VAT Refund for Foreign Businesses in the UAE 2024
The United Arab Emirates (UAE) introduced the Value Added Tax (VAT) in 2018 and this law provides that any foreign ... Read more
Best Tax Consultant in Dubai
With over 30 years of progressive experience, Farahat & Co. Tax Consultancy has emerged as an accredited and premier tax consultant in UAE. Our tax expert team is determined to furnish customized and holistic tax solutions that meet our client’s distinct needs.
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Top-Rated UAE Corporate Tax Services: Expert Solutions
Farahat & Co. is an independent and accredited tax firm. We furnish streamlined tax services to individuals, entrepreneurs, SMEs, private investors, public bodies, and major international groups at varied stages of development. Our Tax Consultant Dubai are drawn from varying multidisciplinary industry backgrounds, hence enabling the firm to deliver premier and customized tax solutions. Coupled with a standing history and a firm relationship with UAE tax regulators, Farahat & Co. offers invaluable tax services to its valued clients, which include
Download Corporate Tax Law PDF Cabinet Decision on annual Taxable Income subject to Corporate Tax
Ministerial Decision No. 82 of 2023 on the Determination of Categories of Taxable Persons Required to Prepare and Maintain Audited Financial Statements for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses.
Ministerial-Decision-No.-82-of-2023-for-the-Purposes-of-Federal-Decree-Law-No.-47-of-2022
Small Business Relief for the Purposes of Federal Decree-Law
Corporate Tax Advisory Services in the UAE
Corporate Tax in the UAE is a direct tax on the net income or profits of businesses. The headline rate is 9% on Taxable Income exceeding AED 375,000, while income below this threshold is taxed at 0%.
Registered corporations are compelled to adhere to the Federal Tax Authority’s regulations and standards to which noncompliance accrues hefty fines and penalties. To counter tax filing intricacies and to enforce compliance with the set Federal Tax Regulations, it is ideal to avail the services of warranted tax consultants. Farahat & Co. is a trusted and reputable tax service interface in the UAE, our tax expert team is determined to cultivate customized tax solutions which meet the client’s specific needs.
We conduct quarterly and annual corporate income tax reviews, and fiscal inspection simulations and mediate in all phases of tax inspections, (before the tax Authorities and Courts). This sets us as a premier and trusted point of conduct for corporate tax advisory services in the UAE.
Here are some advantages of using corporate tax services in the UAE:
- Accurate calculation and submission of taxes
- Tax liability minimized through planning
- Compliance with tax laws plus avoidance of penalties due to non-compliance
- Access to professional guidance on matters related to taxes
Value Added Tax (VAT) Services
VAT is a consumption tax, applied to goods and services throughout the supply chain whenever value is added from production to the point of final sale.
Value Added Tax (VAT) filing is often a complex procedure for taxable persons. To combat this, Farahat & Co.’s certified tax agents offer and implement effective VAT strategies which are streamlined to varied business frameworks. We offer review for assessment of VAT deduction, VAT group implementation strategies, VAT refund assistance, VAT optimization for financial sectors, and pro-rata application. Further, Farahat & Co. furnishes VAT adjustments for capital goods, offers assistance regarding transfer of business, VAT deductibility concerning intra–group services, and enforcing tax due diligence. To add on, VAT optimization for financial sectors and pro-rata implementation is no exception to our premier VAT services.
Excise Tax Services
The UAE government imposes indirect taxes on items that are detrimental to the health of human beings or the environment.
Excise tax UAE is a typical indirect tax that is imposed upon distinct goods that are commonly harmful to human health or the environment.
Businesses that import, stockpile, or produce excise goods from a designated zone in the UAE ought to register for excise tax. At Farahat & Co, we effectively assist clients with up-to-date solutions for registering and filing excise tax in compliance with the Federal Tax Authority regulations and standards.
Individual Tax Services
Farahat & Co. offers accredited individual tax services. We furnish thorough tax inspections for individuals, prepare and submission annual individual tax statements, and conduct effective tax audits for high-net-worth individuals. Moreover, we conduct tax residency analysis, preparation and submission of related individual tax questionnaires, and issuance of tax residency certificates.
Avail Premier Tax Advisor Services in UAE Today!
It is essential for UAE taxable corporations and individuals to outsource accredited tax services to stay compliant with the Federal Tax Authority’s regulations and standards and to avert penalties for tax hold-ups or noncompliance.
Our determined tax consultants in Dubai are qualified to strategize and implement customized tax solutions that are centered on meeting our client’s specific needs. Thus, contact us today to avail expert tax consultant services in UAE and we shall be glad to assist you!
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With over 30 years of experience, we’ll ensure you always get the best service.
Q1. What is UAE Corporate Tax?
0% on the Taxable Income of AED 375,000 and below. No tax on Qualifying Income. 9% for Taxable Income not being Qualifying Income defined in Cabinet Decision No.55 of 2023.
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Q2. What is the Sole Purpose of Introducing Corporate Tax in the UAE?
The Corporate Tax reaffirms the UAE’s standing as a prominent global nerve center for business stake, moreover it expedites the nation’s advancement to attain its core policy. The introduction of the Corporate Tax regime pushes forward the UAE’s engagement to achieving global standards for tax precision and averting adverse tax etiquette.
Q3. Is the Corporate Tax Enforceable to Businesses in all the UAE Emirates?
The scope or enforceability of the UAE Corporate Tax extends to all the UAE Emirates; it is a deemed Federal Tax.
Q4. Who Are the Persons Subject and Exempt from the UAE Corporate Tax?
The UAE Corporate Tax applies to all UAE businesses and commercial activities that meet the set threshold, exempting the extraction of natural resources, which is presumed to remain subject to the Emirate level corporate taxing.
Q5. How Is the subject Net Income Tax Calculated under the UAE Corporate Tax?
The taxable income is the net profit or net income that is generated from a relevant business activity, this refers to the amount reported in the financial statements, prepared in full compliance to the approved accounting standards.
Q6. What Is the UAE Corporate Tax Rate?
The corporate tax rate is as follows:
- 1. A margin of 0% for taxable income up to AED 375,000.
- 2. A percentage of 9% for taxable income above AED 375,000.
Q7. Is a Private Person’s Salary / Income Subject to UAE Corporate Tax?
The UAE corporate tax is not enforceable on private person’s salaries and alternative employment sources of income.
Q8. Is Income Earned by a Foreign Investor Subject to the UAE Corporate Tax?
The UAE Corporate Tax is not applicable on foreign investor’s income from capital gains, interest, dividends and royalties.
Q9. Is the UAE Banking Sector Subject to the UAE Corporate Tax?
The UAE banking sector’s operation is presumed subject to the Corporate Tax in the UAE.
Q10. Under the UAE Corporate Tax Regime, is the Real Estate Sector Subject?
UAE businesses which carry out real estate management, construction, development, agency and brokerage activities are subject to the UAE Corporate Tax.
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