Category: Vat Consultancy

Strеamlinе Your UAE Vat Rеturn Filing Procеss for Maximum Efficiеncy

Introduction

VAT rеturn filing in thе Unitеd Arab Emiratеs (UAE) is a critical aspеct of compliancе for businеssеs opеrating within its jurisdiction. Thе procеss of VAT rеturn filing in UAE involvеs submitting dеtailеd rеports to thе Fеdеral Tax Authority (FTA), outlining taxablе transactions and еnsuring compliancе with VAT rеgulations. Howеvеr, navigating thе complеxitiеs of VAT rеturn filing can bе challеnging for businеssеs, lеading to inеfficiеnciеs and potеntial compliancе issuеs. In this blog, wе еxplorе stratеgiеs to strеamlinе your UAE VAT rеturn filing procеss for maximum еfficiеncy and compliancе.

Undеrstanding thе Importancе of VAT Rеturn Filing in UAE

VAT rеturn filing in UAE is a lеgal rеquirеmеnt for businеssеs rеgistеrеd for VAT, aimеd at еnsuring transparеncy, accuracy, and compliancе with tax rеgulations. Thе VAT rеturn providеs a comprеhеnsivе ovеrviеw of a businеss’s taxablе transactions, input tax crеdits, and VAT liabilitiеs for a spеcific tax pеriod. Timеly and accuratе VAT rеturn filing is еssеntial to avoid pеnaltiеs, finеs, and lеgal rеpеrcussions imposеd by thе FTA. Morеovеr, еfficiеnt VAT rеturn filing еnhancеs financial transparеncy, facilitatеs dеcision-making, and instills trust among stakеholdеrs.

Optimizing Data Managеmеnt and Rеcord-Kееping

Effеctivе VAT rеturn filing bеgins with robust data managеmеnt and rеcord-kееping practicеs. Businеssеs must maintain accuratе and up-to-datе rеcords of all taxablе transactions, including salеs invoicеs, purchasе rеcеipts, and еxpеnsе documеnts. Lеvеraging digital accounting softwarе and cloud-basеd platforms can strеamlinе data managеmеnt procеssеs, automatе rеcord-kееping tasks, and еnsurе data intеgrity. By cеntralizing financial data and documеntation, businеssеs can improvе еfficiеncy, minimizе еrrors, and еnhancе compliancе with VAT rеgulations.

Utilizing Tеchnology Solutions for Automation

Tеchnology plays a crucial rolе in strеamlining thе VAT rеturn filing procеss and еnhancing еfficiеncy. Businеssеs can lеvеragе automation tools and softwarе solutions to automatе rеpеtitivе tasks, such as data еntry, rеconciliation, and VAT calculations. Advancеd accounting softwarе platforms offеr built-in VAT compliancе fеaturеs, customizablе tеmplatеs, and automatеd rеporting functionalitiеs, еnabling businеssеs to gеnеratе accuratе VAT rеturns with minimal manual intеrvеntion. By еmbracing tеchnology solutions, businеssеs can savе timе, rеducе costs, and mitigatе thе risk of human еrror in VAT rеturn filing.

Implеmеnting Robust Intеrnal Controls and Procеssеs

Effеctivе intеrnal controls and procеssеs arе еssеntial for еnsuring accuracy and rеliability in VAT rеturn filing. Businеssеs should еstablish clеar guidеlinеs, procеdurеs, and workflows for VAT compliancе, еncompassing transaction rеcording, data validation, and rеconciliation chеcks. Rеgular rеviеws and audits of intеrnal controls hеlp idеntify wеaknеssеs, mitigatе risks, and improvе ovеrall compliancе with VAT rеgulations. By fostеring a culturе of accountability and diligеncе, businеssеs can maintain thе intеgrity of thеir VAT rеturn filing procеss and uphold rеgulatory standards.

Sееking Profеssional Guidancе and Support

Navigating thе complеxitiеs of VAT rеturn filing in UAE rеquirеs еxpеrtisе and knowlеdgе of local tax laws and rеgulations. Businеssеs can bеnеfit from sееking profеssional guidancе and support from qualifiеd tax advisors, accountants, or consultancy firms spеcializing in VAT compliancе. Expеriеncеd profеssionals can providе valuablе insights, intеrprеtation of VAT rеgulations, and assistancе in prеparing and filing VAT rеturns accuratеly and timеly. By partnеring with trustеd advisors, businеssеs can navigatе rеgulatory rеquirеmеnts, mitigatе compliancе risks, and optimizе thеir VAT rеturn filing procеss for maximum еfficiеncy.

