Corporate Tax Advisory in UAE
In a significant development in the UAE, the Ministry of Finance announced the introduction of the Corporate Tax on business profits in the UAE effective from financial years starting on or after June 2023.
With the adoption of corporate tax in the UAE, the tax and compliance requirements of the majority of UAE entities are anticipated to significantly change.
This may require an accurate identification of corporate tax implications and alterations to corporate structure, operating models, reporting systems, tax operations, finance operations, legal agreements and transfer pricing policies. IMC Group’s corporate tax advisory in Dubai and UAE can prove to be beneficial in transitioning to the new corporate tax regime.
What We Do?
IMC Group’s corporate tax advisory is here to assist businesses in UAE to meet their corporate tax compliance. We are committed to assisting you in determining your corporation tax liability and guiding you in implementing the corporate tax system that is specifically tailored to your entity’s needs.
As one of the top firms offering corporate tax advisory in Dubai, we guarantee utmost accuracy and timely compliance with corporate taxation requirements. Our designated corporate tax team is always there to provide the required assistance and solve all your queries regarding corporate tax matters.
What is Corporate Tax? Why does the UAE introduce CT? When will the UAE CT regime become effective?
Our Phase-wise Approach to Planning for Corporate Tax
Phase 1 - Impact Assessment
(Pre issuance of the CT Legislation)
ACTION PLANS:
- Undertake preliminary impact assessment
- Review the nature of expenses for accessing corporate tax relevance
- Understand the business and organisation structure
- Review specific transactions like related party / intra group transactions, deductibles, transfer pricing, etc.
- Understand existing information technology systems
- Understand the potential impact on the cash flow
- Develop a project plan
Phase 2 - Detailed Assessment & Planning
(Post issuance of CT legislation)
ACTION PLANS:
- Conduct a detailed assessment of your business activities based on corporate tax and transfer pricing regulations
- Help you understand the corporate tax law in relation to your specific industry and prepare the financials as necessary
- Identify potential risks and exposures
- Review the impact on profitability with respect to related party transactions (as per transfer pricing guidelines)
- Advise on the ideal and cost effective reporting strategy i.e. whether to opt for a separate entity or group tax filing
- Advise on the most beneficial structure from the corporate tax perspective
- Carry out need based modification to the impact assessment
Phase 3 - Implementation Support
ACTION PLANS:
- Assist in implementing corporate tax and transfer pricing policies
- Advise on structural changes to incorporate tax function
- Evaluate and advise on readiness covering systems, governance and technical aspects
- Identify gaps in your system and address them
- Offer knowledge sharing and conduct training for your in-house tax and finance teams
- Modification to chart of accounts
- Assist with corporate tax registration with the FTA for both individual and group
- Implement tax reduction measures i.e. depreciation, director’s compensation, interest, etc.
- Conduct periodic monitoring and reporting of the restructuring progress
Phase 4 - Post-implementation Support
ACTION PLANS:
- Provide post-implementation support
- Provide ongoing tax advisory
- Prepare adjusted financial statements for corporate tax purposes
- Review audited / unaudited financial statements as per GAAP
- Advise on taxable adjustments to be carried out in regard to the corporate tax legislation
- Offer tax planning advice
- Guide you on important tax matters such as tax calculations and preparing and submitting accurate information in compliance with the law
- Assist in preparing and filing corporate tax returns with necessary supporting documents
- Support in communicating and dealing with the tax office
- Support in preparing appeals
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