Shuraa Tax Consultants and Accountants

Tax Consultants in Dubai, UAE

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As a business owner, preparing tax reports falls on your shoulders. The complexities of income and local tax classifications make it challenging for those who aren't tax experts. Calculating taxes can be time-consuming, potentially causing delays in essential tasks. The commercial landscape adds further intricacies to the concept of tax. To navigate this complexity efficiently, enlist the services of tax professionals. If you're seeking a reliable tax consultant in UAE, contact Shuraa Tax Consultants in Dubai and Accountants to make your tax-related processes easy.

Why Choose Tax Consulting?

Tax consultants in Dubai are crucial in assisting businesses or individuals in understanding and managing a nation's taxation structure. Tax consultant in UAE assist in tax preparation, tax analysis, submission of tax returns.

How do Tax Consultants Enhance Business Value?

Opting for a tax consultant in Dubai proves to be a superior choice, enlightening businesses or individuals about prevailing taxation policies. These consultants aid in preparing tax accounting, adding significant value to your business by:

  • Assessing the advantages and disadvantages of your business structure
  • Guiding you in selecting suitable VAT schemes, whether voluntary or compulsory
  • Boosting profitability and reducing costs through efficient strategies
  • Keeping your tax strategies up to date with the latest policies
  • Providing thorough bookkeeping training that saves both time and costs
  • Developing performance evaluations based on metrics to discern market trends.

Various Tax Categories in UAE

The UAE government has consistently fostered a tax-friendly environment, adapting to changing times by introducing diverse tax forms. Here are key tax categories in the UAE:

1. Excise Tax:

– Levied on goods harmful to health or the environment.

– Applicable to carbonated drinks (excluding unflavored aerated water), energy drinks with stimulant substances, tobacco and its products, electronic smoking devices, liquids for such devices, and sweetened drinks.

Value Added Tax (VAT):

– Imposed on the consumption or use of goods and services at each sale point.

– Categories include:

  • Exempt Supplies: Financial services, residential properties, bare land, local passenger transport.
  • Taxable Supplies: Commercial property, retail sales, car sales and rentals, hotels and restaurants, repairs and maintenance services.
  • Zero-rated: Education, healthcare, medicine and equipment, investment in precious metals, exports and international transports, crude oil and natural gases, first sale of residential.

Corporate Tax:

This is business tax levied on business net profit. UAE Standard corporate tax rate is 9% applicable on net business profit more than AED 375,000. For free zone preferential corporate tax rate is also available which is zero % corporate tax on qualifying income. Taxable business profit is derived after deducting allowable business expenses from business revenue for the tax year.

Tourist Taxes:

– Charged by restaurants, hotels, resorts, etc.

– Components may include a 10% room rate tax, 10% service charge, 10% municipality fees, 6-10% city tax, 6% tourism fee.

– In Dubai, hotels also impose a 'Tourism Dirham Fee' per room per night.

– Abu Dhabi introduced an additional fee of 4% of the hotel stay bill and AED 15 per night per room.

– In Ras Al Khaimah, hotels charge AED 15 tourism fee per room per night.

Above all tax rates vary state wise.

This reorganization presents each tax type distinctly and provides a more transparent structure for understanding the information.

Significance of Tax Consultancy Services

Paying taxes is a mandatory obligation for businesses in the UAE, contributing to the nation's development. Tax accounting is essential for ensuring compliance with tax laws while filing returns, with any error potentially resulting in significant business losses. Here are key considerations for individuals and companies engaging in tax accounting:

  • Regular Tax Payments:

– It is incumbent upon everyone to fulfil their tax obligations consistently.

  • Understanding Rules and Regulations:

– Familiarize yourself with the intricacies of tax rules and regulations applicable to your business to mitigate legal consequences.

  • Timely Tax Registration:

– Register taxes promptly to avoid late fees and penalties.

  • Document Preparation and Monitoring:

– Maintain diligent record-keeping of tax-related documents and consistently monitor them.

  • Proactive Tax Estimation:

– Anticipate tax payments in advance and formulate a budget to prevent shortfalls during the filing period.

  • Accurate Computation:

– Acquire the necessary skills for precise tax computation to prevent overpayment.

Navigating these considerations can be complex, so engaging tax consultancy services is a prudent choice for businesses and individuals alike.

Advantages of Tax Consultation Services

Engaging tax consultation services offers many benefits for businesses and individuals alike. Here are key advantages provided by tax advisors:

  • Strategic Planning and Information:

– Tax advisors strategically plan and provide crucial information tailored to your business.

  • Comprehensive Business Examination:

– They meticulously examine all aspects of your business while handling tax returns.

  • Time Savings:

– Tax advisors streamline the process, saving valuable time in preparing tax returns.

  • Up-to-Date Policy Information:

– Stay informed with the latest changes in taxation policies through the expertise of tax consultants.

  • Assistance in Regulatory Compliance:

– Aided in filing income tax returns and audited financial statements, ensuring regulatory compliance.

  • Permit and License Renewal Support:

– Assist in renewing business permits and licenses, while also performing audits.

  • Financial Statement Organization:

– Help keep financial statements organized, alleviating stress and headaches caused by oversight.

  • Timely Record Filing:

– Ensure timely filing of financial records, maintaining order and compliance.

  • Receipt Organization and Recording:

– Assist in keeping receipts organized, filed, and accurately recorded.

  • Expert Computation:

– Provide expert advice on accurate tax computation, preventing overpayment.

  • Effective Tax Management:

– Offer guidance on effective tax management and strategies to lower tax payments.

  • Penalty Avoidance Strategies:

– Build proactive strategies to avoid future penalties and interest on tax returns.

  • Peace of Mind:

– Provide peace of mind by ensuring compliance with accounting and government reporting requirements when records must be presented.

Benefit from Professional Oversight for a Comprehensive Review

Having a seasoned professional review your financial matters can be instrumental in ensuring accuracy and compliance. Consider turning to Shuraa tax Consultants for expert assistance in filing your taxes correctly. Our team of experienced tax consultants is equipped to guide you through the proper procedures, offering tailored advice for commercial and individual needs. Whether you require assistance with business or personal taxes, we are here to help.

We are committed to filing your taxes well before the deadline and strive to keep our services reasonably priced. For more details or clarification, visit our website today. Explore our track record of collaborations and delve into customer reviews to gauge our success in ensuring customer satisfaction. Additionally, our experts provide valuable insights into upcoming tax rates, IRS tax calculators, tax tables, debt forgiveness, and the tax refund schedule.

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Frequently Asked Questions

Shuraa Tax provides comprehensive assistance in various aspects of taxation, including (1) VAT Registration, CT registration encompassing Tax Group Registration; (2) offering VAT Advisory and CT Guidance for seamless VAT Return Filing and CT return filing in the UAE; (3) conducting thorough VAT Pre-Tax Audits. And (4) providing directions on the submission of VAT Voluntary Disclosure Form 211 5) Assistance in applying for the VAT Refund Form 311. 6) representing company before tax authority.

The FTA conducts tax audits in the UAE to ensure companies' compliance with VAT laws and regulations and verify the accurate payment of tax bills. 

To determine registration obligations, a taxable supply refers to the provision of goods or services by a business within the UAE, subject to taxation at either 5% or 0%.

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