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corporate tax registration in uae

A guide to corporate tax registration in UAE

Square International Auditing and Advisory, a leading corporate tax consultant in UAE, guarantees expert and punctual corporate tax registration services to ensure compliance with the new UAE Corporate Tax regulations. Understanding the corporate tax law and its registration procedures is imperative for every UAE business, and we’re here to guide you through it.

As you’re likely aware, the Ministry of Finance in the UAE introduced Corporate Tax in 2022, with full implementation scheduled for June 2023, affecting the financial years of companies and businesses. Consequently, audit firms in Dubai and tax consultants across the UAE have initiated Corporate Tax Advisory and Implementation Services for Businesses. Trust Square International Auditing and Advisory for comprehensive support in navigating the complexities of corporate tax in the UAE.

Registration for Corporate Tax in UAE

According to FTA’s Federal Decree Law 47, every taxable entity, including Free Zone Persons, is mandated to register for Corporate Tax and obtain a Registration Number. Even those deemed as Exempted Persons are required to register for Corporate Tax as per the Federal Tax Authority’s directive.

Taxable entities are obligated to file Corporate Tax returns for each Tax Period within nine months from the end of that period. The deadline encompasses the payment of all Corporate Taxes due for the respective Tax Period when the return is submitted.

In cases where entities are excluded, as determined by the Minister, they must still register for Corporate Tax with the Federal Tax Authority within a specified timeframe and in a prescribed format.

The Authority necessitates that Taxable Persons or Independent Partnerships register for Corporate Tax and acquire a unique Tax Registration Number. Corporate Tax Registration should occur promptly upon an individual becoming a Taxable Person.

Following completion of corporate tax registration, entities are subject to a standard Corporate Tax rate of 9% on taxable income exceeding AED375,000. Taxable income up to AED375,000 incurs a 0% tax rate.

How to register For UAE Corporate Tax?

The Federal Tax Authority has introduced pre-registration for corporate tax via the EmaraTax platform. This online portal serves as a comprehensive platform for taxpayers to manage all tax-related processes, including registrations, returns, refunds, deregistration, and payments.

With the user-friendly EmaraTax portal, individuals can easily create an account or migrate their existing FTA Account. The process is straightforward, allowing users to navigate through the EmaraTax Login guide. Once logged in, users are required to submit all necessary documents for corporate tax in the UAE to complete the registration process successfully. This seamless process streamlines corporate tax registration and ensures compliance with UAE tax regulations.

Need for Corporate Tax Registration in UAE

The UAE Government, in collaboration with the Ministry of Finance, has established a tax framework and regulations designed to offer advantages to companies subject to corporate tax. For businesses falling under this category, several benefits can be realized:

1.Compliance:By adhering to the tax laws and keeping track of any amendments, businesses ensure they stay compliant with regulatory requirements.

2.Detection of Tax Evasion:Following these regulations aids in identifying and mitigating any fraudulent tax practices, safeguarding the integrity of the tax system.

3.Adherence to International Standards:The tax structure aligns with world-class standards, enhancing the country’s reputation as a reliable and transparent business destination.

Corporate tax registration holds significant importance as it helps in minimizing post-tax revenue for companies, thereby maximizing returns to shareholders. This impact extends not only to individuals holding direct shares but also to indirect shareholders through private pensions or investment funds.

Moreover, corporate tax payments offer distinct advantages to business owners compared to bearing additional income tax burdens individually. By leveraging these advantages, businesses can optimize their financial strategies and contribute to sustainable growth.

Why Corporate Tax Assessment is necessary before Registration?

Before implementing corporate tax, it’s crucial to assess the risks and legal factors associated with your business. This assessment ensures compliance with the country’s tax regime. Failing to conduct a proper assessment can result in fines and penalties for corporate tax non-compliance.

Pre-implementation assessment involves evaluating the impact, documents, and tax compliance requirements. It’s advisable to seek assistance from professional corporate tax consultants or firms offering high-quality assessment services.

Now, let’s delve into Corporate Tax Registration services, which streamline the registration process for maximum efficiency and effectiveness.

Corporate Tax Registration Services

Square International Auditing and Advisory boasts a team of highly qualified and experienced tax consultants specializing in Corporate Tax registration. Our professionals at SIAA possess extensive expertise in guiding businesses through the registration process with precision and efficiency.

We understand the significant changes brought about by the implementation of Corporate Tax and emphasize early preparation for compliance to minimize costs and alleviate stress on your team. With our team’s wealth of knowledge and experience, you can trust us to facilitate a seamless and hassle-free transition.

At SIAA, we provide ongoing support and updates on Corporate Tax Registration, ensuring that you remain compliant with regulations and avoid fines and penalties. If you have any inquiries regarding Corporate Tax Registration for your business, feel free to reach out to us . We’re here to assist you every step of the way.