Tax Consultants in Abu Dhabi

How could an Abu Dhabi tax consultant assist your business?

As a result of technological advancements, tax is an evolving sector, and fresh perspectives will be supplied on a constant basis. The laws and procedures that govern tax filing have altered throughout time. For businesses, mastering the foundations of taxation is critical. Abu Dhabi tax consultants specialize in delivering high-quality tax advice. All tax-related difficulties must be effectively managed by enterprises. It is critical to ensure that the business’s tax status does not suffer an adverse impact.

The VAT tax is a terrific new source of revenue for the government that will be used for public services while also lowering the country’s reliance on the oil sector. Because the VAT tax is a relatively new addition to the UAE, it is crucial to note that consulting a VAT consultant will be incredibly beneficial in removing any uncertainties that may arise. Qualified experts in Abu Dhabi have a thorough understanding of the issue, so they can be counted on to keep your business secure.

Various Forms of Tax in UAE

Value Added Tax (VAT)

The basic VAT rate is 5%, and it applies to the majority of products and services. The statutory VAT registration level for UAE-based firms is 375,000 UAE dirhams (AED), whereas the optional registration threshold is 187,500 AED.

Corporate Income Tax (CIT)

According to the Ministry of Finance (MOF), the Corporate Income Tax system will take effect for fiscal years beginning on or after June 1, 2023. Except for the exploitation of natural resources, the planned CIT system is anticipated to apply to all commercial, industrial, and professional operations in the UAE.

Excise Tax

On October 1, 2017, an excise tax was implemented in the UAE. Excise tax is an indirect duty levied on certain things that are often dangerous to people or the environment. Excise taxes are intended to discourage usage of certain goods while also producing cash for the government to spend on public services.

The Advantages of Tax Consultants in Abu Dhabi

Taxation ensures that companies and individuals follow tax requirements by filing tax returns. Let’s take a look at the advantages of hiring tax consultants in Abu Dhabi.

• Tax consultants save time by assisting with the process of filing returns.
• Tax consultants assist you in preparing for and providing crucial data for your business.
• Abu Dhabi tax consultants have in depth knowledge in government regulations and procedures, which aids in the resolution of complex tax matters
• Offers consumers with precise and skilled legal assistance.
• Streamlined use of the client’s existing funds in an intelligent way without breaching any laws.
• Tax consultants are well-versed on the tax authority’s adjustments to policies and guidelines.
• Restricts transactional errors and wrongdoing, keeping you free of penalties.

TAX Consultancy Services in Abu Dhabi

Let’s take a glimpse of our services provided below:

• TAX Agent services

  HLB HAMT is a UAE-registered tax agent that serves as a liaison between the FTA and taxable individuals. HLB HAMT assists clients in determining their tax liabilities and exercising their related tax rights.

• Analysis of VAT Transactions

  The VAT Transaction Advisory Service entails examining a single business transaction to determine if UAE VAT is relevant. Such services are only available to a business in order for it to continue operating without difficulty in the long run.

• VAT Registration

  This is a required step for listing your company as operational in production and sales with the UAE government. HLB HAMT vat consultants give in-depth help on VAT registration process, as well as the necessary operational procedures and paperwork.

• VAT Implementation

  VAT implementation in business must be done correctly. Having the capacity to address complex tax issues may be quite beneficial in terms of increasing earnings and lowering tax liabilities. Value-added tax installation is a complicated procedure that necessitates consultation with reputable VAT consultants in abu dhabi.

• Assistance with VAT Periodical Return Reviews

  A VAT Return is a periodic statement that a registered individual must provide to the government. VAT returns will be filed on a quarterly basis in most cases. However, the authorities may mandate certain types of businesses to file the VAT return on a monthly basis in order to reduce the risk of tax fraud and improve control and oversight.

• VAT Return Filing

  In the UAE, a taxable person is required to file a VAT return in the Federal Tax Authority’s required format. The VAT return shows the amount of tax that is owed, as well as the amount that is refundable, for a certain tax period. HLB HAMT’s tax agents can assist you and your business in filing a VAT return in a timely and hassle-free manner.

• VAT Compliance

  Businesses must follow strict VAT laws while applying for VAT in UAE. According to VAT legislation, if a company’s annual income reaches AED 375,000, it must register for VAT.

