How Tax Consultant in UAE support Your Company?



Tax Consultant in UAE

Tax Consultants in Dubai

UAE entered into the world of taxes in the year of 2017 by introducing Excise tax and in 2018 they introduced VAT (Value Added Tax). The tax was introduced to increase the revenue economically and also a way to reduce the dependency on oil revenue. The administration, enforcement of tax, all are governed by FTA(Federal Tax Authority). FTA assists the companies of UAE to comply with the tax laws of UAE through Tax Consultants Dubai.

How can Tax Consultant support your business?

Individuals and businesses who concerns about the advise on the taxation and who wants to comply with the UAE VAT laws and taxation rules, it is advised to hire a tax consultant. Companies facing a lot of challenges in UAE to understand the tax structure and to imply them in their financial records as the law is new to country and no body is not aware about the laws in depth, here comes the need of tax consultants in UAE. For normal individuals, understanding the UAE laws and filing the Tax returns complying the law is a difficult complex task. By Hiring a VAT Consultants in Dubai  in your firm, you can make sure that the VAT-related matters are taken care of and they will provide you with necessary guidance and support to file the VAT Returns within the time specified by FTA and regularly. Also they can give advise on the taxability of the transactions, and advise the firm on every matter to make sure that the business is complying with the UAE VAT regulations.

Duties done by Tax/ VAT Consultants in UAE

The works done by Tax consultants vary from firm to firm and also depends on the clients requirements. Some of the duties of tax/vat consultants are mentioned below:

  • Planning on budget and long-term optimisation on tax.
  • Documentation of files and records all the financial statements.
  • Prepare the tax returns, monthly and yearly.
  • Being in contact with the FTA and other government entities to be update with all the Laws and updates the same with the client.
  • For the client, tax consultants will perform research on tax related issues.
  • Assists in the tax/vat registration of your company both individual and group registration.
  • Gives advice on client all information regarding the tax on all transactions.
  • Helps and guides in the preparation of tax filing.

What is Tax Audit in UAE?

Tax audit is done by the FTA to confirm if the businesses are complying with the UAE VAT Laws and regulations to see if all the tax liabilities are paid on time. During a Tax Audit we have to submit all the financial documents like invoices, bills, and any other supporting documents. TheĀ  Audit Firms in Dubai can help your company in preparation of tax audit beforehand. As per the FTA, they will examine all the financial documents of the businesses or individuals who is paying tax. Through tax audit the FTA can analyse who all has paid the tax in accordance with UAE tax laws and within the given time frame.

Tax Audit by FTA(Federal Tax Authority)

The officials appointed by the FTA are in charge of conducting the Tax Audit in UAE. During a tax audit, the FTA auditors will inspect the tax returns and other documents. Tax audit is not restricted to any time, the FTA can perform audit any time for any reason. Before the audit usually FTA sends a notice prior to audit a minimum of 5 days before audit.

The FTA tax law procedures requires the businesses or individual, their legal representatives and tax agents in Dubai to supply all possible assistance and support to the FTA tax auditors. The tax auditors can conduct a re-audit if they see any irregularities or suspicious information during the tax audit. To make sure their company is in compliance,  the businesses can seek the recommendation of registered tax agents in Dubai, UAE.

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