Service Copy taxation
Taxation
Taxation landscape in the UAE has evolved tremendously over the last seven years. While this paradigm shift started with VAT impacts, strategy and registrations, the year 2023 saw the biggest change by virtue of introduction of Corporate Tax in UAE. Lately, Corporate Tax Registration, Impact Assessment and Strategy have become the most demanded services in the UAE. We are well positioned to serve these market needs and our approach envisages understanding of the client’s business, pain-points, imminent SWOTS and other business risks.
01. Corporate Tax
Tax Registration
We offer end-to-end support in tax registration ensuring that the deadlines provided by the FTA is met through prompt exchange of information.
Corporate Tax Impact Assessment
Understanding of the client business, evaluation of the tax consequences triggered by the client’s modus operandi and translation of the said effects into dirham values, on an As-Is basis.
Corporate Tax Strategy
While performing impact assessment we identify avenues which with due modification or other necessary adaptation may result in significant tax savings. We chart this strategy out in terms of corporate structural, vehicular, shareholding and other business model changes and identify the tax savings that will accrue due to our suggested courses of action. This service offering addressed the most desirable expectation of the clients on how to avoid GAAR and still end up saving Corporate Tax through ethical tax planning.
Tax Transformation
Based on the Corporate Tax Impact and Strategy, we support our clients in adapting the necessary tax compliance trigger points w.r.t to their information system, covenants and modus operandi.
Tax Dispute Resolution
Quite often the taxpayers end up in a vicious cycle of tax grievances and penalties, we have a team of seasoned tax consultants, approved tax agents, forensic experts and legal practitioners who join hands to annul or alleviate the punitive burdens of our clients in the most optimal manner.
Corporate Tax Training
We take pride in being the best Corporate Tax training providers in the UAE. Our clients include senior executives from banks, industries and professional firms. We offer coaching and interactive training in UAE Fellowship Program’s Tax & Regulation Certificate as well as UAE Corporate Tax Diploma offered by Association of Tax Technicians of UK, which is a pathway to become FTA’s Approved Tax Agent.
02. Value Added Tax (VAT)
VAT regulatory landscape is gradually moving towards a mature state in UAE. Seven years after the introduction of VAT law in UAE, ample adjudicative case law, FTA guidance and Ministerial decisions are there to guide our seasoned tax practitioners to plan our clients’ VAT exposures and manage their compliance needs.
VAT Registration
We guide businesses through the VAT registration process, ensuring compliance with UAE VAT regulations. Evaluating if the business qualifies for voluntary or mandatory registration based on turnover and other criteria.
VAT Health Check
We support in preparing and submitting accurate VAT returns on behalf of businesses, ensuring timely compliance. Calculating and assisting with the payment of VAT dues to the Federal Tax Authority (FTA).
VAT Impact Assessment
This envisages evaluating the VAT consequences of the existing business models and structures on an As-Is basis and identifying the risks thereof.
VAT Strategy
Based on our impact assessment, we identifying opportunities to optimize VAT processes and reduce VAT liabilities through advising on strategies to manage cash flow more effectively concerning VAT obligations.
VAT Transformation
Developing customized VAT information solutions to meet the unique needs of each business. Providing continuous support to ensure businesses remain compliant as regulations evolve.
VAT Advices and Opinions
Offering expert advice on various VAT-related matters, including implications of VAT on business transactions. Tailoring VAT advice to specific industries, considering unique challenges and opportunities.
VAT Compliance
Preparing and submitting accurate VAT returns on behalf of businesses, ensuring timely compliance. Calculating and assisting with the payment of VAT dues to the Federal Tax Authority (FTA).
VAT Audit
Assisting businesses in preparing and submitting VAT refund claims, ensuring all necessary documentation is provided. Monitoring the status of refund claims and addressing any queries from the FTA.
VAT Training
Advising on VAT implications for international transactions and trade. Assisting businesses in reclaiming VAT paid in foreign jurisdictions. We offer coaching and interactive training in UAE Fellowship Program’s Tax & Regulation Certificate as well as UAE Corporate Tax Diploma offered by Association of Tax Technicians of UK, which is a pathway to become FTA’s Approved Tax Agent.
03. International Tax & Transfer Pricing
UAE is home to many multinational groups operating in high, moderate, low and no-tax jurisdictions. We have advised numerous clients w.r.t planning their structures and modes of doing business in a way that minimizes their tax exposures and results in significant savings. We support our cross-border clients through the following service offerings:
Double Tax Agreements
While managing their cross-border presence, businesses have to deal with the challenges of dual residency, withholding tax deductions, foreign tax credits, permanent establishment exemptions and other matters such exchange or information and mutual agreement procedures. These are governed by Double Tax Agreements and Treaties between two or more countries. We have excellent exposure in advising on these complex scenarios and have a foray of satisfied clients and law firms.
Transfer Pricing
One of the biggest challenges in todays automated digital services and consumer facing businesses is placing a tax-acceptable value on the profits of multiple jurisdictions operating in sync as a multinational group. In this regard, OECD as well as member countries’ domestic laws have provided ample guidelines on matters of arms length, profit attribution to group entities and permanent establishments. In case of conflicts, there is ample case law available to advise on transfer pricing grievances. We carry superb expertise in finding out the optimal solutions and resolutions to challenges and conflicts emanating due to transfer pricing.
Economic Substance Reporting
UAE introduced Economic Substance Regulations (ESR) vide Cabinet Decision No. 57 of 2020, effective from 1 January 2019, which require UAE entities (including offshore companies and branches of local and foreign companies) that carry out and earn income from any of the Relevant Activities to maintain economic substance in the UAE specific to each Relevant Activity. ESR compliance complies of annual filing requirements which carry the risk of penalties for non-compliance.
Country by Country Reporting
As a member of the Organization for Economic Cooperation and Development (OECD) Inclusive Framework on Base Erosion and Profit Shifting (BEPS), UAE has committed to implementing BEPS Action 13, related to transfer pricing documentation and Country-by-Country (CbC) reporting. Each constituent entity of a Multi-National Enterprise (MNE) group, which is tax resident in the UAE, is required to notify the competent authority (i.e. FTA) that it is the entity responsible for filing the CbC report. We support in the CbCR compliance to in a manner that avoids misreporting and mitigates the risk of penalty incurrence.
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