Choosing a reliable and experienced tax consultant is the best way to help you understand the taxation policies of the nation where you live and work. Centriz stands out as a premier tax consultancy firm in Dubai and the UAE, providing comprehensive tax services to businesses throughout the region. Centriz excels in assisting business entities with tax-related tasks, simplifying tax payments, and navigating the associated legal intricacies.
Our team of adept tax consultants is dedicated to delivering top-notch services, ensuring that your business aligns seamlessly with global tax norms.
Why Tax Consulting?
Tax advisors are professionals who assist businesses or individuals in understanding and managing the tax framework of a nation. Tax advisory services in the UAE encompass tax planning, assessment, filing tax returns, and making tax payments.
How do tax consultants bring added value to the business?
Choosing the services of a tax advisor proves to be a wise choice as it equips businesses and individuals with comprehensive knowledge of the country's taxation regulations. These professionals play a pivotal role in preparing tax accounting records, offering added value to your financial endeavors through:
- Evaluating the pros and cons of your business structure
- Helping you to select the suitable VAT schemes - voluntary or compulsory
- Increasing profitability and decreasing costs using efficient strategies
- Minimizing your Tax updating with the latest tax policies
- Providing effective bookkeeping training to save both time and expenses.
- Establishing performance evaluation metrics to gauge market trends and make informed decisions.
Different Types of Taxes in UAE
The UAE Government has always maintained a tax-friendly environment in the country. With the changing times, the UAE has introduced several tax forms.
- Excise Tax
Excise tax represents an indirect tax imposed on particular goods, primarily those that adversely affect human health or the ecosystem. The subsequent list enumerates the categories of products subject to excise taxation:
- Carbonated drinks include any aerated beverage except for unflavoured aerated water.
- Energy drinks include any beverages marketed or sold as energy drinks and contain stimulant substances that provide mental and physical stimulation.
- Tobacco and tobacco products
- Electronic smoking devices and tools
- Liquids used in such devices and tools
- Sweetened drinks.
- Value Added Tax
Value Added Tax, commonly known as VAT, is a taxation system imposed on the consumption or utilization of goods and services at various sale stages. This comprehensive tax scheme applies to the consumption or use of goods and services and is detailed below.
- The collection of some financial services that is explained in VAT legislation
- Residential properties
- Bare land
- Local passenger transport
- Commercial property
- Retail purchase
- Car sales and rentals
- Hotels and restaurants
- Repairs and maintenance services
- Medicine and Equipment,
- Investment in Gold, Silver, and Platinum,
- Exports and International Transports,
- Crude Oil and Natural Gases,
- First Sale of Residentials.
- Tourist Taxes
Restaurants, hotels, hotel apartments, resorts, etc., in the UAE may charge one or more of the following taxes:
- 10 percent tax on the room rate
- 10 per cent service charge
- 10 per cent municipality fees
- 6 to 10 per cent City tax
- 6 per cent tourism fee
- In Dubai, hotels charge 'Tourism Dirham Feel' per room per night of occupancy (for a maximum of 30 consecutive nights), ranging from AED 7 to 20, depending on the category/grade of the hotel.
- In May 2016, it was announced that hotels in Abu Dhabi would charge a new additional fee of 4 percent of hotel stay bill and AED 15 charges per night per room.
- In Ras Al Khaimah, hotels charge AED 15 tourism fee per room per night.
- Corporate Tax
For the fiscal year beginning on or after June 1, 2023, the United Arab Emirates has decided to impose a corporate tax on business profits. The proposed UAE corporate tax rates are as follows:
- There is no tax on taxable income up to AED375,000
- Taxable income above AED375,000 is subject to a 9% tax rate
Non Taxable Income & Exemptions
- Businesses that engage in commercial activities and the exploitation of natural resources
- On domestic and cross-border payments, there will be no withholding taxes.
- Individuals who own shares or other assets in their name get dividends, capital gains, or other forms of income.
- Individuals who have bank accounts or savings plans earn interest and other income.
- The salary or employment income determines an individual's earnings.
- Dividends and capital gains are generated by qualifying shareholdings in a UAE firm.
- Intra-group transfers and reorganizations that qualify
- Individuals who do not require a company license or license to invest in real estate in the UAE can do so in their capacity.
Importance Of Tax Consultants in UAE
- Helping you with tax filings and reviewing financial statements.
- Detailed instructions on how to properly calculate tax payments
- Design strategies for avoiding fines and interest on your tax returns in the future.
- Supporting the renewal of your company's licenses and permits and conducting audits.
- Keep you updated on the most recent developments in tax policies.
- Assists in the creation of tax-adjusted balance sheets and the handling of tax concerns.
Why Centriz for your Tax Consultancy Services in Dubai?
For many years, Centriz has been a trusted name in tax consultancy services in the UAE. We excel in meeting our clients' needs, providing expert guidance on optimizing your business's tax structure.
Our experts address tax concerns and craft customized solutions tailored to your business type and owner's preferences. Our Accountants offer valuable insights for efficient tax management, striving to reduce tax liabilities. They handle tax returns, audited financial statements, business permit renewals, and audits.
Centriz Corpoarte Services LLC also offers company formation, auditing, accounting and bookkeeping, accounting Software, due diligence, and tax filing & VAT consultancy services in Dubai, always delivered promptly to suit our clients' convenience. Client satisfaction is our top priority, and our customer-centric approach is widely acclaimed. Expect nothing but the best for your business.
Feel free to contact us for our tax consulting services in UAE. Centriz is always there for your relief! Our experts will give you a one-hour Free Consultation to relieve your worries!