Conclusion

In conclusion, strеamlining thе VAT rеturn filing in UAE is еssеntial for businеssеs sееking to еnhancе еfficiеncy, minimizе compliancе risks, and maintain rеgulatory compliancе. By optimizing data managеmеnt, lеvеraging tеchnology solutions, implеmеnting robust intеrnal controls, and sееking profеssional guidancе, businеssеs can strеamlinе thеir VAT rеturn filing procеss and achiеvе maximum еfficiеncy. Effеctivе VAT rеturn filing not only еnsurеs compliancе with tax rеgulations but also еnhancеs financial transparеncy, fostеrs trust among stakеholdеrs, and positions businеssеs for long-tеrm succеss in thе compеtitivе markеtplacе of UAE.

Maximizing Your Business Efficiency with RBS Auditing: The Leading Vat Review and Consultancy Services in Sharjah

RBS Auditing is a reputable company that provides professional Vat Review, Consultancy Services and Vat Return Filing in the UAE, particularly in Sharjah. With years of experience and expertise, our team of certified professionals is dedicated to helping businesses in the UAE improve their financial performance and comply with the latest tax regulations.

In this blog, we’ll take a closer look at our products and services, the benefits of working with us, and why we are the top choice for Vat Review and Consultancy Services in Sharjah.

Vat Review: A Comprehensive Solution for Your Business

Our Vat Review service is designed to help you stay on top of your finances and ensure that your business is operating as efficiently as possible. Our team of experts will perform a comprehensive review of your financial records, identify any areas of improvement, and provide you with a detailed report of our findings. We’ll also make recommendations on how to improve your financial performance and help you to stay compliant with the latest tax regulations.

Benefits of Vat Review:

1. Improved financial performance: Our Vat Review service will help you identify areas of improvement in your financial records, allowing you to optimize your business operations and increase your profitability.

2. Compliance with tax regulations: Our team of experts will ensure that your business is in compliance with the latest tax regulations, reducing the risk of fines and penalties.

3. Increased efficiency: Our Vat Review service will help you streamline your financial processes, making it easier to manage your finances and freeing up time for you to focus on growing your business.

Vat Consultancy Services: Expert Advice for Your Business

At RBS Auditing, we understand that navigating the complex world of tax regulations can be a challenge for business owners. That’s why we offer comprehensive Vat Consultancy Services in Dubai to help you stay ahead of the curve and make informed decisions about your finances. Our team of experts will provide you with tailored advice and
support to help you understand the latest tax regulations and make the most of your finances.

Benefits of Vat Consultancy Services:

1. Expert advice: Our team of experts has extensive knowledge and experience in the field of accounting and taxation, and we use this expertise to provide you with tailored advice and support.

2. Stay ahead of the curve: Our Vat Consultancy Services will help you stay up-to-date with the latest tax regulations, reducing the risk of fines and penalties.

3. Improved decision making: Our tailored advice will help you make informed decisions about your finances, allowing you to optimize your business operations and increase your profitability.

Vat Return Filing: A Stress-Free Solution for Your Business

At RBS Auditing, we understand that filing Vat returns can be a time-consuming and stressful process for business owners. That’s why we offer comprehensive Vat Return Filing services to help you comply with the latest tax regulations and simplify the filing process. Our team of professionals will handle all the necessary details, from preparing your VAT return to submitting it to the relevant authorities, allowing you to concentrate
on expanding your business.

Benefits of Vat Return Filing:

1. Compliance with tax regulations: Our Vat Return Filing service will ensure that your business is in compliance with the latest tax regulations, reducing the risk of fines and penalties.

2. Stress-free process: Our team of experts will handle all the details, from preparing your Vat return to submitting it to the authorities, making the filing process stress-free for you.

3. Time savings: Our Vat Return Filing service will free up time for you to focus on growing your business, rather than dealing with the complexities of filing Vat returns.

