Tax Consultant in UAE

Tax Consultant in Dubai

The tax framework of the United Arab Emirates is diverse. Businesses that operate in the UAE fall under the scope of various tax regimes such as excise tax, value-added tax, corporate tax, customs duty tax, etc. Although businesses don’t need to pay hefty amounts of taxes, there are various other requirements that tax legislations impose on them. This makes it imperative for businesses to hire tax consultants in Dubai, UAE.

Purpose of Choosing Tax Consultancy

Selecting reputable and knowledgeable tax consultants is the greatest method to gain an understanding of the tax regulations of the country in which you reside and operate as a business. Farahat & Co. is one of the major tax advisors in the UAE, providing tax assistance and consultancy services to businesses throughout the country. Farahat & Co. assists businesses in dealing with the legal complexity of filing taxes by assisting businesses in handling all taxation activities. Our skilled tax advisors provide the best services to customers, assisting their businesses in complying with global tax regulations.

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Types of Tax Services We Offer

Our tax consultancy services help businesses understand the whole tax framework of the UAE. Our expert tax consultants in Dubai can provide you with a range of services including;

Tax preparation
Tax analysis
Tax filing & tax refunds
Tax disputes management
Tax registration & deregistration, and more.

How Tax Consultants Enhance Your Business?

Hiring a tax expert is a better alternative for educating an entity or person about a country's taxation standards. Tax experts assist with accounting procedures for tax-related reasons. Their services add worth to your company by;

Analyzing the positive aspects as well as drawbacks of your company's structure.
Assisting your business in selecting the appropriate Tax plans - optional or required.
Maximizing profitability along with cutting expenses through effective techniques
Minimizing taxes by upgrading with the current tax legislation.
Appropriate accountancy and bookkeeping that can spare you time and money.
Establishing performance assessments utilizing metrics to assess the latest trends in the market.

Different Types of Taxes in UAE?

The business environment of the UAE has always been tax-friendly making it one of the biggest business destinations of the world. However, to ensure transparency and to meet global business standards, the UAE has introduced various tax frameworks over time. Different types of taxes that our tax consultants in Dubai help with are as follows;

Direct Tax	Indirect Tax
Corporate tax	VAT
Capital gains tax	Excise tax
Income tax	Custom duty tax

Excise Tax

UAE excise tax is a type of indirect tax applied to specified products that are often hazardous to the well-being of humans and the ecosystem. The products that follow will have to be classified as excise products or goods;

Sweetened beverages
Electric smoking gadgets and tools.
Liquids utilized in electronic smoking instruments and gadgets
Tobacco and products containing tobacco.
Energy drinks are viewed as any beverage that is promoted or sold as such and contains stimulant ingredients that give stimulation to the mind and body.
Carbonated beverages including any aerated drink, with the exception of unflavoured aerated freshwater.

Corporate Tax

Corporate Tax in UAE, also known as the Corporate Tax, Company Tax, or Business Tax, was implemented by the UAE Mof (Ministry of Finance) which is a direct tax levied on the total income or gain of companies and firms. Corporate Tax in the UAE applies to;

The UAE's commercial license holders include all companies and people undertaking business activities.
Businesses in free zones (The UAE Corporate Tax regime will continue to honour the Corporate Tax incentives now being provided to free zone enterprises that abide by all legal requirements and do not conduct operations established on the UAE's mainland.)
Foreign companies and individuals may only do business in the UAE if they do it regularly or on an ongoing basis.
Organizations that manage, build, develop, broker, or work in the real estate industry.
Banking Operations

Income	Tax Applied
375,000 AED or less	0 percent
More than 375,000 AED	9 percent

Custom Duty Tax

The customs duty tax is a 5% tax on the good's value together with the "CIF" (cost, freight, and insurance) value, which covers transportation costs till the goods arrive at their point of delivery.

Customs duty tax is 5% of the total value of the products plus the cost freight insurance. For alcohol, it is 50% and for cigarettes, it is 100%. Dubai customs has banned the following items from entering the country;

Gambling instruments & machines
Artwork and publications that challenge or contradict Islamic values and beliefs.
Items utilized in sorcery, witchcraft or, black magic.
Counterfeit currencies
Pirated content
Narcotic substances or recreational/controlled drugs.

