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CORPORATE TAX IMPLEMENTATION UAE

Expert Implementation and Training for the Latest UAE Corporate Tax Regulations

UAE has always been touted as a Business Friendly destination thanks to nearly no income tax on business profits. However, all this is about to change as UAE now aligns itself with other Gulf Countries by complying with International Tax Standards.

Right from the implementation of Value Added Tax (VAT) in January 2018, followed by the introduction of economic substance rules (ESR) as well as Country-by-Country Reporting (CbCR) regulations in April 2019, the UAE has been trying to diversify its revenue opportunities without overburdening growing businesses and startups.

The latest in this series of Tax Reforms is the new Corporate Tax Regime 2023. Based on the Ministry of Finance’s announcement on 31st January, 2022, the new federal corporate income tax regime will be set into motion from the beginning or after 1st June, 2023.

At Horizon Biz Consultancy, we understand how crucial clarity is to Businesses who need to be able to allocate their capital spends and follow accounting procedures for compliance. And, that’s why we offer expert UAE corporate tax 2023 implementation and training services.

Navigate the new Corporate Tax regime by deferring Taxable Income

At Horizon Biz Consultancy, we offer UAE Corporate Tax 2023 implementation and training services for companies of all scales and sizes. We assist companies to understand and comply with their tax obligations and to minimize their tax liabilities

We understand how daunting it can get for companies to navigate the complex and ever-changing landscape of tax regulations since the last few years. As an experienced Business Consulting Firm, we ensure your company is compliant with all relevant tax laws.

Our 7 Step Framework to Nail Your Corporate Tax Compliance

Step 1

Determining Your Tax Liability

This is a key step in getting corporate tax ready. First, you need to identify which taxes your company is subjected to, and next, which type of business you have, specifically which industry and line of business you operate in.

Further, you need to take into account your location (Free Zone or Mainland) and the Tax Residency status of your company – whether your company’s effective place of management is in the UAE or your company is managed and controlled from outside of the UAE.

Once that is established, you can identify the taxes that apply to your business and calculate your tax liability by taking into consideration your company’s taxable income, tax deductions and tax credits. It is best to onboard a professional consultant like Horizon Biz Consultancy right from the beginning so a lot of common pitfalls in your accounting can be avoided.

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Step 2

Auditing and defining your Financial Year

The upcoming UAE corporate tax implementation in 2023 has plenty of surprises in store. One of these is fixing your financial year and getting clarity on which is the perfect time for you to get started.

Depending on the factors shared earlier, we must also determine the accounting method and standards you are using, and the effect of new tax regulations on these processes.

In addition, it is important to incorporate best practices and new processes depending on your specific corporate taxation structure which can only be arrived at after meticulously auditing your existing account processes.

Most importantly, this gives a clear idea on any loopholes in your present accounting operations in the context of UAE tax regulations and penalties or compliance issues can be avoided well in advance.

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Step 3

Audit of Trade Licenses

Auditing Free Zone Documentation & Compliance

Depending on the nature of your business, your industry niche and location of setup, it is important to cross check whether your trade licenses and business documentation are compliant. This broadly includes relevant business license, trade license and work/residency visas for your partners and employees.

If you have chosen to become a Free Zone company, you are eligible for huge tax savings. In addition, you can also become eligible for the exemption criteria as a Free Zone entity. It is important to audit which of these incentives or exemptions your business is eligible for.

Learn More on the Eligibility of Exemption for Free Zone

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Step 4

Tax Planning and Preparation

Clarity leads to compliance. We help you get clarity on many of these burning questions:

  • Is your company eligible for UAE Corporate Tax 2023?
  • Which is the ideal accounting period for your business for the new Corporate Tax regime?
  • Will Transfer Pricing regulations apply on your Branch Office?
  • Curious if your group of companies is eligible as a Tax Group?
  • What is the deadline for you to file Corporate Tax Return?
  • Which applications are relevant for your business for Corporate Tax Purposes?
  • Will you get any exemptions under the UAE Corporate Tax 2023 regime?
  • How will you record your accounting information to stay compliant?
  • Will you be eligible for exemption under the Double Tax Treaty?
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Step 5

Setting up Tax Compliance Accounting Procedures

After determining your tax liability and auditing your accounting procedures to search for possible loopholes in your Bookkeeping methods that may not be compliance-friendly, we set up compliance-friendly accounting procedures with minimal disruption to your way of working.

 

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Step 6

Training your Team with a Strategic Action Plan for Corporate Tax Compliance

Change is tough and that is why we pay close attention to change management in your company. Once we help you obtain clarity on the best way forward to compliance under new corporate tax regime, we train your team strategically with the new way of recording transactions.

We walk the walk with you every step of the way until you and your team rest assured and internalized this new improved way of moving forward.

 

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Step 7

Representation before Tax Authorities

At Horizon Biz Consultancy, we understand the ins-and-outs of Corporate Tax Consulting for a variety of industries, verticals, free zones and mainland businesses.

We have a thorough understanding of local tax laws, regulations and procedures in the UAE, while undertaking thorough research on your company’s business operations and tax position.

At this stage, we prepare and submit your tax returns, negotiate with tax authorities on behalf of your company. In addition, our team assists you with tax audits while our expert consultant guide you on tax compliance and liability.

Moreover, we even act as the point of contact between your company and the tax authorities, and take ownership of ensuring your company’s tax affairs are handled in a manner that is compliant with local tax laws and regulations.

 

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What We Offer

When you engage with Horizon Biz Consultancy for your corporate tax implementation and training needs, you get to leverage our decade-old expertise, experience and focus on operating and building your business with ease. We handle your corporate tax burdens end-to-end so your growth trajectory moves forward unhinged.

Some of our related services include

  • Accounting and Auditing for Corporate Tax under Old and New Regimes
  • Free Zone, Mainland or Onshore Company Corporate Tax Consulting
  • Privately Held Company Tax Implementation and Training
  • Subsidiary or Branch Office Tax Implementation and Training
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Trust Expert Corporate Tax Consultants in Dubai at Horizon Biz Consulting

As a 60-year-old Consulting, we have seen and serviced it all – Accounting, Taxation, Finance Consultancy, and other allied services.

With the emerging Tax Reforms in the GCC, like Excise, VAT and now Corporate Taxes, we intend to Leverage our extensive implementation expertise across industries to support companies of all scales and sizes to emerge compliant with optimal Tax Liability.

Our motto is “The Client must Succeed”. We stay attached to the ethos by offering strategic solution with implementation and change management to mitigate risks and maximize value.

Our execution team is based in Dubai and India, who support each other across avenues right from knowledge sharing to on-ground execution.

Want more information?

Enter your information below to receive an email or Contact us today for assistance on +971 50 104 2665

FAQs

Starting 1 June 2023, UAE will introduce a federal corporate tax of 9% on profits over AED 375,000 for most businesses. Some sectors have different rates.

Almost all onshore UAE companies and commercial free zone companies will need to comply. Exceptions are made for some sectors.

Key carve-outs are: Qualifying free zone entities, Oil & gas companies, Qualifying shipping & aviation companies, Individuals, etc.

For accounting periods starting June 1, 2023 – corporate tax will apply. Tax returns must be filed within 9 months of year end.

We offer end-to-end assistance – registration, computation of tax liability, documentation, filing tax returns, assessments support, and managing disputes.

Conduct tax health checks, evaluate structure efficiency, enhance systems, upskill teams, plan finances considering tax impact, and tap expert guidance.

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