Why Choose Us for Your Vat Review and Consultancy Services?

At RBS Auditing, we are dedicated to providing our clients with the best Vat Review and Consultancy Services in Sharjah. Here are just a few of the reasons why we’re the top choice for businesses in the UAE:

1. Experienced and certified professionals: Our team of experts has extensive experience in the field of accounting and taxation, and we’re certified to provide the best Vat Review and Consultancy Services.

2. Tailored solutions: We understand that every business is unique, and we provide tailored solutions to meet the specific needs of each of our clients.

3. Comprehensive services: Our Vat Review, Consultancy Services, and Vat Return Filing services are designed to provide our clients with a comprehensive solution for their financial needs.

4. Customer-focused approach: At RBS Auditing, we are dedicated to providing our clients with the best possible customer service, and we always put our clients’ needs first.

Conclusion :

if you’re looking for a trusted partner to help you maximize your business efficiency and comply with the latest tax regulations, look no further than RBS Auditing. Our team of experts is dedicated to providing our clients with the best Vat Review and Vat Consultancy Services in Sharjah, and we’re committed to helping you achieve your financial goals. Contact us today to learn more about our services and how we can help your business thrive

VAT & Excise Consultants in Dubai

VAT is a type of consumption tax that is levied when a commodity is valued. It is a tax that is levied on goods and services bought by corporations and individuals. RBS Auditing can serve you and provide you with the best service at a fair price for VAT & Excise Consultants in Dubai.

VAT & Excise Advisory in UAE has been helping businesses to comply with the UAE’s VAT laws ever since the introduction of VAT in Dubai. Federal Tax Authority (FTA) is responsible for tax collection. The Federal Tax Authority (FTA) provides all the legislation including explanations and recommendations to assist business firms.

Tax experts help business owners plan effectively for taxes, which allows them to manage their working capital and better control their tax outflow. VAT consultants can help businesses with VAT Advisory services and VAT Compliance services.

Vat & Excise Consulting In UAE

RBS Auditing employs a dedicated team of tax professionals that are experienced and up-to-date with the latest law changes that have an impact on clients’ taxable areas. Every update from FTA is discussed and reviewed within the team. The analysis is then done to determine the impact of tax law amendments and is communicated to clients promptly.

Compliance with VAT and Excise consulting in UAE are critical functions that must be monitored daily for every type of transaction. This will ensure accurate recording in the books of accounts and timely reporting to FTA. To ensure compliance with VAT, organizations may choose to employ qualified staff.

Outsourcing VAT accounting in UAE is now the standard or the most common practice for companies. Many companies are unsure about outsourcing and whether it is a wise decision to make for their business. This is one of the most effective ways to get your business on the right track to success.

Our universal approach to tax issues ensures long-term success for corporations while using the most current techniques. Let’s take a look at what our services are as trusted VAT consultants in Dubai, UAE.

How do you file your VAT returns in the UAE?

We make filing VAT returns easy and seamless at RBS. We follow the Federal Tax Authority’s guidelines and assist taxpayers in dealing with online portal operations, final payments and seeking refunds. All this is done in compliance with UAE law.

According to their size, VAT-paying businesses are classified into different categories. To ensure total transparency between auditor and client, the FTA portal accepts VAT returns online only. The business must provide manually the sales, output VAT and input VAT values in the boxes provided by the FTA portal.

This form, also known as ‘VAT 201’, can be classified into seven sectors.

· VAT Return Period

· Taxable Person Details Net VAT Due

· All other outputs and sales subject to VAT

· All inputs and expenses are subject to VAT

· Declaration and Authorized Signatory

· Additional reporting requirements

The ‘VAT Voluntary disclosure Form 211’ is another form that can be found on the portal. It must be completed under certain conditions. To access their VAT Return, every business taxpayer must use their registered credentials.

The filing of VAT returns in the UAE requires a detailed summation of business transaction details. However, Purchase/Expenses, Sales and Input VAT can all be calculated separately. These separate totals must be verified to produce an accurate and error-free summary which can be used in the FTA-approved electronic VAT Return Form.

This blog isn’t meant to be a one-size-fits-all guide to filing your VAT Returns. A trusted and reliable Tax Consultant can help you ease the stress of the VAT Return process by providing a unique analysis specific to your business, which is crucial for accurate Tax Reporting as well as FTA compliance.

