The Corporate Income Tax on corporate profits will be implemented by the UAE's Ministry of Finance as of June 1st, 2023. Corporate Tax has received a great deal of interest worldwide since the announcement date.
UAE is the fourth GCC nation to implement the Corporate Federal Tax. The main goal of implementing Corporate Tax in the UAE is to strengthen the country's reputation as a major international economic hub and quicken the pace of transformation throughout the entire nation.
By avoiding detrimental tax practices, the corporation tax helps the UAE adhere to international standards for tax transparency. Understanding how corporate taxes affect a company's operations and how to comply with them can be challenging for organizations.
Also Read About Jaxa Is Now An FTA-Approved Tax Consultant in Dubai.
Performing a Health Check According to the UAE Corporate Tax Law
To comprehend the tax risks and the deficiencies in the accounting system that need to be rectified, an Impact Assessment and Health Check from a tax viewpoint is important. For the purposes of corporation taxation, a high-level impact assessment will ensure that a health check must be performed prior to the start of the first fiscal year and will concentrate on a number of key areas that need to be addressed.
These consist of the following:
- Analyze the ownership structure of the business
- Determine which adjustments could be made without breaking GAAR
- Examine the benefits and potential of tax group arrangements
- Tax relief options
- Determining if Free Zones are eligible for 0% business tax
- Identifying gaps in accounting and financial reporting
- Reviewing current expenditures for potential disallowances and corrective actions
- Examine current documentation practices to spot any shortcomings.
How Do We Deliver?
Our process of providing a health check is one of the best.
- Assessment for Corporate Tax in UAE
- GAP Analysis
- Quality Controlled Delivery
What Distinguishes Our Service?
The following distinguishes us from others:
- Experienced consultants
- Legislation knowledge
- Maximized responsibility
- Implementation assistance.
UAE to Introduce Corporate Tax – So, Choose Us as Your Tax Consultant Now
The Jaxa team collaborates closely with you to comprehend the facts and offer tailored Dubai Corporate Income Tax solutions that meet your unique requirements. Our Corporate Tax in UAE expert schedules tasks to meet deadlines and reduce the likelihood that you will face penalties for failing to comply with statutory requirements.
While you concentrate on building your business, we handle your taxes. Therefore, get in touch with us without any further delay.