Looking for tax consultation? As one of the leading Tax services in Dubai, SIAA brings you a team of highly motivated advisors who can provide you the best VAT services in Dubai. Our team of professional and taxation experts possesses profound knowledge and understanding of domestic and international tax laws and jurisdictions. Their knowledge is backed by extensive industry experience and an outstanding work ethic.
Our tax consultants offer clients a complete range of tax consultancy services in Dubai, combining insights and innovation with business and industry knowledge to help your company to excel. Our tax experts ensure that our VAT services in Dubai are in line with the Federal Tax Authority (FTA) laws.
The VAT is an expense that applies to the use of all services/products. GCC Government has adopted this taxation system starting from 1st January 2018. It is implemented on goods and services with the exception of food items, healthcare, and education. The standard tax rate is very nominal – 5%. End-user are mostly affected by the implementation of tax however businesses have to make certain changes to their processes and procedures to comply with the legal requirements implemented by the government.
All businesses with annual revenue of Dh 375,000 or more are required to submit their VAT registration in UAE online applications within 30 days of being required to be registering. As per the regulatory Authority Federal Tax Authority Registration (FTA), all businesses in UAE must ensure the recording of their financial transactions, apart from that VAT registration requirements have done and ledgers are updated in time to avoid penalties. Registration will be mandatory in case the revenue limit crosses AED 375,000, if turnover is greater than AED 187,500, but didn’t exceeds AED 375,000 then optional or voluntary registration should be done.
With over 12 years of experience in the industry, SIAA offers best-in-class VAT services and tax consultancy services in Dubai, delivering professional expertise and personalised customer support through each stage of their financial journey.
At Square International Auditing & Advisory, we understand that tax compliance is a critical aspect of business operations in the United Arab Emirates. With evolving tax regulations and the introduction of new tax schemes, staying ahead in the world of taxation is more challenging than ever. That’s where our Tax Consultancy services come in. Our team of seasoned tax experts is here to provide comprehensive solutions for all your tax-related needs. With a focus on Value Added Tax (VAT), Corporate Tax, Excise Tax, and Economic Substance Regulations (ESR), we offer a full spectrum of services to ensure that your business remains tax-efficient and compliant.
As one of the leading providers of tax consultancy services in the UAE, Square International Auditing & Advisory boasts a team of experts with in-depth knowledge and experience in various tax disciplines. We specialize in:
The introduction of Value Added Tax (VAT) in the UAE has transformed the landscape of financial compliance for businesses of all sizes. With strict regulations and complex procedures, it’s essential to have expert guidance to ensure VAT compliance while optimizing your financial operations. At Square International Auditing & Advisory, we offer a comprehensive suite of VAT services that empower your business to thrive in this new tax environment.
The United Arab Emirates (UAE) implemented a Value Added Tax (VAT) system on January 1, 2018. VAT is a consumption tax levied on the value added to goods and services at each stage of production or distribution. The standard VAT rate in the UAE was set at 5%.
Missing VAT registration and failing to file VAT returns in the UAE can lead to various legal and financial issues. Here are some common issues and consequences that can result from failing to meet VAT registration and filing requirements:
Penalties and Fines: The UAE imposes penalties and fines for non-compliance with VAT regulations. These penalties can be significant and can accumulate over time if you continue to be non-compliant.
Legal Actions: Non-compliance with VAT regulations may result in legal actions by the UAE government. This can include audits and investigations to determine the extent of non-compliance and the potential tax liabilities.
Reputation Damage: Non-compliance with tax regulations can damage your business’s reputation and credibility. It may also lead to a loss of trust among your customers, suppliers, and business partners.
Loss of Input Tax Credit: If you are a registered business and you do not file your VAT returns, you may lose out on claiming input tax credits, which can increase your operating costs.
Interest Charges: In addition to penalties, the UAE may also charge interest on any outstanding VAT payments. This can significantly increase the financial burden of non-compliance.
Business Closure: In extreme cases of non-compliance, the UAE government may take actions that can lead to the closure of your business.
Injunctions and Seizures: The UAE authorities may seize assets, freeze bank accounts, or take other measures to recover unpaid taxes.
Legal Liability: Individuals responsible for VAT compliance within a business, such as directors or financial officers, can be held personally liable for non-compliance in some cases.
Difficulty in Business Operations: Ongoing non-compliance with VAT regulations can disrupt your business operations and create uncertainty about your financial stability.
To avoid these issues, it’s crucial to stay informed about VAT regulations in the UAE, ensure timely VAT registration if required, and file VAT returns accurately and on time. If you are uncertain about your VAT obligations or have any doubts, it’s advisable to seek professional guidance from tax consultants or legal experts who specialize in UAE tax laws to ensure compliance and minimize potential risks.
When it comes to VAT, the first crucial step for your business is VAT registration. Our VAT experts guide you through the registration process seamlessly, ensuring that your business complies with the law. We help you:
With our assistance, you can confidently step into the world of VAT with your business fully compliant.
The VAT filing process can be daunting, with its meticulous record-keeping and compliance requirements. Our professionals take the burden off your shoulders, handling VAT return preparation and submission for your business. Our VAT filing services include:
By entrusting us with your VAT filing, you can focus on what you do best – running your business – while we ensure compliance and accuracy in your VAT returns.
Maximizing your VAT refund potential is a crucial part of maintaining healthy cash flow. Our VAT refund services are designed to help your business:
Our experts ensure that your business benefits from VAT refunds it is entitled to, allowing you to make the most of your financial resources.
