tax consultant in Dubai

Corporate Tax Planning VAT and Excise Tax in Dubai

Beginning January 1, 2018, the 350,000 companies doing business in Dubai were required to abide by a five percent levy thanks to the imposition of the VAT (value added tax). These levies including VAT and excise taxes were done in response to lower than ever oil pricing to ensure the government has sufficient resources to maintain services. For companies however, this means they must be in compliance with the new rules.

Tax Planning Required

One of the challenges faced by small and medium enterprises (SMEs) is that fewer than half are prepared for this change. This could mean they are subject to unexpected penalties which will impact their bottom lines. Fortunately, in some cases, the Federal Tax Authority (FTA) will waive fines and extend deadlines if they are requested to do so, but this also means your company must be prepared to complete the proper filing, only at a later date.

Technology Issues

We understand the implementation of the new system is confusing and that each business needs a customized solution based on their existing accounting systems. That’s why we stand by ready to help you with your implementation needs. Regardless of how you are currently managing your tax planning, we can help you tailor a solution that works to meet your needs.

Experience Matters

Thanks to our providing services to other organisations, we have experience handling implementation and management of VAT in various jurisdictions including in Dubai. This is why your organisation will benefit from our services. We understand various systems and can help you put a sustainable plan in place to make sure once you are in compliance you remain in compliance with all the new rules.

If your company is not VAT or Excise tax compliant, contact Chartered House today for guidance. We work hard to address your company’s compliance needs while creating sustainable value for your stakeholders. With proper planning, you can meet these new challenges head-on and be prepared for whatever regulations you may be faced with. Contact us today and let us help you with your tax planning needs.