• Submission of a Voluntary Disclosure

  A voluntary disclosure is a document issued by the Federal Tax Authority (FTA) that allows businesses and taxpayers to notify faults, exclusions, or changes to a tax return or refund to the agency. A VAT Voluntary Disclosure Form 211 is used by a taxable person in the UAE to remedy errors made when submitting a VAT Return or obtaining a VAT Refund.

• Assistance with FTA Audits in the UAE

  A tax audit is a process in which the Federal Tax Authority (FTA) examines the commercial records, as well as any other information or data, of taxpayers doing business in the UAE. An FTA audit is a government examination of a company’s taxable entity obligations.

• Analysis of the VAT Impact

  The introduction of VAT has transformed not just the tax regimes of GCC nations, but also the way businesses are conducted. Almost every operation of the firm has been influenced by VAT. As a result, now is the moment for businesses to evaluate the impact of VAT on their operations with the help of experienced vat consultant services in Abu Dhabi.

• VAT Group Amendment

  By filing a VAT group alteration request with the FTA, an eligible member might request that a member be excluded from the tax group. If the removed member is eligible and required to register but has never done so, they may be asked to fill out a VAT registration form.

• VAT Designated Zones Advisory

  The VAT assessment of products and services supplied to designated zones in the UAE differs. Tax-free operations are only permitted for the supply of products within the designated zones, as long as the conditions set out in the UAE Executive Regulations are followed. As a result, it is critical for UAE businesses to manage VAT treatment, analyse the impact of VAT on operations, and implement VAT appropriately.

• VAT Accounting

  Every taxable firm in the UAE is required to keep records of its accounts. Accurate bookkeeping and VAT records are essential, and HLB HAMT consultants in Abu Dhabi offer efficient VAT accounting services.

• VAT Reconsideration Submission

  The purpose of implementing the tax reconsideration submission option is to address the concerns of businesses that are unhappy with the FTA’s penalties and judgments. A VAT Reconsideration application is a request submitted with the FTA by a tax agent who has sufficient grounds to believe that the penalties or other findings should be changed.

• VAT Training

  The implementation of VAT in the United Arab Emirates involves substantial planning. Sales and purchasing, accounts, tax departments, payable and receivable accounts, finance managers, CEOs, and entrepreneurs, among others, would benefit from the VAT training from the leading abu dhabi vat consultants.

Frequently Asked Question

1. What considerations should you think about before selecting a tax consultant in Abu Dhabi?

   When engaging a tax consultant in Abu Dhabi, special attention should be paid to their understanding of the fundamental tax system, cost affordability, and industry-specific information as it relates to the company’s operations.

2. What is meant by tax?

   Tax is a method through which governments collect revenue to fund public services. There are several types of taxes:

   • Direct tax
   • Indirect tax

3. Which taxes do businesses in Abu Dhabi have to pay?

   The most common supply of products/services is subject to VAT, whereas a few particular commodities are subject to excise duty. Individuals pay no income tax, but oil firms and international banks pay corporate tax.

4. What are the most significant problems that firms confront in their tax processes?

   The accessibility of resources, the trustworthiness of data obtained, technology restrictions, and modifications in tax regulations are all significant problems for tax procedures.

5. What are the benefits of taxation to a country?

   Taxation will provide a new source of money to verify that important public services are delivered in the long term. It will also help the government reach its objective of reducing dependency on oil as a source of money.

6. What is the meaning of input tax?

   When obtaining goods or services or undertaking an import, an individual or a business must pay tax.

7. Will the VAT be applied to all goods and services?

   Unless properly exempted or excused by law, value-added tax (VAT) as a general consumption tax will reflect the majority of goods and services activities.

8. What is a Tax Residence Certificate?

   A Tax Residence Certificate also known as tax domicile certificate, is issued by the UAE Ministry of Finance that verifies the applicant’s official status as a UAE resident and is used as the main supporting document for a DTT application.

9. What are the primary characteristics of a tax accounting programme?

   The most important consideration when selecting a tax accounting tool is to ensure that the proposed system complies with relevant tax rules and streamlines tax operations.

10. Why do you need a tax agent in the UAE?

    HLB HAMT is a UAE-registered tax agent that will handle all tax concerns with the FTA in a timely and reasonable way.