Tax agent services
Value Added Tax (VAT) in the UAE
On August 23, 2017, the Federal Law Decree No. (8) of 2017 concerning Value Added Tax (VAT) was issued, which set the start date for VAT registration as January 1, 2018. According to this law and its executive regulations, VAT registration became mandatory for any taxable person whose supplies exceeded AED 375,000 in the previous 12 months or who expects to exceed this amount within the next 30 days.
VAT was implemented in the UAE on January 1, 2018, at a standard rate of 5%, applying to certain goods and services, while exempting some sectors like healthcare, education, and local transportation.
VAT is an indirect tax imposed on goods and services, with the final consumer bearing the tax burden when benefiting from these goods or services.
Corporate and Business Tax in the UAE
On October 3, 2022, the Federal Law No. (47) of 2022 concerning Corporate and Business Tax was issued, marking a significant shift in the UAE’s tax system. This law introduces several amendments that companies must implement to determine the taxable profit after making adjustments to their accounting profit. The law also includes specific conditions for businesses in free zones, where companies recognized in these areas are allowed to benefit from a 0% tax rate, provided they meet certain criteria.
The law outlines provisions for deductible expenses from the taxable base, as well as procedures that businesses must follow to ensure accurate tax reporting in compliance with legal requirements. It also requires businesses to adhere to specific procedures when dealing with foreign branches and related parties to ensure accurate and compliant tax filings.
Corporate tax presents a significant challenge for many businesses in the UAE, given its recent introduction and the lack of familiarity with its details and requirements. Filing tax returns accurately requires in-depth knowledge of tax matters, accounting, and auditing, given the close relationship between these concepts.
Our Tax Services
Our office has organized numerous workshops at our premises to educate companies and businesses operating in the field about the fundamental concepts related to corporate tax, in collaboration with experts who participated in drafting the UAE corporate tax law. This has positioned us as one of the leading offices providing consultancy services in this field.
We offer a free evaluation for companies needing assistance with VAT registration and calculation in the UAE, as well as consultations for businesses in or outside free zones regarding their compliance with the Corporate Tax Law, including applicable taxes and potential exemptions.
Radwan Allam Chartered Accountants and Tax Agents is one of the leading offices offering tax services to businesses in the UAE and abroad. We provide comprehensive tax consultancy and services for both local and international companies, helping them comply with local and international tax laws.
Joining the Boks International Network
Thanks to our membership in Boks International, we now have the capability to offer tax services that extend beyond the local market, incorporating international expertise and knowledge. Our affiliation with this global network provides additional support in the tax field, enhancing our ability to provide flexible solutions that comply with both local and international laws.
