Corporate Tax | Alberts

The Corporate Tax is a direct tax applied on the net income or profit of corporations and businesses.

The UAE Ministry of Finance announced the establishment of a federal corporate tax effective for fiscal years starting off on or after 1 June 2023 on 31 January 2022.

In general, these taxes are estimated based on the accounting net profit/income of a corporation after adjusting for specific items as prescribed by UAE Corporate Tax decree law.

What is Corporate Tax?

In the extremely complex fields of Corporate Tax reporting, tax authority compliance, and tax planning, in-house tax departments frequently face the problem of adapting to ever-changing regulations. Our seasoned professionals with industry and Corporate Tax expertise can enhance your organization’s professionals to enable a smooth transition to the newly implemented Corporate Tax in the UAE.

Both our clients and our peers respect our experience, efficiency, attention to detail, and exceptional service.

Whether your organization is a start-up or a large, well-established enterprise, our team of professionals will utilize their years of tax knowledge and resources to assist you identifying risk areas and provide solutions to manage financial risk and tax compliance exposures.

Rates of Corporate Income Tax in the UAE

According to the UAE Ministry of Finance, the following are the Corporate Income Tax rates:

0% CIT for income up to AED 375,000 that are taxable.

9% CIT on income above AED 375,000.

Large corporations that meet the specific conditions connected to Pillar Two of the OECD Base Erosion & Profit-Sharing Project will be subject to a different tax rate.

Why Do You Need Corporate Tax Experts?

Tax Experts are required for businesses because tax laws and regulations can be complex and ever-changing, making it challenging for businesses to comply with the law. Tax consultants have the expertise and experience to navigate the tax laws and regulations and help businesses minimize their tax liability through effective tax planning and strategy.

Tax advisors can also assist with tax compliance and preparation, and handle tax disputes and audits. Additionally, tax advisors can provide valuable insights and advice on tax-saving opportunities, such as tax incentives and deductions. In short, tax advisors help businesses save time, money, and ensure compliance with tax laws.

Corporate Tax Service

Our Corporate Tax team aids businesses in achieving tax compliance obligations by providing various services, such as:

Corporate tax assessment
Corporate tax Implementation
General Compliance Service
Corporate Tax Registration
Calculation of taxes payable
Preparation of Corporate Tax returns and other tax reporting documents.
Review of the tax return prepared by the organization.
Assistance with correspondence with the tax authorities if the authorities have raised questions.
Coordinating with authorities to resolve potential tax disputes

Four-step Action Plan for UAE Corporate Tax Services

Impact Evaluation

Conduct an initial evaluation of the anticipated impact of the outline of the UAE Corporate Tax Law on existing operations.
Conduct a system analysis to identify data gaps necessary for compliance with UAE Corporate Tax.

Comprehensive Analysis

Identify significant impact areas resulting from the implementation of Corporate Tax.
Determine ambiguous positions and critical decision points
Determine reorganization and optimization.
Possibilities for your legal framework or business operations to reduce administrative complications.
Perform a gap analysis to determine what system modifications are necessary to meet financial information and compliance needs.

Implementation

Modify legal contracts and other agreements.
Analyze revenue and operations, and adopt transfer pricing policies and documentation as necessary.
Make modifications to the legal structure.
Revise SOPs in light of the corporation tax laws and regulations.
Change business application software.
Assessment for Corporate Tax Group Registration and Exemption.
Obtain clarifications and tax judgments in advance.
Perform a transfer pricing risk and opportunity analysis to determine the necessary improvements to the transfer pricing policy.

Post-Implementation

Tax registrations for corporations
Apply for tax exemptions and tax groups
Submit CT returns.
Prepare transfer pricing documentation.
Tax processing.

Transfer Pricing Benchmarking

With the introduction of the UAE Corporate Tax Law, businesses in the UAE are facing a new set of re

Corporate Tax Registration

In the United Arab Emirates (UAE), it is mandatory for all eligible Taxable Entities, including free

Corporate Tax Advisory

The Corporate Tax is a direct tax applied on the net income or profit of corporations and businesses

Transfer Pricing in UAE

The introduction of the Corporate Tax Regime in the UAE, effective June 1, 2023, would also bring Tr

What is Corporate Tax?

Rates of Corporate Income Tax in the UAE

Why Do You Need Corporate Tax Experts?

Corporate Tax Service

Four-step Action Plan for UAE Corporate Tax Services

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