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Tax Management is considered as the toughest responsibility of an organization as it demands intricate detailing and effective structuring. However, proper tax history helps prevent financial loss and reduces liability while enhancing the goodwill of the organization. BCL’s tax service suite provides a comprehensive approach to the overall tax structure of your organization.
Overview:
The United Arab Emirates, which houses significant corporate gateway of Dubai, will have one of the lowest corporate tax rates in the world. This proposal stems from the UAE’s intention to comply with international tax rules, reflecting similar efforts in other Gulf nations, while reducing regulatory burdens for UAE firms and protecting small businesses and start-ups.
Effective Date:
The UAE has decided to introduce Corporate Income Tax (CIT) on business profits in the country. It will be effective for financial years starting on or after June 2023.
Corporate Tax Rates in UAE :
The following are the proposed corporate tax rates:
Key Takeaways from UAE Corporate Law:
Proper structuring of tax creates a regulated framework for all your tax payments and trading arrangements. It helps in reducing a range of direct and indirect tax your organization is required to pay. A perfect tax plan aligns with its corporate strategy or business framework, and includes identification of tax risks.
Filing proper tax returns on time with adherence to both national and international tax governance bodies (FTA, CSR, etc.) lets you off the penalties and legal proceedings. A business subject to CT will need to register with the FTA and obtain a Tax Registration Number within the prescribed period. The Tax return and the CT payment must be made within nine (9) months from the end of the relevant Tax Period.
Corporate Tax Filing Services:
Our team of experts carefully assesses the advantages and disadvantages of the organizations’ activities and lays out an efficient tax plan. BCL stays updated with amendments in tax law to deliver reliable advisory on preparing proper documentation, and scrutinize the submission to avoid errors and inaccuracy.
Something isn’t Clear?
Feel free to contact us, and we will be more than happy to answer all of your questions.