Facing VAT penalties can be a challenging experience for any business. Our VAT penalty resolution services are designed to help you navigate through penalty situations with ease:
With our guidance, you can address VAT penalties efficiently, minimize financial impact, and restore your business to full compliance.
At Square International Auditing & Advisory, we understand the complexities and challenges of VAT compliance in the UAE. Here’s why you should choose us for your VAT needs:
Our team comprises VAT experts with extensive knowledge of UAE tax laws, ensuring that you receive the best advice and solutions.
We recognize that every business is unique. Our VAT services are tailored to meet the specific needs of your business, providing a customized approach.
Compliance and Efficiency
Our goal is to make your business tax-efficient while ensuring full compliance with VAT regulations. We help you avoid penalties and legal issues.
Timeliness and Accuracy
We value your time and are committed to delivering services in a timely and accurate manner, allowing you to focus on your core business operations.
Don’t let VAT compliance overwhelm your business. With Square International Auditing & Advisory LLC by your side, you can navigate the complex world of VAT with confidence. Whether you need assistance with VAT registration, filing, refund claims, or penalty resolution, our team is ready to support your business every step of the way. Reach out to us today to learn more about our VAT services and how we can help your business thrive in the VAT era.
Whether you are a small business or a multinational corporation, Square International Auditing is your reliable partner for all your corporate tax advisory needs in the UAE
Corporate tax is a form of direct tax levied on the net income or profit of corporations and other entities from their business.
The introduction of Corporate Tax (CT) in the UAE serves several objectives. Firstly, it aims to solidify the UAE’s position as a prominent global hub for business and investment. Additionally, it seeks to expedite the country’s development and transformation in order to achieve strategic objectives. Furthermore, the implementation of CT demonstrates the UAE’s commitment to adhering to international standards for tax transparency and preventing harmful tax practices.
The scope of CT encompasses all businesses and individuals engaged in commercial activities under a valid license in the UAE. This includes free zone businesses, which will continue to receive the current CT incentives as long as they comply with regulatory requirements and do not conduct business outside of the UAE mainland. Foreign entities and individuals will only be subject to CT if they engage in ongoing or regular trade or business activities within the UAE. Banking operations, as well as businesses involved in real estate management, construction, development, agency, and brokerage activities, are also within the scope of CT.
Certain exemptions from CT exist.
Businesses engaged in the extraction of natural resources will remain exempt from CT, as they will continue to be subject to the existing Emirate level corporate taxation. Dividends and capital gains earned by a UAE business from qualifying shareholdings will also be exempt from CT. Additionally, qualifying intra-group transactions and reorganizations will not be subject to CT, provided that all necessary conditions are met.
In addition, it should be noted that the following exemptions apply to CT:
The CT rates, as stated by the Ministry of Finance, are as follows:
The Federal Tax Authority (FTA) is responsible for the administration, collection, and enforcement of the CT. For more information on corporate tax, as well as guidance on how to register and file returns, please refer to the FTA’s website.
Corporate tax management need not be a source of concern. With Square International Auditing & Advisory as your partner, you can streamline your corporate tax responsibilities with confidence. Whether you require support with corporate tax registration or filing, our team is prepared to assist your business at every stage. Reach out to us today to learn more about our Corporate Tax services and discover how we can help your business excel in corporate tax compliance and optimization in the UAE.
Excise tax is a type of indirect tax imposed on specific goods that are considered harmful to human health or the environment. In the United Arab Emirates, excise tax was introduced on October 1, 2017, as part of the country’s efforts to diversify revenue sources and promote healthier lifestyles.
In the UAE, excise tax is primarily applied to three categories of goods:
The introduction of excise tax in the UAE has led to increased prices for excise taxable goods. This was done to discourage the consumption of harmful products and promote healthier choices among consumers. It also contributes to government revenue, which can be invested in various public services and infrastructure projects.
When it comes to conducting business in the United Arab Emirates (UAE), understanding and adhering to Economic Substance Regulations (ESR) is essential. ESR is a framework of rules and guidelines designed to ensure that companies in the UAE engage in substantive activities, in line with international standards, all while preserving economic transparency.
ESR carries paramount significance in the UAE by aligning the nation with international best practices. It promotes economic transparency and ensures that businesses operating in the UAE are substantially engaged in activities. Moreover, these regulations are aimed at deterring harmful tax practices, which, in turn, fortify the UAE’s stature as a global business hub.
It’s worth noting that ESR isn’t universal; it applies predominantly to licensees participating in specific activities. Some entities may qualify for exemptions. Understanding your responsibilities under ESR is fundamental to ensure your business remains in compliance.
At Square International Auditing & Advisory, we pride ourselves on our in-depth knowledge of UAE tax regulations and our ability to provide personalized, practical solutions to our clients. Here’s why you should choose us for your tax consultancy needs:
Expertise and Experience
Our team of tax experts possesses extensive experience in various tax disciplines, ensuring that you receive the best advice and solutions.
We understand that every business is unique. Our services are tailored to meet the specific needs of your business, ensuring a customized approach.
Compliance and Efficiency
Our goal is to make your business tax-efficient while ensuring full compliance with UAE tax regulations, helping you avoid penalties and legal issues.
Tax regulations are constantly changing. Our team stays up to date with the latest tax laws and regulations to provide you with the most accurate advice and solutions.
We believe in proactive tax planning that helps you anticipate and mitigate tax liabilities.
Timely and Accurate Services
We value your time and are committed to delivering services in
Entrust your taxes to us and experience a worry-free work life.