RBS Auditing, provide Certified VAT & Excise Consulting in UAE, takes the stress out of filing, compiling and submitting all papers. We also provide transparency in the VAT Return process. We are the UAE’s top Tax and Excise Agents and can guarantee high-quality service and customer support throughout and after the Tax Return Process.

Vat & Excise Consultants In Dubai

Vat Consultancy Services in Dubai

A VAT-registered small business can submit a VAT Return to HMRC to pay the owed amount or claim VAT on business expenses. You have many options for submitting your VAT returns. One option is to submit it online. But, the best way to do so is to use a VAT Consultancy Services in Dubai.

As you can see it doesn’t matter who files the return. All that matters is that it is submitted on time and includes all necessary information.

With their extensive knowledge and expertise in VAT registration and a proven track record, Dubai VAT consultants can resolve all issues related to VAT, including VAT consulting, VAT training, Free Zone auditing, returns and tax laws and regulations. Since the introduction of VAT in January 2018, Dubai’s top VAT consultants have been sought by businesses. They are registered with UAE’s Federal Tax Authority (FTA), as a tax agency, and dedicated agent. To comply with UAE VAT Laws, the proper and structured implementation of VAT is now a requirement.

How Dubai VAT Consultants Can Help Businesses

Since 1 January 2018, the UAE VAT regulations were implemented. VAT consultants have been helping businesses comply since then. Business owners can get help from VAT consultants to plan their taxes efficiently and help them manage their working capital. Businesses can be guided by VAT consultants through both VAT Compliance and VAT Advisory services.

Here are some of the major VAT compliance services offered by Dubai VAT Consultants

Make sure that you submit your VAT returns and reconciled them on time
Reconciliation, return and VAT records.
Provide advice to clients regarding clarifications of FTA notifications
Representation before the FTA in tax matters
Modification and review of source documents
VAT planning in UAE
Services for VAT advice
To suggest whether VAT should be registered as a single entity, or as a tax group
A reverse charge for imports: Applicability
Training and awareness for staff on VAT

VAT Registration in Dubai

Businesses with taxable imports or supplies exceeding AED 375,000 (USD 1000) must apply for VAT registration. Businesses with taxable supplies or imports of between AED 187.500 and 375,000 are permitted to apply for VAT registration under the UAE VAT law. Businesses whose taxable imports and supplies are less than AED 187.500 are not required by law to register for VAT. Online applications for VAT registration are possible. However, businesses may seek out the assistance of VAT Consultancies in the UAE to ensure that the process is properly executed. It is important to note that all names, whether they are company owners, managers, or authorized persons, must be entered in the Arabic Language.

Conclusion
RBS has qualified VAT consultants with local experience in VAT accounting and VAT filing. They can also help you to refund VAT. RBS is the best VAT Consultancy Services in Sharjah. RBS has a registered Arabic-speaking tax agent at the Federal Tax Authority (FTA). This tax agent can assist with any tax-related matter and can represent companies in tax cases against FTA.

Vat Consultancy Services In Dubai

Federal Decree- Law No. (18) of 2022 (‘’the Amendment of VAT Law w.e.f January 01, 2023’’)

Federal Decree- Law No. (18) of 2022 (‘’the Amendment of VAT Law w.e.f January 01, 2023’’)

Summary of VAT amendments:

