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Taxation – VAT & Corporate Tax

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Taxation – VAT & Corporate Tax

United Arab Emirates (UAE) has implemented and enforced Value Added Tax (VAT) since January 01, 2018. The Ministry of Finance has announced to introduce Corporate Tax for financial years starting on or after June 01, 2023.

The businesses are to adopt such practices which enable them to run their activities which result is smart and effective tax planning and at the same time ensuring compliance.

UAE is a place where most of the businesses are engaged in cross-border transactions and operations. The multijurisdictional transactions have tax implications concerning more than one country or territory. Therefore, it is even more necessary for the businesses in UAE to foresee and plan their transactions to cater for the applicable taxation requirements in the home country and in respective foreign jurisdictions.

Our services assist businesses to achieve their business goals in a tax-efficient manner, both locally and globally. Our services aim to keep our client’s complaint with the applicable taxation obligations. Non-compliance poses not only financial risk (penalties and higher tax liabilities) but also affects business reputation of the businesses.

Our Services

Strategic Planning

  • Formulating effective and tax-efficient strategies for local and foreign transactions.
  • Annual tax planning and review.
  • Structuring acquisitions, mergers, and corporate reorganizations for achieving tax optimization.
  • Analysis and evaluation of new developments effecting current or future tax liabilities.
  • Drafting & review of contractual clauses concerning taxation.
  • Negotiation assistance for new contracts

Consulting and Advisory

  • Analyzing the tax impact of transactions holistically having regard to VAT and corporate tax and transfer pricing implications
  • Providing opinions on transactions from a domestic law and tax treaty viewpoint.
  • Identifying tax planning opportunities and addressing potential problem areas while undertaking day to day business activities.

Compliance

  • Tax return preparation
  • Assistance in tax audits
  • Economic substance regulation reporting
  • Ultimate beneficial reporting
  • Tax health check