Zakat and Tax UAE
Get in touch with our Zakat and Tax Services team.
Zakat Tax Services in UAE
Most people in the UAE are in the faith of Islam. As a muslim, you are required to give part of your income to charity yearly as a form of Zakat. Most muslim business owners will benefit from Zakat Services.
Why should you get Zakat Services?
The rule of Zakat was established during the time of the Prophet Muhammad (SAW). At that time, people didn’t have money, rather the currency was based on Gold, Silver & Livestock. The rules of Zakat are still the same, which means that the amount of Zakat needed to be paid should be based on Gold, Silver or Livestock.
Nearly all businesses don’t have a store of gold, silver or livestock (unless you are a gold trader or a livestock business). This means it is more difficult to calculate the value of Zakat you have to pay from present-day dollars. It gets more complicated once you consider pending transactions, business assets, loans, appreciation & depreciation of currency, and more complex things.
This might be a difficult process. This is where Zakat Services take place. Auditors (like us!) provide Zakat Services to calculate these values.
Basis of Zakat Calculation:
Zakat is a yearly amount of money donated to charity, mandated to be performed by every income-generating muslim. This amount tends to be around 2.5% of your yearly income, but varies depending on what type of currency you are donating (money, gold, silver, livestock, etc.)
The minimum amount of money required to be eligible to give Zakat is around $4,181.15 or 15,356.53 AED
What is MAKCA’s role in providing Zakat Services?
One of the leading accounting, auditing & tax firms in the UAE is Mubarak Al Ketbi Chartered Accountants. We provide services in accounting, auditing, corporate tax, VAT, business setup/liquidation & Zakat Services. We have over 10+ years of experience and have served over 2000+ happy clients. Contact us today, and we guarantee you a great experience.
