Ever since the Ministry of Finance introduced Corporate Tax in the UAE, businesses have been actively hiring tax firms that can effortlessly handle their tax-related tasks and offer premium tax consultancy in UAE. The tax consultants in Dubai help companies get prepared for the new tax regime and deliver them the best possible tax services to meet international tax standards.
Responsibilities of tax consultants in Dubai
The list of responsibilities of a tax consultant includes the following –
- Evaluate whether or not the entity falls within the tax scope
- Prepare appropriate records & necessary documents
- Understand tax rates & how businesses and individuals will be taxed
- Learn about exempted income, carry forward losses, allowable expenses, foreign tax credits, tax group formation, withholding tax, etc.
- Manage tax return filing, tax payments, and financial audits of companies
Importance of tax consultancy in UAE
As tax consultants are well-versed with the prevalent tax laws in the UAE, they can assist taxable entities to stay compliant with the UAE tax standards. In addition, there are many other ways in which a tax consultancy firm can be a significant asset to a company.
- Guarantee accuracy in tax records and financial statements
- Business owners can entirely focus on their business strategies
- Provide risk-free services
- Have a hold on the changing tax structure in the UAE
- Helps in auditing
- Systematic arrangement of documents and handling them effortlessly
- Expert services and advice on various tax-related matters
- Less computation error
- Minimization of unknown liabilities
- Prevention against unfavorable consequences
- Save valuable business time
- Assists companies in developing effective tax planning strategies
- Analyze the financial data, identify tax-saving opportunities, and recommend appropriate schemes to optimize efficiency
- Assist in corporate tax registration, obtain tax registration numbers, and submit periodic tax reports
- Respond to tax inquiries and audits
- Help businesses interpret and understand the implications of tax laws and regulations
- Resolve complex tax issues and offer insights into potential risks and opportunities
- Prepare reliable and timely tax returns for the clients
- Advise on withholding taxes and exemptions
- Offer strategic corporate tax optimization solutions specific to UAE’s business environment
- Represent the clients before the tax authorities, FTA (Federal Tax Authority)
Leading tax consultants in the UAE
Now that you have realized the importance of tax consultants in UAE, start looking for the best players in the market. Here we have listed a few prominent contenders who are leading in the industry –
Shuraa Tax
Shuraa is a leading name in tax management and tax consultation. The firm is committed to working towards excellence by showcasing its knowledge and expertise in instrumenting UAE tax laws. Their registered tax agents offer complete support to their respective clients in every tax-related obligation and ensure that the entity gets better refunds and smaller tax liabilities and is always FTA compliant. Furthermore, their bespoke tax services for all kinds of businesses list them among the best service providers in the UAE.
Charles & Darwish Associates (CDA)
Charles & Darwish Associates specializes in providing comprehensive tax services to companies and individuals in the UAE. It possesses a team of highly skilled tax professionals who offer a wide range of tax advisory and compliance services including VAT, corporate tax planning, international tax structuring, and tax optimization strategies tailored to meet the the client’s needs.
Ernst & Young (EY)
Ernst & Young has established a strong presence in the UAE with its exceptional services and expertise. Founded by Arthur Young and Alwin C. Ernst, EY is a globally renowned professional services firm that offers wide-ranging tax advisory, planning, and compliance services to individuals and businesses. Their team of skilled tax professionals possess deep industry knowledge and understanding of local tax regulations that enable them to address complex tax challenges and provide tailored solutions to their respective clientele.
KGRN Chartered Accountants
KGRN Chartered Accountants was founded by highly experienced accounting and tax professionals who are dedicated to offering an all-inclusive range of tax services, including tax consulting and planning, compliance, and advisory services. Their highly reputable team of professionals specializes in navigating the complex tax landscape of the UAE for businesses and individuals. Their dedicated team of corporate tax consultants, with their deep understanding of local tax laws and regulations, provide tailored tax solutions to clients that perfectly align with their financial goals.
Kreston International
Kreston International has a solid reputation in the UAE. It is a well-known global network of accounting and tax advisory firms that offers exceptional tax consulting services and a wide range of tax solutions to businesses and individuals. Moreover, they have a vast network and resources that help them stay up-to-date with the latest tax regulations and industry trends.
Farahat & Co.
Farahat & Co., founded by Mr. Hamed Farahat, is a highly regarded tax consulting firm in the United Arab Emirates. The firm has established itself as a trusted tax advisor for various tax-related issues such as consulting, tax planning, compliance, tax dispute resolution, etc. Moreover, their team of professionals assists businesses and individuals in maneuvering the complexities of the UAE tax system, thereby ensuring compliance and improving tax conditions.
Crowe Horwath International
Just like Kreston International, Crowe Horwath International is also a network of tax consultants in Dubai that strives to provide comprehensive tax services to businesses across the Middle East. Their member firms have extensive knowledge of local tax laws and regulations through which they assist their clients in developing effective tax strategies for their business, ensuring compliance with the FTA protocols, and managing tax risks as well.
A&A Associate LLC
A&A Associate LLC is one of the prominent tax consultancy firms based in the UAE. Their team of experienced tax professionals provides expert advice and guidance and a comprehensive range of services on various tax matters such as VAT, corporate tax planning, compliance, etc. Their tailored solutions address the specific needs of their clients while ensuring conformity with the dynamic tax framework in the UAE.
KPMG
The corporate tax consulting services of KPMG are highly regarded in the industry. Their team is experienced and well-versed in corporate laws and offers compliance, planning & consulting services, and corporate accounting & budgeting support as well. Through their extensive knowledge of local tax regulations and global best practices, they make sure that their clients are well-informed and can tackle any complex tax situations that may arise unexpectedly.
BDO
BDO is an international network of accounting and tax advisory firms that is committed to providing a high level of professional services and expertise to a diverse range of companies. Its approach to risk mitigation is a mix of talent, experience, and determination to find the best solution for its clients. Furthermore, they stay up-to-date with the latest developments in tax regulations and make sure their clients receive timely advice with full accuracy.
Conclusion
Tax consultants in Dubai can help businesses stay dutiful with tax regulations and maximize their corporate tax savings as well. Apart from the aforementioned, various other firms operating in the UAE are well-versed in corporate tax advisory services, corporate laws, corporate accounting, corporate tax planning, and consulting. Partnering with such firms can help companies combat any corporate tax complexities in a very seamless manner.
Avail the best services and tax consultancy in UAE and get the newest information about corporate tax with Shuraa Tax.