Article Number	Title	VAT Amendments
Article 1	Definitions	New definitions have been introduced for – Relevant Charitable Activity, Pure Hydrocarbons, Tax Evasion, Tax Audit, Tax Assessment and Voluntary Disclosure.
Article 5	Supply of Goods	Entry into a contract between more than two parties entailing the transfer of Goods at a later time will be considered as supply of goods as per new amendment.
Article 7	Other out-of-scope transactions	A new clause inserted which allows the Executive Regulations to stipulate any other transactions that can be considered outside the scope of VAT.
Article 15	Registration Exceptions	Exception to register from tax is now extended to include registered persons having 100% zero rated supplies, in addition to non-registered persons.
Article 21	Cases of Tax Deregistration	New amendment grants the Federal Tax Authority, the right to deregister any registered person if they assume that the taxable person’s VAT registration may cause any harm to the tax system.
Article 26	Special Date of Supply	The date of supply under Clause 1 now includes the date on which one year has passed from the date on which the goods or services are provided.
Article 27	Place of Supply of Goods (continuous supply)	As per new clause, place of supply of goods that include export or import will be inside UAE if Article 26(1) applies AND the ownership of the goods has been transferred inside the UAE.
Article 30	Place of Supply in Special Cases (transport-related services)	Clause is extended to include transport related services in the rule of special place of supply. Place of supply means place where transportation starts.
Article 33	Place of residency (Agent/Principal)	The place of residence of principal will be the place of residence of the agent as per changed clause.
Article 36	Value of Supply and Deemed Supply for Related Parties	Where a deemed supply occurs between related parties, the value of supply would be determined by the market value, as per amended law.
Article 45	Supply/Import of Goods and Services that are Subject to Zero Rate	Import of following added to the zero-rated list · means of transportation and goods related to means of transportation · rescue planes and ships · crude oil and natural gas · Related basic healthcare goods. · investment precious metals (if they are supplied or imported for investment purposes.)
Article 48	Reverse Charge	Reverse charge will apply to “Pure Hydrocarbons” instead of “any form of hydrocarbons”
Article 55	Recovery of Recoverable Input Tax in the Tax Period (Imports)	The first condition of the Article for recovery of input tax as per the reverse charge mechanism is amended with the addition to keep invoices and import documentation (i.e. for goods only) for the importation of goods or services.
Article 57	Recovery of tax by Government Entities and Charities	Government entities can recover tax if incurred for the provision of sovereign activities. charitable organisation can recover tax if incurred for the provision of relevant charitable activities.
Article 61	Instances and Conditions for Output Tax Adjustments (additional case)	Clause inserted which requires taxable person to adjust output tax after the date of supply not only if the tax was charged in error but also if the application of the tax treatment was incorrect (e.g., where it was treated as exempt/zero rated instead of taxable at 5%)
Article 62	Mechanism for Output Tax Adjustment	Tax credit note must be issued within 14 days from the date of occurrence.
Article 65	Conditions and Requirements for Issuing Tax Invoices (obligation to pay VAT)	It has made mandatory for the taxable person to pay the VAT to the Federal Tax Authority in cases where such person issues a tax invoice stating VAT on it or receives an amount as VAT.
Article 67	Date of Issuance of Tax Invoice (for continuous supplies)	Now it has been specified that the date of issuance of tax invoice under continuous supply will be 14 days from the date of the supply.
Article 79 bis	Statute of Limitations (new article)	· The statute of limitation of 5 years not applicable where FTA has issued a notice to audit, provided audit is completed within 4 years from notice date. · statute of limitation will be extended by one year if taxable person files voluntary disclosure in 5th year. · Voluntary disclosure cannot be filed by the taxable person after the lapse of 5 years.

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Steps of filing VAT return in UAE!

The submission of a document including details on VAT-related sales and expenses that took place during a specific tax period is referred to as VAT return filing in UAE. Businesses can calculate how much VAT they must pay and start the procedures for reclaiming or refunding VAT by filing VAT returns in the UAE. Businesses must use the Federal Tax Authority (FTA) website to submit their VAT returns.

Read the instructions for completing a VAT return if you want to learn more about VAT:

Register with the Internal Revenue Service: A VAT-registered business entity in the UAE has to have a Federal Tax Authority account (FTA). To start the filing process, the account is required. Employing a licensed tax agent in the UAE to set up an FTA account is necessary to ensure that all data provided to the tax office is accurate.
Give the FTA Information to the Taxable Person: A taxable person is a legal entity that has registered for VAT. The next stage is to furnish the regulatory body with information regarding the firm’s name, address, and tax registration number, or TRN, after beginning the VAT return filing process by opening an FTA account. If a UAE-licensed tax adviser is hired to help with the process, the specialist may enter the relevant information on the business’s behalf.

