Bathootha Tax & Audit is a trusted firm offering the best corporate tax services in UAE with the guidance of professional experts. Being one of the best business tax services in UAE, we also provide VAT services, auditing & assurance services, accounting services, and accounting software to domestic and global clients.
What is the corporate tax rate in the UAE?
The Ministry of Finance (MoF) under the Government of the UAE has announced that the UAE will introduce a new federal Corporate Tax (CT) system with a rate of 9 % on taxable income exceeding AED 375000. There will be a 0% tax rate on taxable income up to AED 375000. Also, different tax rates will be implemented on the major multi-national corporations that fulfill certain conditions related to ‘Pillar Two’ of the OECD Base Erosion and Profit Shifting initiative.
The law is effective for the Financial Year (FY) starting on or after June 1, 2023.
The UAE federal CT is the lowest among other GCC nations. The new UAE corporate tax law forced businesses to register with the government and stay compliant with the latest rules and regulations.
Why there are new UAE corporate tax rates?
The goals behind the implementation of the new tax system are:
- Developing UAE as a global investment and business hub
- Bringing transparency in tax-related procedures
- Encouraging the strategic objective towards development and transformation
- Following international standards to avoid harmful tax practices
Why do you need Corporate Tax Consultant Services in UAE?
Corporate tax consulting and advisory services offering firms provide expertise and guidance to businesses in managing their tax affairs. Below are some of the benefits of using CT services in the UAE.
The latest UAE business tax rate has a complex system and businesses must comply with tax laws and regulations. Non-compliance can lead to penalties, fines, or legal issues.
- Maximizing Efficiency
Professionals help businesses in developing legal tax planning strategies that minimize tax liabilities. They also guide structuring business operations in a tax-efficient manner.
- Advice on Tax-Related Matters
CT consultants have in-depth knowledge and understanding of the tax laws of the UAE. Their expertise helps businesses navigate complex tax issues and stay updated with tax-related information.
- Audit Support
Professionals play a crucial role during tax auditing. They assist in preparing documentation, responding to queries from authorities, and ensuring that the audit process goes smoothly.
- International Taxation
CT services help navigate the complexities of international taxation such as foreign tax credits and ensure adherence to international regulations and standards. This helps companies that do international transactions and cross-border activities.
- Avoiding Double Taxation
The UAE has implemented double levy avoidance agreements with several countries. CT services can help businesses understand and apply these agreements and ensure that income is not taxed twice in multiple jurisdictions, thereby reducing the overall tax burden.
Bathootha Tax and Audit
We are a leading provider of corporate tax services in Dubai. Our team consists of seasoned experts who help companies to prepare for CT by offering tax consulting and advisory services.
At Bathootha, we understand the business and its operations with the help of our tax consultants. Based on that, we develop a customized tax strategy that meets the regulatory requirements of the UAE. Our corporate tax consulting services include corporate tax registration, CT de-registration, filing CT returns, and CT refunds.