Every business deserves a trusted tax advisor. We understand the significance tax plays on our client's wealth and place an enormous emphasis on tax planning to manage their overall tax position.
Assist Plus Corporate Tax Dubai & Abu Dhabi Company
Corporate Tax is described as the direct tax that comes from the profits of corporations and businesses. The government collects this as a source of income and is also often called “Corporate Income Tax” or “Business Profit Tasks”. Every country has a different process to this and it varies depending on the kind of law they implement.
On the 9th of December in 2022, the United Arab Emirates (UAE) issued a Corporate Tax Law or also known as the Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses. This allows the government to easily require the income of any company in order to help achieve the UAE’s goals on development and transformation. A competitive corporate tax should adhere to international standards as well and with such action by the UAE government, it will help cement and solidify the country’s status as one of the ideal places for business and investment. And because of the growing and continuous recognition of the UAE as a global hub of business and finance, the UAE corporate tax regime can help pave the way for the best known and accepted international practices and principles. Therefore, accumulation of such taxes will allow the country to progress and the law will readily be clear and understood well by businesses and corporations.
In every law, there are exemptions and those subjected to it. As with the case of the corporate tax law in the UAE, the taxable persons are as follows:
UAE companies that are established, managed and controlled by the country
Persons who individually and independently own their business and/or conducting business activity and established and operating in the UAE
Foreign legal entities that have set up a permanent establishment in the UAE
Authorized persons established in the UAE Free Zones
Qualifying Free Zone Person (only if they meet the conditions)
Non-resident persons (with a non-permanent establishment in the UAE but has a UAE-sourced income - they are subject to another kind of corporate tax which is called, “Withholding Tax”)
If there are taxable persons in this law, there are also those exempted to it and the following are as follows:
Government Entities and/or Government-Controlled Entities (Automatically-exempted)
Extractive Businesses (only if notified to the Ministry of Finance)
Non-Extractive Natural Resource Businesses (only if notified to the Ministry of Finance)
Qualifying Public Benefit Entities (only if listed in a Cabinet Decision)
Public or private pension and social security funds (only if applied to and approved by the Federal Tax Authority)
Qualifying Investment Funds (only if applied to and approved by the Federal Tax Authority)
Wholly-owned and controlled UAE subsidiaries of a Government Entity, a Government Controlled Entity, a Qualifying Investment Fund, or a public or private pension or social security fund (only if applied to and approved by the Federal Tax Authority)
Perhaps this may all seem too much information but these are only some of the necessary details you need to know about corporate tax in the UAE. Being knowledgeable in this field helps your company be aware of the financial matters and situations in businesses and corporations. If you don’t know or are unsure where to start, Assist Plus can help you with that.
We are a reliable full-service CPA (Certified Public Accountant) firm that deals with corporate tax in Dubai and the financial and accounting accounts of your company. As accountants and tax advisors, our mission is to guide you when it comes to handling all the corresponding monetary matters that your business needs. Let Assist Plus be the one to support your company’s financial aspects so you can concentrate on your clients and revenue generation.
In what way can we support you?
Assist Plus is aware of the latest news in the world of financial business. We make sure to know all about corporate tax in Abu Dhabi as well so we can operate in a way that will suit your company. To name a few, our services include the following tax matters:
1. Timely Compliance
Assist Plus strives to maintain knowledge and information with the provisions of the law by being updated in the latest news to avoid penalties and legal compulsion. This helps us be aware of what’s happening and be able to conduct our corporate tax services in Dubai and Abu Dhabi in an appropriate manner.
2. Comprehensive Tax Planning
This course of action also includes offering advice on complex issues that could result in legitimate tax savings. Our team ensures that the advice we give you will not only benefit your company, but will also allow good change and growth in the long run.
3. Liaison with Tax Authorities
Because we also manage company tax services in Dubai and Abu Dhabi, we keep in touch with the right authorities in order to solve coordination issues and/or discuss proper communication. After which, we move forward with our tasks and handle your financial and accounting accounts accordingly.
4. Business and Tax Awareness
We understand the process that goes into building a foundation for your company. That’s why Assist Plus can aid you with business insights and tax knowledge to keep you informed of what we do. Our goal is to also help you familiarize with our process so we can work together for the best of your company.
5. Manage Industry-Specific Issues
Assist Plus has an advisory that covers particular matters related to the free zones and designated free zones. We can give your business precise guidance to comply with the law and provide specific consideration for the aforementioned working areas.
6. Review of Documentation
As a corporate tax company in Dubai and Abu Dhabi, it is vital to have your documents thoroughly checked and reviewed. Your company is among the many businesses in your particular industry and conducting health checks and reviews of internal controls and procedures can help keep you in compliance with the law.
7. Tax Advice and Retainership Services
Assist Plus offers these kinds of services in order to provide suggestions for our clients and formulate thorough and well-thought solutions. We can discuss these things with you and set up calls and/or meetings whenever necessary.
8. In-house Training
We also conduct in-house training for your company’s personnel. Assist Plus does this so your employees can have an idea about the recent developments regarding company tax in Dubai and Abu Dhabi. We highly believe that it is best for them to be updated as well.
For more information on company tax in Dubai or corporate tax in Abu Dhabi and Dubai, inquire today. Let us help you with your financial and accounting needs.
Get in Touch with Us Today!
For further details and information, feel free to call us or drop us a message, and our representatives will get back to you as soon as possible.