Provide Detailed Accounting: The FTA must be provided with all pertinent data on a company’s VAT sales and expenses for a single fiscal year. Additionally, information on costs spent at the current VAT rate of 5% must be included.
Provide net VAT Calculations as a result of the FTA: The Company must also provide estimates of net VAT owing after the details on VAT sales, expenses, and related inputs have been received. The VAT due amount that is greater than what may be recovered must be paid to the tax authorities. The difference can be paid back through the VAT refund or reclaim process if the recoverable amount is greater than the FTA.
Make a Formal Declaration: A corporate organization must exercise caution while filing VAT returns to the Federal Tax Authority of the UAE. False information can incur fines of up to tens of thousands of dirhams. One strategy to prevent accruing significant fines and penalties in the UAE is to hire a licensed tax agent or VAT expert.

An expert may guarantee that the company has provided verifiable information, preventing punishment. Additionally, the professional may help you complete the treatment with little to no involvement from you. A tax-controlled agent in Dubai is also familiar with VAT law and the implementation of any steps the UAE’s tax authorities may need. If you want to file VAT returns as soon as possible, don’t be afraid to give RBS Auditing a call. You may get the services you need from our professionals. In addition to submitting VAT returns, we can provide you with Dmcc free zone approved auditor or liquidation services in Dubai. Please get in touch with us; we’d be happy to help you with any of the following services.

#dubai #services #vat filing return

VAT Registration and VAT Return Filing service in Dubai

VAT registration method in UAE for brand new corporations was created obligatory for all businesses with Associate business. The new rule has gained momentum from each the general public and community. VAT registration in UAE involves a group of procedures that should be followed by a person/business to register with the Federal Tax Authority (FTA). Our team of RBS Auditing specialists is trained & appointed to fast-track the method and guide them through an equivalent to make sure that each rule & tip is complied with lawfully.

Set out to provide seamless expertise with UAE VAT registration online, our cluster of pros expertly & proven record can begin from the fundamentals of VAT tips to providing end-to-end services in VAT registration & filing.

They are intelligent concerning the newest norms set by the Federal Tax Authority and are equipped to supply you with timely help altogether matters associated with VAT.

Our Services

VAT Registration UAE

Our team of skilled tax professionals can facilitate in coping with tax-related problems to hurry up the processes for company formation within the UAE. We provide our purchasers with the foremost customized and practical solutions, guidance, and support in VAT registration in UAE.

Accounting Services

The key to success for a corporation is to stay a track of accounting, invoicing, and maintaining records. Our accounting partners are dedicatedly operating for the consumer in maintaining clerking. The knowledgeable accountants can also assist them by submitting documents, checking the accuracy, keeping & accounting funds, sharing tips, and being compliant with the law.

VAT Filing

Make intelligent business choices by maintaining Associate false accounting of books. Audit reports are created as per the wants recommended by the clients. We offer audit report services for corporations in areas within the UAE to renew their business license, company closure, or for a gap checking account.

Why select RBS Auditing

VAT practice service

Our dedicated team of pros brings Associate in perspective to every challenge, vocation upon years of advantages experiences in various businesses and industries, and mixing their abilities and purpose, insights and intuitions, creativity, and usefulness.

Best business data

We have an Associate in a knowledgeable team of hired Accountants VAT consultants in the urban center & monetary Consultants; World Health Organization have many years of business data and experience and are continuously committed to victimization their experience to our client’s growth.

Customize solution

Each consumer and every business is different. Our experience of Vat Return Filing In UAE practice lies in delivering the customized answer that suits your gift and future business needs.

Vat Registration In UAE

UAE to introduce 9% corporate tax on business profits from June 1, 2023

Ministry of Finance to introduce federal corporate tax on business profits, effective for financial years starting on or after 1 June 2023

ABU DHABI, 31st January, 2022 (WAM) — The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.

The UAE corporate tax regime has been designed to incorporate best practices globally and minimise the compliance burden on businesses. Corporate tax will be payable on the profits of UAE businesses as reported in their financial statements prepared in accordance with internationally acceptable accounting standards, with minimal exceptions and adjustments. The corporate tax will apply to all businesses and commercial activities alike, except for the extraction of natural resources which will remain subject to Emirate level corporate taxation.

With a standard statutory tax rate of 9 percent and a 0 percent tax rate for taxable profits up to AED375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.

No corporate tax will apply on personal income from employment, real estate and other investments, or on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in the UAE.

“As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally. The certainty of a competitive and best in class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment”, said Younis Haji Al Khoori, Undersecretary of the Ministry of Finance.

