The GCC-wide introduction of Value Added Tax (VAT) from January 1st, 2018, has raised concerns among businesses in the UAE. This will impact not only businesses with local transactions but also cross border transactions within the GCC and non-GCC countries.
In most of the countries where VAT or similar taxation was introduced in the past, it had been an addition to the existing taxation systems. Whereas in the UAE, the taxation concept is new to most of the businesses. Thus, it is not uncommon for businesses to have doubts as to the starting point to implement VAT and which aspects within their operation are to be prioritized.
Corporate Tax (CT) is a form of direct tax levied on the net income or profit of corporations and other entities from their business. Corporate Tax is sometimes also referred to as “Corporate Income Tax (CIT)” or “Business Profits Tax” in other jurisdictions.
On 31 January 2022, the tax landscape of the region shifted yet again with the United Arab Emirates (UAE), Ministry of Finance (MoF) making the breakthrough announcement that a new federal corporate tax (CT) system will be implemented in the UAE, effective financial years commencing on or after 1 June 2023. Barring Bahrain, the UAE has introduced the lowest corporate income tax rate within the GCC region at a standard rate of 9%.
The Corporate Tax will be applicable for financial years starting on or after 1 June 2023.
Any company that adopts a fiscal year starting on 1 June 2023 and ending 31 May 2024 will be subject to Corporate Tax starting 1 June 2023. The first tax return filing is likely to be due towards the end of 2024.
In view of the above, we would like to offer our services at a very affordable prices to help you comply more easily with your tax obligations and record keeping:
1. VAT Registration
2. Corporate TAX Registration
3. Quarterly Filing of VAT Returns
4. Setting-up VAT Accounting System
5. Monthly Accounting support including assistance in quarterly filing of VAT Returns
6. Yearly Corporate Tax Filing of return
7. VAT De-registration
8. Corporate Tax De-registration
To ensure that your business is achieving your objectives and is in a position to expand, you would need to audit your accounts.
Through Our associate registered Audit firms; you would get your accounts audited and your financial statements prepared.
Our Associate Audit/financial firms offer many services such as:
*Financial Accounting Services
*General Accounting Services
*Accounting System Design & Implementation
*Bank Statement Reconciliation
*Financial Analysis
*Records Management
*MIS Reports
*Accounts Payable
*Accounts Receivable
*Cash Flow Statements
*Cash Disbursements
*Credit And Collection
*Cash Application
*Payroll
*Budgeting
*Audit Report
*Financial Reporting
*Asset Accounting Management
*Depreciation And Amortization Schedules
*General Ledgers
*Ratio Analysis
