Corporation Tax Assessment

What is a corporate tax assessment in UAE?

Upon implementing corporate tax, it is required to assess the amount of tax a company needs to pay to the government based on its revenue. It involves calculating the income, applying tax rates, and considering any deductions or exemptions it may be eligible for.

A corporate tax assessment is an organized procedure to consider suggestions for businesses, where there is a potential to make relevant changes within and outside the business unit or a group. The ultimate result of an assessment is to create a base for effective tax planning, business reconstructing and executing sufficient compliance verifications.

We can divide the overall corporate tax assessment process into three different processes,

• Impact assessment
• Document assessment
• Tax compliance assessment
  

Corporate tax impact assessment in UAE

Corporate tax impact assessment in UAE is a process of evaluating the potential impact of tax laws, regulations, and policies on a company's financial performance. This involves analyzing the company's current tax position, identifying tax risks and opportunities, and recommending strategies to optimize tax efficiency.

The aim of this assessment is to help companies make informed decisions on tax planning and ensure compliance with local tax laws. This helps to minimize tax liabilities, maximize tax savings, and achieve long-term business success.

The aspects of a corporate tax impact assessment in the UAE typically include:

1. Tax compliance: Evaluating the company's compliance with the tax laws and regulations in the UAE, including the submission of tax returns and payment of taxes owed.

2. Tax planning: Identifying opportunities to minimize tax liabilities and optimize tax benefits, such as claiming tax credits and deductions.

3. Transfer pricing: Evaluating the transfer pricing policies of the company to ensure compliance with tax laws and regulations, including the transfer of goods, services, and intellectual property between related entities.

4. Business structures: Analyzing the current business structure of the company and considering any changes that may be necessary to minimize tax liabilities and optimize tax benefits.

5. Tax incentives and exemptions: Evaluating the company's eligibility for any tax incentives or exemptions offered by the UAE government, such as Free Zone status.

6. International tax considerations: Analyzing the impact of cross-border transactions on the company's tax position and ensuring compliance with international tax laws and regulations.

Document assessment for corporate tax in UAE

Businesses will be required to keep financial and other records in order to comply with the UAE corporate tax document requirements. Failure to meet these requirements may result in significant corporate tax penalties in the UAE, which the government may announce soon. You must save paperwork, records and any other workings mentioned in the UAE corporate tax return and other documents filed to the FTA.

JAS Accountants can help you to have a clear understanding of compliance requirements and guide you through to maintain the list of documents.

Corporate tax compliance assessment in UAE

The corporate tax regime will be based on the concept of self-assessment. It implies that firms must ensure that their tax returns and accompanying schedules are proper, accurate, and in accordance with UAE 's corporate tax laws. You should be aware that the FTA may conduct a review of the company tax return submitted to the FTA and provide an assessment within the period. 

Taxpayers may, however, can appeal against the amended tax assessment given by the FTA. As a result, you may be able to appeal and revise the adjustments to comply with the laws. 

Our corporate tax advisors have complete knowledge of the tax regime and can guide you to comply with all the laws and regulations properly.

How can we help?

We have highly experienced team of corporate tax consultants in Dubai.

Our team can help you with the following:

• Assessing tax outcomes for the business
• Evaluating the eligibility of corporate tax and suggesting related exemptions to the mainland, free zone and offshore businesses
• Evaluating and analyzing the possibility of tax grouping to obtain tax benefits

JAS Accountants offers top notch corporation tax services in UAE to assist you in registration and filing of corporate tax and protect you from fines or penalties.