Corporate Tax Registration Services
Corporate tax is a kind of direct tax that businesses pay on their earnings. It’s often called ‘Corporate Income Tax’ or ‘Business Profits Tax.’ In straightforward terms, it means companies need to give a portion of their profits as tax. It’s a way for the government to collect money from businesses based on how much they earn.
Starting From June 1st, 2023, businesses in all Emirates need to pay a Corporate tax (CT) if their net profit is more than 375,000 AED in the financial year. The tax rate is 9%, which is one of the lowest in the GCC and the world. This makes the UAE more attractive for foreign investors.
The principal objective of corporate tax services is to support businesses in lessening their tax obligations while optimizing their profits after taxes. This objective can be achieved through diverse tactics, such as utilizing tax deductions and credits and structuring business transactions in a tax-savvy manner.
Advantages Engaging corporate tax services offers several advantages, including:
- Reduced tax liability: Tax experts can assist businesses in recognizing and claiming all eligible tax deductions and credits, resulting in substantial tax savings.
- Enhanced compliance: Corporate tax laws are intricate and subject to frequent changes. Corporate tax professionals can guide businesses to adhere to all relevant laws and regulations.
Peace of mind: The knowledge that qualified professionals handle their taxes can provide businesses with a sense of security.
If you’re a business owner, it’s a good idea to consider using corporate tax services. Corporate tax experts can assist you in saving on taxes, ensuring compliance, and providing you with peace of mind.
Al Tawakkal: Your Expert Partner in Comprehensive Corporate Tax Services
At Al Tawakkal, we are your trusted experts in providing comprehensive corporate tax services. Our dedicated team is committed to simplifying the complex world of corporate taxation for businesses of all sizes. Whether you’re a startup or an established company, we offer tailored solutions to meet your specific needs. From navigating tax regulations to optimizing your financial strategies, Al Tawakkal is your reliable partner in ensuring compliance and maximizing your tax efficiency. Trust us to handle the intricacies of corporate taxes, allowing you to focus on what you do best – growing your business.
Application for Exemption or Election into CT
Computation of Taxable Income
Impact Assessment/Initial Screening
Identify permanent establishments and risks.
Foreign Tax Credit
Annual Tax Return Filing
In the UAE, businesses that need to pay corporate tax must go through a registration process with the Federal Tax Authority (FTA). They need to apply and obtain a tax registration number within a specific timeframe. If a company is no longer liable for co-tax, it has to request deregistration from the UAE, and this must happen within three months of ceasing operations or liquidation. For assistance with tax registration and deregistration, companies can seek guidance from co- tax advisors in Abu Dhabi.
Managing Corporate Tax Regulations
Running a business comes with its own set of challenges, especially when it comes to dealing with ever-changing tax rules. Staying on top of co-taxes can be time-consuming and tricky. That’s why getting advice from tax professionals can be really helpful. They know the ins and outs of the tax landscape and can make things easier for your business.
Co-tax may have a big effect on your operations if you run a business in the UAE. Several businesses may choose to reevaluate their organizational structures in order to potentially save money on taxes once the new tax system takes effect. For this, a team with expertise in AL Tawakkal will assist you. Our professionals can help, whether you’re considering your business’s tax structure or would like to look into possible tax benefits.