Younis Haji Al Khoori further adds that “with the introduction of corporate tax, the UAE reaffirms its commitment to meeting international standards for tax transparency and preventing harmful tax practices. The regime will pave the way for the UAE to address the challenges arising from the digitalisation of the global economy and the other remaining BEPS [Base Erosion and Profit Shifting] concerns, and execute its support for the introduction of a global minimum tax rate by applying a different corporate tax rate to large multinationals that meet specific criteria set with reference to the above initiative.”

Recognising the contribution of free zones to the UAE’s economy and competitiveness, the UAE corporate tax regime will continue to honour the corporate tax incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business with mainland UAE.

Given the position of the UAE as a global financial centre and an international business hub, the UAE will not impose withholding taxes on domestic and cross border payments, or subject foreign investors who do not carry on business in the UAE to corporate tax.

As an international headquarter location, a UAE business will be exempt from paying tax on capital gains and dividends received from its qualifying shareholdings, and foreign taxes will be allowed to be credited against UAE corporate tax payable.

The UAE corporate tax regime will have generous loss utilisation rules and will allow UAE groups to be taxed as a single entity or to apply group relief in respect of losses and intragroup transactions and restructurings.

The UAE corporate tax regime will ensure the compliance burden is kept to a minimum for businesses that prepare and maintain adequate financial statements. Businesses will only need to file one corporate tax return each financial year and will not be required to make advance tax payments or prepare provisional tax returns. Transfer pricing and documentation requirements will apply to UAE businesses with reference to the OECD Transfer Pricing Guidelines.

“The introduction of a corporate tax regime will help the UAE achieve its strategic ambitions and incentivise businesses to establish and expand their activities in the UAE,” said Younis Haji Al Khoori.

UAE businesses will be given ample time to prepare for the introduction of corporate tax in the UAE. The UAE Ministry of Finance plans to issue further information on the UAE corporate tax regime toward the middle of the year to help businesses get ready and be fully compliant.

*For further information, please visit the Federal Tax Authority website: https://tax.gov.ae/en

Courtesy:- https://wam.ae/en

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Redetermination of penalties equal to 30% of the total unpaid penalties, pursuant to Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

Redetermination of penalties equal to 30% of the total unpaid penalties

31 December 2021 is the due date to avail the benefit of the Tax Penalties Amnesty or Redetermination of penalties pursuant to Cabinet Decision 49 of 2021 (the Redetermination of penalties equal to 30% of the total unpaid penalties).

To benefit from the tax penalties amnesty or redetermination, all of the following conditions have to be met according to Article 3 of Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

Any of the administrative penalties set out in Cabinet Decision No. 40 of 2017 have been imposed on the person before the effective date of Cabinet Decision No. 49 of 2021 (i.e. before 28 June 2021);
The person has not settled all the administrative penalties imposed on it as per Cabinet Decision No. 40 of 2017 in full before 28 June 2021
The taxable person has undertaken all of the following:

Settled all payable tax, i.e. the registrant shall ensure that by 31 December 2021, no payable tax is still outstanding whether such tax was payable before or after 28 June 2021, and that all such amounts have been received by the FTA by 31 December 2021; and
Settled 30% of the total unsettled administrative penalties referenced above which were imposed before 28 June 2021, no later than 31 December 2021.
In order to avail the tax amnesty benefit, ensure that all of the above mentioned conditions are fulfilled.
All payable taxes is the tax payable (based on tax returns submitted and any adjustments due to voluntary disclosures or tax assessments) that is still outstanding whether such tax was payable before or after 28 June 2021.
30% of the total unsettled administrative penalties refer to the administrative penalties imposed prior to 28 June 2021 pursuant to Cabinet Decision No. 40 of 2017.
All the payable taxes and 30% of the administrative penalties must be settled by 31 December 2021.
The amount to be settled as per Cabinet Decision No. (49) of 2021 may be viewed by logging into your E-services account and by clicking the option: “Click Here” to view the Amendment of Administrative Penalties imposed as per Cabinet Decision No. 49 of 2021.
Please ensure that the payment transfer(s) reflect on the FTA portal by 31 December 2021 and the payment receipts are available to substantiate the transfer.

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