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Tax Compliance and Bookkeeping
Our dedicated tax accountants handle compliance work to ensure our clients report their tax matters accurately to government authorities, whether VAT or Corporate Tax. If the reporting decisions are expected to be particularly complex, then our tax advisers will also be involved during the planning and decision-making stage or at the reporting stage. Our tax accountants prepare documentation to support return positions, work with auditors to help determine tax uncertainties and deferred tax provisions and positions, and prepare and file returns, enabling our clients to meet their tax reporting and record keeping obligations.
Under Tax Compliance Services, we offer :
1. VAT, Excise, and Corporate Tax Registration Services
We assist in VAT, Excise, and Corporate Tax registration with the UAE and Oman Tax Authorities. Applications are submitted with ‘the’ information tax authorities are looking forward to seeing in the registration process, so the registration process is neither delayed nor flawed. We also provide support for Emaratax applications, facilitating changes to company information, linking customs codes to VAT, claiming refunds, clarifications, filing voluntary disclosures, and more.
2. Bookkeeping Services for Taxpayers
For our limited to midsize revenue taxpayer clients, we manage their books by,
- onboarding them onto accounting software,
- configuring specific chart of accounts tailored to their business activities, and
- generating monthly reports, including Trial Balance, Account Receivable Ageing Summary, Monthly Profit and Loss, Customer Balance Summary, Account Payable, Ageing Summary, Tax Liability Report, and Balance Sheet.
3. Tax Returns Filing
We handle VAT, Excise, and UAE and Oman Corporate tax returns for our clients. The UAE implemented federal level corporate tax in June 2023. For the taxpayers with financial year ending June 2024, the obligation to file the UAE Corporate tax returns is in March 2025, and for taxpayers with financial year ending December 2024, the UAE Corporate tax return obligation is in September 2025.
4. Compliance related queries
We assist clients in determining tax grouping, deemed supplies, reverse charge mechanisms for VAT, foreign tax credits, qualified free zone status, participation exemption for UAE Corporate Tax.
5. Liquidations
We help in obtaining Tax clearance certificates and VAT deregistration certificates. Tax Compliance is generally a package and comes at a fixed fee.
Frequently Asked Questions
Corporate Tax is a form of direct tax levied on the net income or profit of corporations and other businesses. UAE introduced an indirect tax called Value Added Tax (VAT) in the year 2018.
VAT on supply of goods and services is charged at a Standard Rate of 5%, some at Zero Rated and some are Exempt Supplies.
Yes, the UAE Corporate Income Tax was introduced on 1 June 2023. Generally, the taxpayers are subject to a Corporate Tax of 9% on the Taxable Income after the standard deduction of AED 375,000. However, there are various tax exemptions under the Corporate Tax Law that will reduce the Corporate Tax Liability to as low as Zero.
Businesses with taxable supplies exceeding the mandatory registration threshold must register for VAT. As of my last update in January 2022, this threshold was AED 375,000.
UAE Corporate Tax will apply to all UAE businesses and commercial activities, except for the extraction of natural resources, which will remain subject to Emirate level corporate taxation. Government Entities are exempt to the extend carrying out sovereign function.
Engaging a tax consultant for VAT and Corporate Tax compliance is beneficial. Tax Consultants can makes a business or a taxpaying individual aware of the UAE Corporate taxation rules. Tax consultants can also help prepare tax accounting for the tax purposes and achieve full compliance.
Yes, the non-deductible expenses can be ambiguous and lead into Tax Uncertainties especially if the taxpayer has international business activities subject to foreign tax in the Source Country and Foreign Tax Credit in the UAE or in Oman. You must seek assistance from your Tax Consultant.
In April 2021, Oman introduced
DP Taxation provides both Direct and Indirect Tax Services. DP Taxation also provides International Tax Compliance under the Tax Compliance verticals.
Under Direct Tax, DP Taxation provides Corporate Tax Registration, Corporate Tax Advisory, and Corporate Tax Return filing.
Under Indirect Tax, DP Taxation provides VAT Registration, VAT Advisory, VAT Health check, VAT Returns and all Emaratax Applications for Refunds, Voluntary Disclosures, Tax Grouping, Deregistrations, etc. DP Taxation provides Excise Tax Registration, Excise Tax Advisory and Excise Tax Returns filing.
Under International Tax Compliance, DP Taxation provides Economic Substance Reporting, Country by Country Reporting, FATCA filings, Common Reporting Standard filing, etc. We assist with Capital Gain Tax form filing in foreign countries and availing the benefit of reduced withholding taxes under the Tax Treaty.
Businesses meeting the registration criteria should submit an online application through the tax authorities portal, providing necessary documentation.
Certain goods and services are exempt from VAT, such as certain healthcare and education services.
to file Generally, businesses in the UAE are required VAT returns on a quarterly basis. Timely and accurate filing is essential to comply with regulations.
Late or non-payment of VAT may result in penalties. It's crucial for businesses to adhere to the filing deadlines and ensure compliance to avoid any financial implications.
Yes, tourists are eligible to claim a refund on VAT paid on eligible purchases through the tourist refund scheme, subject to specific conditions.
Small businesses are also subject to VAT and Corporate Tax. Hence, they must maintain Bookkeeping.
Bookkeeping is the systematic recording, organizing, and tracking of a company's financial transactions, including purchases, sales, receipts, and payments.
Bookkeeping is required by the Tax Authorities for a reliable revenue of the businesses.
Yes, businesses often use accounting software to streamline bookkeeping processes, enhance accuracy, and generate financial reports efficiently.
It's advisable to keep financial records for a minimum of 5-7 years. However, the specific duration may vary based on legal and regulatory requirements.
Small businesses can hire a professional bookkeeper who can offer such services for as low as AED 750 per month. Your professional bookkeeper will also keep books, maintain records and archives for 5-7 years, file your tax returns and shall keep your business Compliant.