Value Added Tax

Value-added tax is a type of consumption tax applied on services and products at the moment of purchase. It is a tax levied on consumers and companies for the products and services they purchase. The following supplies are taxable for value-added tax;

Repairs and maintenance services
Restaurants and hotels
Car rentals and sales
Retail purchase
Commercial property

The following supplies are exempt from value-added tax;

Local passenger transport
Bare land
Residential properties

The following supplies are taxed at the rate of zero percent;

The first sale of residential
Natural gas and crude oil
International transport and export
Investment in platinum, silver, and gold
Medical equipment and medicine
Healthcare
Education

Benefits of Engaging the Right Tax Consultants in Dubai

Here's how your business stands to gain from selecting the appropriate tax consultants, such as Farahat & Co.:

Enhanced Business Growth: Proficient tax consultants offer invaluable insights and strategies for expanding your business effectively.
Error-Free Tax Filings: With expert assistance, tax returns are filed accurately, minimizing the risk of potential errors.
Updated Taxation Knowledge: Stay informed about evolving taxation policies and regulations through the guidance of knowledgeable consultants.
Financial Reporting Support: Access comprehensive tax accounting services, including assistance with financial statement preparation and audit facilitation.
Streamlined Business Formalities: Receive aid in navigating various business formalities, from license renewal to revocation processes.
Secure Financial Data Management: Ensure the safety and organization of your financial data with expert assistance from seasoned tax professionals.
Compliance Assurance: Stay compliant with intricate tax laws and regulations, thanks to the ongoing support and expertise of your consultants.
Penalty Prevention: Safeguard your business from hefty penalties by entrusting meticulous tax procedures to skilled consultants, thus mitigating risks effectively.

Frequently Asked Questions

How does tax consultant help to prepare corporate tax in UAE?

Tax consultants play a vital role in helping businesses to prepare and file their corporate tax returns in the UAE. They have in-depth knowledge and understanding of the UAE’s tax laws and regulations, and they can provide expert advice on how to minimize tax liabilities while complying with the law. Tax consultants can assist businesses in identifying tax deductions, calculating taxable income, and filing their tax returns accurately and on time. They can also represent businesses in dealings with the tax authorities, including audits and investigations.

How to choose a reliable and experienced tax consultant in Dubai?

Choosing a reliable and experienced tax consultant in Dubai can be challenging, given the numerous options available. To select the best tax consultant for your business, you should consider factors such as their experience, qualifications, reputation, and fees. Look for a tax consultant who has extensive experience in the UAE’s tax system and a proven track record of providing high-quality services. Check their qualifications and certifications, and make sure they have a deep understanding of your business and industry. Read reviews and testimonials from past clients to get an idea of their reputation. Lastly, compare their fees with those of other tax consultants to ensure you are getting value for your money.

What are the services offered by a tax consultant in UAE?

Tax consultants in the UAE offer a wide range of services, including tax planning, compliance, and representation. They can help businesses to minimize their tax liabilities by identifying tax deductions and credits, structuring transactions, and ensuring compliance with the tax laws and regulations. Tax consultants can also assist businesses in preparing and filing their tax returns accurately and on time, as well as representing them in dealings with the tax authorities, including audits and investigations. They can provide expert advice on complex tax issues and assist businesses in developing tax-efficient strategies that align with their overall business objectives.

What are the benefits of a tax consultant in Dubai?

There are numerous benefits of hiring a tax consultant in Dubai. Firstly, tax consultants can help businesses to minimize their tax liabilities and avoid costly penalties by ensuring compliance with the tax laws and regulations. They can also provide expert advice on tax planning, helping businesses to structure their transactions and operations in a tax-efficient manner. Tax consultants can save businesses time and money by handling their tax-related tasks, such as preparing and filing tax returns, allowing them to focus on their core business activities. They can also represent businesses in dealings with the tax authorities, providing peace of mind and reducing the stress associated with dealing with the tax authorities.

Why choose Farahat & Co for tax consultancy in Dubai?

Farahat & Co is a leading tax consultant in Dubai, with over 30 years of experience in providing high-quality tax services to businesses in the UAE. They have a team of highly qualified and experienced tax consultants who have a deep understanding of the UAE’s tax laws and regulations. Farahat & Co offers a wide range of tax services, including tax planning, compliance, and representation, tailored to meet the specific needs of their clients. They are committed to providing transparent and cost-effective services, and their clients can expect a high level of professionalism and responsiveness. With a strong reputation and a proven track record of delivering exceptional results, Farahat & Co is an excellent choice for businesses looking for reliable and experienced tax consultancy services in Dubai.

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