Tax Consultancy
ACHIEVE YOUR BUSINESS GOALS FASTER WITH PROFESSIONAL TAX CONSULTANTS
If you are unable to understand how to file your tax return, tax reporting, or when is the right time to do so, we at Professional Experts have some of the best tax consultants’ experts to help you out. As a leading tax consultancy service firm in UAE, our services are available to all the people who wish to understand the taxation policies while living and working in the country. Dealing with tax and other related services can be confusing when companies and individuals do not have previous experience. However, when you collaborate with leading tax consultancy services, you can focus on running your business while they deal with all your tax-related activities.
We at Professional Experts understand the importance of providing tax consultancy services that will add value to your company. Your company can bring more value by implementing tax accounting for taxation purposes of different policies.
PROFESSIONAL TAX CONSULTANTS
Consulting with tax consultant experts can be beneficial for your business to:
- Evaluate the merits and demerits of your business structure.
- Choose and implement efficient strategies that will increase the profitability of your business and decrease costs of taxation.
- Prepare tax returns for your business, with zero error.
- Identify legal ways where you need to pay a reduced tax amount, and staying up-to-date on all kinds of taxation policies.
- Prepare proper bookkeeping techniques that are time and cost-efficient.
Types of taxes in UAE that you need to be aware of
Various tax consultancies across the UAE provide one or multiple tax services. We specialize in providing the following services:
Value Added Tax (VAT)
Corporate Tax
The Ministry of Finance has announced the introduction of a 9% federal corporate tax in UAE on business profits with a threshold of AED 375,000. This comes into effect from the financial year beginning 1st June 2023. The corporate tax rate in UAE is among the most competitive in the world and the lowest in the GCC – where Bahrain has now become the only country without a CT regime. For now, it has been made clear that the regime of Corporate Tax in UAE will follow best global practices and is expected to be implemented with easy corporate tax compliance requirements.
The corporate tax in UAE will be payable on the profits of UAE businesses as reported in their financial statements prepared in accordance with internationally accepted accounting standards. There will be minimal exceptions and adjustments. This clearly means that financial statements must now be without exception audited on time .
Excise Tax
In the UAE, an excise tax was implemented in 2017. Excise tax is a type of indirect tax imposed on particular products that are usually detrimental to the ecosystem or human health. These products are known as “excise goods.” The following criteria are relevant when determining whether a commodity qualifies as an excise good:
All aerated beverages, excluding plain aerated water, are classified as carbonated drinks. Any concentrations, powder, gel, or extracts meant to be turned into an aerated beverage are also regarded as carbonated beverages.
Caffeine, taurine, ginseng, and guarana are just a few examples of the stimulant chemicals that can be found in energy drinks. Other drinks with these ingredients include those that are promoted or sold as energy drinks.
From 1 December 2019, excise tax will be levied also on:
- Electronic smoking devices and tools
- Liquids used in such devices and tools
- Sweetened drinks.
