 

The thriving economic activity in the UAE has strengthened international trade links but has also introduced complexities in the tax system, leading to the challenge of double taxation for businesses. To mitigate this issue, obtaining a Tax Residency Certificate (TRC) in the UAE emerges as a viable solution.

The TRC is a certificate enabling qualifying government entities, businesses, and individuals to leverage double taxation treaties established by the UAE. For natural persons, residency requires a minimum of 180 days in the UAE, while legal entities must be established for at least one year.

MAK Auditing facilitates the quick and easy acquisition of your Tax Residency Certificate in the UAE. By obtaining a TRC in Dubai, businesses operating in the country for at least a year, whether on the mainland or in a free zone, can alleviate taxation burdens and benefit from adherence to double taxation treaties.

Determination of Tax Residency in the UAE:

Natural Persons:

1. Tax residency for natural persons considers elements such as their usual primary residence and the center of their financial and personal interests in a specific state.

2. A person may be deemed a tax resident if physically present for 183 days or more within a consecutive 12-month period.

3. Conditions for individuals residing for 90 days within 12 months and meeting specific criteria.

• Juridical / Legal Persons:

• Juridical persons are considered tax residents if established, organized, or acknowledged by state law or based on applicable state tax law and tax treaty terms.

• Documents Required for TRC:

• For Company:

•Certificate of incorporation, organizational structure, passports of directors/shareholders/managers, valid UAE residency visas, current trade license (Mainland or Free Zone) operating for a year, Memorandum of Association, and audited financial statements.

For Individuals:

Passport, UAE Residence Visa, Emirates ID, lease agreement, salary certificate, bank statements, and residency entry/exit records.

• For Investors and Housewives:
• Additional documents as mentioned earlier.
• Steps to Obtain TRC:

Online application on the FTA Portal, providing required information and uploading documents.

Payment of application fee.

Approval process (4-5 days for pre-approval, 5-7 days for the TRC issuance).

Downloading the certificate after payment through the FTA Tax Certificate dashboard.

Validity and Fee:

TRC is valid for one year from the date of issuance.

Fees include AED 2,000 + AED 3 for issuance, AED 100 + AED 3 for application, and AED 100 + AED 3 for duplicate/original certificate.

Benefits of TRC:

Exclusion from income taxes for individuals and businesses.

• Encouragement of international trade.
• Confirmation of standing in the UAE legal system.
• Facilitation of tax-free import-export processes.
• Improvement of bilateral trade relations.
• Avoidance of double taxation and access to tax exemptions.

• Tax Residency Certificate Services by MAK Auditing:

MAK Auditing, a leading Tax consulting Firm in Dubai, specializes in providing services related to the Tax Residency Certificate (TRC) in the UAE. With a team of experts, we assist in document preparation, ensuring a smooth and efficient TRC process, and help businesses stay compliant with tax laws.

Feel free to contact MAK Auditing for comprehensive tax consultancy services and guidance on obtaining your Tax Residency Certificate in the UAE.