The tax regime in Dubai has increased the demand for tax services in Dubai for businesses’ reputation and growth.
UAE is a hub for financial activities and there is a continuous requirement for accounting, auditing, and tax services in Dubai. Financial Services and tax consulting firms in Dubai play a key role in the UAE’s financial outline.
Adhering to taxation laws and regulations in Dubai will let businesses run smoothly and successfully not only nationally but also globally. Tax consultants, bankers, and financial advisors have the potential to deliver advice on the present market and business conditions to deliver profit to businesses.
Tax consulting firms play a guiding role for many new and upcoming companies in Dubai, on tax and corporate finance advice. The tax services in UAE assist their clients in registering taxes, avoiding legal penalties, avoiding double taxation, and filing returns.
Direct tax-
A direct tax refers to a person or organization that pays the tax directly to the authority that has imposed the tax. For instance, income real property tax, tax, personal property tax, and asset taxes, all of which are paid by an individual company or person taxpayer straight to the government.
How tax consultants help with direct tax –
They represent the client for assessment, appeal, survey, etc. in front of tax authorities.
They help to manage and reduce lax liability as per the law of UAE taxation.
They also help in filing tax returns.
Value Added Tax (VAT)
VAT is a new tax in Dubai introduced in 2018. 5% is the general VAT rate and applicable on most goods and services, with few goods and services subject to a 0% rate or levied from VAT. The 0% VAT rate is applicable only to those goods and services that are exported from outside the VAT-imposed Gulf Cooperation Council (GCC) member states, cross-country transportation, the supply of crude oil/natural gas, the first supply of domestic real estate, and some particular areas, like health care and education.
How tax consultants help with direct Value Added Tax (VAT) –
● Helping in registering with VAT/sales tax authorities.
● Filling periodical returns on VAT by calculating tax liability.
● They represent the client for assessment, appeal, survey, etc. in front of tax authorities.
● Assisting with VAT complaints
● VAT management and planning
The tax services in Dubai that businesses require –
Managing tax-
In order to comply with the UAE tax system companies, require taxation consultants who are completely updated on UAE’s tax rules and regulations.
Avoid legal penalties and fines-
Even a small tax registration and filing mistake can lead to big fines which can affect a company’s financial state and reputation. Tax consultants in Dubai are well-versed in UAE’s law and order and help companies to avoid fines easily with their knowledge.
Tax Registration-
Registering tax could be a tricky process and consume so much time. Registering a tax and managing it from time to time helps businesses to reduce tax liability. Proper tax registration is done with the right mindset that tax consultants have because they work on it on a daily basis.
Conclusion –
Since VAT has been introduced in Dubai, the demand for tax consultants has also increased. Companies and businesses are making sure to run their businesses efficiently to earn profits and stay in the market for the long run. Also hiring a specialized team of tax professionals will lessen your burden of registering, filing, and even managing things like accounting, and investment advisory of the company. If you are looking for reliable finance consultancy services for taxation, then get in touch with Acquara Management Consultant for promising and smooth tax services in Dubai.