What are Taxation Services in Dubai
Tax filing is considered one of the planet’s toughest jobs. The process becomes more complex when dealing with foreign affairs and following international taxation policies. To combat this, a business requires a Strategy for taxation. A tax strategy helps a business entity compare the tax situation upon requirement. Realizing the benefits of unified taxation in UAE, the country has re-framed its tax structure to be more suitable for investors and entrepreneurs worldwide. This step was huge for the government of the United Arab Emirates as this would not only help the country’s economy but will also help attract more entrepreneurs.
Types of Taxes in Dubai
Like many countries, Dubai has various taxes in their system.
- Value-added Tax (VAT): A consumption tax that is applied to the sale of goods and services in Dubai. The standard VAT rate in the United Arab Emirates (UAE) is currently 5%.
- Corporate Income Tax: Corporate tax is only applicable for oil based companys and federal banks in Dubai. However, businesses operating in Dubai are required to pay corporate income tax on their profits from Jult 1 2023 or January 1 2024.
- Personal Income Tax: Residents in Dubai are not required to pay personal income tax on their earnings. Excise Tax: Dubai applies an excise tax on specific goods such as tobacco products, carbonated drinks, and energy drinks.
- Excise Tax: Excise tax is a tax that is applied to specific goods in the United Arab Emirates (UAE), such as tobacco products, carbonated drinks, and energy drinks.
Avail best quality Auditing and Accounting services from JAXA
The expert will help to tackle business issues by following proper Accounting and Auditing guidelines will also assist you to scale up your business. JAXA also provides various other services such as Tax Services, Payroll Services, Cash flow forecasting and many more.
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Advantages of Taxation Services in UAE
Prevention of Financial Loss
Tax planning is an essential step as it guides your business on the financial front by presenting a
transparent financial picture and helps to prevent and financial loss.
Enhance Company’s Goodwill
Paying tax on proper time helps your business to build its goodwill in the eyes of the government.
Proper tax planning will give you an idea regarding the inflow and outflow of business cash.
Fetch out more investment opportunities
Tax management can help an organization to figure out more investment options for the future business growth as it builds a confidence in the minds of internal and external stakeholders regarding the utilization of funds
Reduction in tax liability and enhancing profitability
The moment you end up managing tax, it systematizes the working system. This helps in reducing the tax liability and increase profitability.
Determine a financial barometer for your organization
Tax planning provides a barometer that keeps a check on the financial front of your business regarding the profits earned. Moreover, it will also help you to avoid unwanted loss.
Helps in Audit Process
Proper management of tax helps to ease the audit process which gets conducted internally and externally, and contributes to earning the trust of auditors
What we provide
- We ensure that all the records are compliant with the International Financial Reporting Standards (IFRS)
- We are registered and approved auditors in major free zones in Dubai, making it easy to conduct audits in the free zone.
- JAXA has over 15 years of experience and a knowledgeable team of 75+ employees.
- Over a decade of quality service has made us one of Dubai's most preferred auditing and accounting firms.
Process
1
Client gives an access to Tax Docs
The client gives us access to the required documents.
2
JAXA analyses the Docs
The Documents are properly scrutinized.
3
Plan Tax Management Process
A plan is made to register for tax.
4
Initiates Tax Registration Process
Register for tax so the company can avail the benefits.
5
Helps in Tax Return Filing & Obtaining TRC
File the tax returns and receive the proper amount back.
6
Follow up and take Remedial Actions
Follow up at regular intervals to figure out any deviations.