ACCOUNTING AND TAX
Stay compliant and informed with our accounting and taxation services, designed to optimize your financial performance. Leave the complexities of accounting and taxation to us. Our experienced professionals will handle all your accounting needs, ensuring timely submission and accurate records. From bookkeeping to tax filing, we provide comprehensive solutions to keep your finances in order and help you make informed financial decisions. If your venture under corporate tax rules then we will take care of your head aches, our experts simplify your registration process.
Accounting is necessary to help you with planning costs, making decisions, and measuring your economic performance, irrespective of the size of your business. It ensures that you stay compliant, keeping track of your firm’s books and planning your taxes so that you always have the right paperwork. With our team of tax advisors, accountants, and auditors we cater to all accounting needs of firms, including bookkeeping, financial reporting, reconciliation, payroll, tax planning and management, UAE VAT, accounting, and auditing.
Our world-class accounting services are especially curated to support your company’s growth, while following the standards detailed in the international financial reporting standards (IFRS).
TYPES OF TAXES IN UAE
- CORPORATE TAX
Corporate tax is interchangeably referred to as income tax across the GCC countries. It is a form of direct tax collected by governments as a source of income; it is levied on the net income or profits of corporations and businesses.
The UAE government announced on 31 January 2022 their plan to introduce a federal corporate tax on business profits. With effect from 1 June 2023, corporate tax at a standard tax rate of 9% was applied to all mainland business and commercial activities on taxable profits above AED 375,000.
- CUSTOM TAX
Custom duty is a tariff or a tax paid to the government imposed on good transported, imported or exported, across international borders. In general, the purpose of the custom duty is to protect the country’s economy, support local merchandise, provide form of protection to the country’s jobs, and control the transport of restricted and prohibited products by regulating the flow of goods into and outside the country.
- EXCISE TAX
Excise tax is an indirect tax set on specific goods; it is imposed within government policies rather than being an international tax imposed across countries. It is primarily considered as a business tax; a tax paid by the businesses; producers, importers, or an intermediary; and not by the consumer although it usually induces an indirect increase in price for consumers. It can be set and paid as a fixed percentage rate assessed on the value of certain goods referred to as “ad valorem” or as a specific fixed amount.
Excise tax is typically imposed in the country where and at the time when the excise goods are consumed; applied on the retail price affecting the price of the excisable goods for final consumers; thus, referred to as a consumption tax.
- VALUE ADDED TAX
Value added tax (VAT) is an indirect tax on the consumption or use of goods or services; it is applied across the stages of the supply chain, from when the manufacturer purchases raw materials until the retailer sells the goods to the consumer. Registrants for vat will collect the vat applicable to their taxable activities from their customers and pay the tax collected to the authority.