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corporate tax rate service in UAE

Corporate Tax: On January 31, 2022, the tax landscape in the region underwent a significant change with the Ministry of Finance (MoF) of the United Arab Emirates (UAE) announcing the introduction of a new federal corporate tax (CT) system. This system will come into effect for financial years starting on or after June 1, 2023. Apart from Bahrain, the UAE has set the lowest corporate income tax rate in the GCC region at a standard rate of 9%.

The UAE’s corporate tax regime has been crafted to integrate global best practices while aiming to reduce the compliance burden on businesses.

Why to choose us

We are commited to providing top-notch services to our customers:

Registration

We assist businesses in registering for Corporate Tax with the relevant authorities, ensuring compliance with all requirements and regulations.

Annual CT Filing

Our team handles the preparation and submission of annual Corporate Tax returns on behalf of our clients, ensuring accuracy and timeliness to avoid penalties.

Advisory

We provide expert advisory services to guide businesses through the complexities of Corporate Tax laws and regulations, offering tailored solutions to optimize tax efficiency and minimize risks.

CT Health Check

Our CT Health Check service involves a comprehensive review of your corporate tax obligations and practices to identify any potential issues or areas for improvement, helping you maintain compliance and mitigate risks.

Tax Planning & Compliance

We offer strategic tax planning services to help businesses effectively manage their tax liabilities while remaining compliant with all relevant laws and regulations. Our team develops customized tax strategies tailored to your business goals and objectives.

De-registra�on

In cases where a business is no longer subject to Corporate Tax or wishes to cease operations, we assist with the de-registration process, ensuring all necessary steps are completed under regulatory requirements.

VAT implementations

VAT implementation is the process of introducing and enforcing Value Added Tax (VAT) within a
country’s tax system. It involves legislative changes, administrative preparations, registration for
businesses, education campaigns, compliance enforcement, and monitoring. VAT aims to generate
revenue, promote economic growth, and ensure fair taxation.

VAT rates:

In the UAE, VAT comes in three variations:

Standard Rate: Most things are taxed at this rate, like clothes and electronics.
Zero Rated: Some items have no VAT, like certain food items and medicines.
Exempted: Certain things, like residential property rentals and local transport, don’t have VAT at all.

What do you need to register VAT?

Registration for VAT involves several steps:

Prepare Documentation

Gather necessary documents such as business licenses, identification, and
financial records.

Online Registration

Visit the tax authority’s website and complete the registration form with accurate
information.

Submission

Submit the completed form along with required documents electronically through the
online portal.

Review and Approval

 The tax authority will review the application and documents submitted. If
everything meets the requirements, they will approve the registration.

Receive VAT Certificate

Upon approval, you will receive a VAT registration certificate confirming your
registration

Compliance

Ensure ongoing compliance with VAT regulations by filing returns and maintaining
accurate records as per the requirements of the tax authority.

These services are designed to provide comprehensive support to businesses in managing their Tax obligations efficiently and effectively.

The introduction of Tax in the UAE

  • Businesses and entrepreneurs engaged in commercial activities under a commercial license in the UAE.
  • Free Zone businesses, with tax policies ensuring compliance with regulations and exemption for those not conducting business in the UAE mainland.
  • Operations within the banking sector.
    Foreign companies and investors involved in regular trade or business activities.
  • Taxable Persons, including Free Zone Persons, are required to register for Corporate Tax and obtain a Corporate Tax Registration Number.
  • The Federal Tax Authority mandates Exempt Persons to register for Corporate Tax.

FAQ- Frequently Asked Questions

Final Ratio provides comprehensive support in registering for Corporate Tax with the relevant authorities, ensuring businesses comply with all requirements and regulations.

VAT implementations aim to generate revenue, promote economic growth, and ensure fair taxation. Final Ratio guides businesses through the VAT registration process, ensuring compliance and timely submission of required documents.

Businesses engaged in commercial activities under a commercial license, Free Zone businesses, operations within the banking sector, foreign companies, and taxable persons are required to register for Corporate Tax.

Final Ratio assists businesses in gathering necessary documentation, completing the online registration form accurately, and submitting it to the tax authority. They also ensure ongoing compliance with VAT regulations by guiding filing returns and maintaining accurate records.