For all forms of tax-related concerns, businesses must designate a qualified tax agent. In Dubai, INOUTAX can provide you with an in-house tax adviser that is both dependable and faithful.

VAT returns must be filed monthly or quarterly, depending on the size of the business. Customers can rely on INOUTAX to assist them with submitting VAT returns in UAE on time and accurately, as well as walk them through the process of resolving outstanding tax liabilities.

VAT transaction advisory services are a type of service in which a VAT expert evaluates specific business transactions to see if VAT is applicable. This lets them look at how VAT impacts businesses and identify what changes they need to make to their accounting systems and business operations.

Generally, the termination of VAT registration is called VAT Deregistration. However, in the UAE, De-registration of VAT is when a business cancels its VAT registration with the Federal Tax Authority (FTA). There could be various reasons, why a previously taxed business or an individual can opt for cancelling their registration for VAT in UAE. Such reasons are needed to fall under the conditions defined by the Law related to VAT. Unless the reasons are valid and the conditions are fulfilled, the FTA might disapprove the application to deregistration.

For taxable individuals and businesses, VAT deregistration process is as important as it is to register for a VAT. Businessmen must know the rules and process for VAT cancellation in UAE, as administrative penalties will be imposed upon failure to file an application within the timeframe specified in the tax law.

Excise tax is a form of indirect tax levied on specific goods called “excise goods” which are typically harmful to human health or the environment. The Excise tax was introduced across the UAE in 2017.

The purpose of levying excise tax is to reduce the consumption of unhealthy and harmful commodities as well as to raise revenues for the government that can be spent on beneficial public services. Ultimately, consumers need to pay more for goods that are harmful to human health or the environment.

Under the UAE Federal Decree-Law No. 7 of 2017 on Excise Tax, it is the responsibility of a business to register for excise tax. The deadline for registration for companies was November 30, 2019. The deadline for registration of stocks is January 15, 2020.

It is advisable that a Taxable person engaged in activities relating to excise goods such as tobacco products, carbonated drinks, and energy drinks should empower an audit firm to get professional advice on Excise Tax issues.

INOUTAX  is one of the leading accounting, tax, and bookkeeping services providers, who provide excellent excise tax advisory services in UAE to its clients and ensures that the clients comply with the tax law.

• Who should Register for Excise Tax?

The companies that are engaged in the following areas are to Register for Excise Tax:

The import of excise goods into the UAE

The production of excise goods where they are released for consumption in the UAE

The stockpiling of excise goods in the UAE in certain cases

A warehouse keeper who is responsible for overseeing an excise warehouse or designated zone

INOUTAX  professionals review Excise Tax records, returns & reconciliation and ensure timely submission of Excise Tax returns for Excise Tax Audit conducted by the FTA. INOUTAX  experts can help you maintain your tax records as per the tax law and comply with to avoid penalties and save your money and energy. Our tax specialists support and guide businesses with excise tax registration and systematic excise tax advisory services in the UAE on the compliance of tax law. We can lead you throughout the tax procedures and help your business to grow by providing better strategies.

The department of Dubai Customs is one of the leading government departments in the region as it makes sure the trading services are undergoing smoothly in companies all around the city. The department of customs in Dubai has existed for a long time now and keeps an eye out on the borders for any trade activity which plays a significant role in the economic and social development of Dubai. The United Arab Emirates offers world-class customs procedures, backed by the rating of IMD world competitiveness center, which says that UAE is topping the charts in recent times. The business is required to make sure their trading product does not come under the list of banned items. As the norms in UAE dealing with trading of banned items are very strict and can impose high penalty fees.

VAT refund  for business visitors help minimize travel expenses, but claimants have to undergo a thorough application process, including the preparation and submission of original invoices, taxable status certificate, and other supporting documentation for complete transparency. What’s more, claims have to follow strict deadlines for submissions. It is, therefore, imperative that you appoint a tax recovery agent to handle all affairs related to VAT refunds in Dubai, UAE and reclaims in the UAE, where expenses have been incurred.

The qualified tax professionals of INOUTAX. allow you to remain compliant and aware of complex legislation, rules, regulations, deadlines, and filing requirements for securing VAT refund in Dubai, helping ensure your business reclaims funds it is entitled to.

Is a direct Tax paid on corporations and other enterprises’ net income or profits. The UAE Ministry of Finance announced on January 31, 2022, the implementation of a federal corporate tax in the UAE, which will be effective for fiscal years beginning on or after June 1, 2023. Such taxes are generally computed on a business’s accounting net profit/income after adjusting for certain items specified in UAE Corporate Tax law.

Corporate Tax in UAE is a direct Tax paid on companies and other enterprises’ net revenue or profit. In other countries, Corporate Tax is also known as “Corporate Income Tax” or “Business Profits Tax.”

Applicability of Corporate Tax in UAE

The UAE corporate tax policy will be among the most competitive globally, with a standard statutory tax rate of 9%.
For the encouragement of small firms and startups, a 0% tax rate applies to taxable earnings up to Dh375,000. Personal income from employment, real estate, and other investments, and any other income generated by people not derived from a business or different kind of commercial activity licensed or otherwise authorized to be conducted in the UAE, will be exempt from corporation tax.

A competitive Corporate Tax regime based on worldwide best practices would strengthen the UAE’s position as a major global center for business and investment and expedite the UAE’s development and economic growth to meet its strategic goals. Implementing a Corporate Tax regime underscores the UAE’s commitment to upholding international tax transparency requirements and eliminating harmful tax practices.

Hiring an individual and corporate tax accountant in UAE is the best way to go if you are dealing with corporate tax in UAE and tax registration for individual person in UAE. However, If you’re confused with your taxes, or you’ve already been juggling a lot of things on top of your tax responsibilities, then it is an excellent idea to ask the professionals in INOUTAX  to guide you.

In an attempt in saving money or understanding your finances finally. You may also think that it is a good idea for you to do your own taxes. However, as you make this important leap, you’ve failed to take into account accounting and tax jargon along with the confusing taxation rules in the country plus the recent changes. However, which most definitely take you into a loop!

Before you find yourself getting overwhelmed with the preparation and filing of your tax returns, consider asking us for advice

ICV certification services in Abu Dhabi. ADNOC, Aldar, Economic Department, Abu Dhabi Ports has launched an In-Country Value (ICV) program. The ICV certificate program aims to grow and diversifying the UAE’s economy and creating opportunities for UAE nationals in the private sector. An ICV certificate should be acquired for each legal entity. Having a set up as a local Abu Dhabi LLC UAE Company with a 51% investor will extend your ICV score, although it will be important to acquire the ICV report for the 51% shareholder to get the full advantage. This is where utilizing a corporate shareholder such as PRO Partner Group can help. We already have full ICV registration and as such we can assist foreign companies in giving our own detailed ICV profile to combine with theirs.

Quarterly / Annual forecast, Monthly reporting, Financial statements, Ratio analysis, Recording financial transactions, General ledger maintenance