Tax Experts Better Manage Corporate Tax for You
The UAE, long known as a tax haven, has started taxing business profits over 375,000 AED at 9 percent from June this year. Better planning and management of taxation matters can help companies minimize tax liabilities and risks of non-compliance.
Tax consultants are professionals who specialize in tax law and financial related dealings. Hence seeking advice from an experienced tax consultant is imperative to avoid errors and penalties. To smoothly navigate through the Corporate Tax system prevailing in the UAE, it is necessary to partner with tax experts to receive timely updates and advice on tax laws introduced by FTA.
Tax consultants can assist businesses with their corporate tax obligations in several ways. Here are some aspects where you can avail their help:
Tax consultants offer strategic tax planning advice to optimize a company’s tax position and recommend strategies to improve tax efficiency and reduce costs. They analyze the business structure, operations and transactions to identify potential tax savings opportunities. By leveraging their expertise, consultants can help minimize tax liabilities while ensuring compliance.
Filing and reporting
Corporate tax compliance involves fulfilling various reporting and filing requirements within set deadlines. Tax consultants can assist businesses in preparing and filing accurate tax returns to ensure compliance with regulations. They help companies maintain proper documentation as per the guidelines.
Tax audits and disputes
If a company faces a disputed situation, tax consultants can represent clients before the FTA in case of any notices served by the Authority. You can count on them for support and solutions anytime. They’ll help gather relevant documentation, communicate with tax authorities, negotiate settlements and resolve issues.
Utilize tax Incentives
Tax consultants receive updates on the latest tax incentives, credits and exemptions available to businesses. They can identify eligibility criteria and help businesses take advantage of these benefits. By leveraging available incentives, companies can reduce their tax burden and increase cash flow.
For businesses engaged in international operations or cross-border transactions, tax consultants can provide guidance at every phase. They help businesses on complex tax matters related to transfer pricing, foreign tax credits, withholding taxes, and double taxation agreements. This helps businesses comply with international tax regulations while optimizing their global tax position.
Tax consultants assist companies in identifying and managing tax-related risks. They review internal controls, processes, and policies to ensure compliance and minimize potential penalties or liabilities. Consultants can also guide companies on the best practices for recordkeeping and documentation.
Overall, tax consultants help businesses navigate complex corporate tax requirements, minimize their tax liabilities and manage risks to achieve tax efficiency. This gives businesses peace of mind and enables them to focus on their core operations and financial goals.
At Legends, a renowned and registered tax consultant in the UAE, we offer end-to-end tax solutions for businesses of all sizes. Our corporate tax consulting services include tax assessment, advisory and compliance services. Get in touch with us to experience hassle-free tax management services.