PrimeFour Consulting LLC,
Prime Tower, 27th Floor,
Post Box No. 112037,
Business Bay, Dubai- U.A.E
Unlock the full potential of your business with PrimeFour Consulting's impeccable corporate tax services in Dubai. We specialize in comprehensive solutions designed to optimize your tax strategies and ensure compliance with local regulations.
With the impending introduction of Federal Corporate Tax from June 1, 2023, the landscape of taxation in the UAE is undergoing a significant transformation. PrimeFour is prepared to guide businesses through this transition, offering expertise in corporate tax administration, collection, and enforcement. Our services aim to assist businesses in adapting to the changing international tax rules effectively and with greater transparency.
In anticipation of these changes, PrimeFour Consulting is poised to provide essential corporate tax services in Dubai, UAE. Our goal is to enable companies, regardless of size, to navigate the corporate tax landscape efficiently, thereby reducing regulatory burdens for both established firms and start-ups.
As per the guidelines established by the Ministry of Finance in the United Arab Emirates (UAE), the Corporate Income Tax rates are delineated as follows:
Every business liable for corporate tax in the UAE is mandated to register with the pertinent tax authority and secure a tax registration number (TRN). The registration procedure entails the submission of an application, accompanied by essential documentation including the company's trade license, articles of association, and proof of residency.
PrimeFour Tax Consultants specialize in guiding businesses through the intricacies of the registration process, ensuring compliance with the UAE Corporate Tax Law. Our expert team in Dubai is dedicated to facilitating a seamless registration experience for businesses.
Companies subject to corporate tax in Dubai are required to adhere to specific deadlines for filing tax returns and making necessary tax payments. Non-compliance can lead to penalties and fines. PrimeFour Consulting's corporate tax services in UAE and Dubai encompass aiding businesses in the meticulous preparation and submission of their tax returns, along with ensuring the timely settlement of tax obligations.
In conclusion, PrimeFour Consulting stands out as one of the premier tax consulting firms in UAE, providing comprehensive solutions for all corporate tax requirements in UAE and Dubai. Our team of seasoned tax consultants in Dubai is dedicated to delivering top-notch service, ensuring your business remains in compliance with the dynamic tax laws and regulations prevalent in the region.
1.Entities exempted from UAE Corporate Income Tax
Certain enties in the UAE enjoy exemptions from corporate income tax. These exemptions extend to:
Our corporate tax services in the UAE and Dubai encompass providing guidance to clients regarding these exemptions. We assist organizations in evaluating their eligibility for these exemptions and navigate the criteria to ensure compliance with applicable regulations.
2.Determining 'Resident' Enties According to UAE Corporate Tax Law
In accordance with the Corporate Tax Law of the UAE, a resident entity is defined as a company either registered within the UAE or one that conducts its principal management operations within the country. These resident enties are required to fulfill their corporate tax obligations on income generated globally. Conversely, non-resident enties are only subject to taxation on income derived from sources within the UAE.
Primefour Consulting's team of tax consultants stands ready to assist businesses in discerning their residency status and navigating the intricacies of compliance with the UAE Corporate Tax Law.
3.Calculation of Taxable Income
Determining a company's taxable income involves subtracting allowable expenses and exemptions from the gross income. Allowable expenses cover operating expenses, depreciation, and interest on loans, among other items.
PrimeFour Consulting's corporate tax services in UAE and Dubai extend to assisting businesses in the accurate calculation of their taxable income. Our experts provide valuable advice on available deductions and exemptions, strategically minimizing tax liabilities for our clients.
In the UAE, affiliated companies have the option to create a tax group, consolidating their Corporate Tax liabilities and streamlining the compliance process. PrimeFour Consulting's Corporate Tax consultants in Dubai are well-equipped to guide businesses in determining their eligibility to form a Corporate Tax group. We offer assistance in completing the necessary documentation and navigating the procedures involved in establishing a tax group structure.
PrimeFour Consulting's Comprehensive Corporate Tax Services in the UAE
Leveraging our extensive expertise and field experience, PrimeFour Consulting stands out as a leading provider of tailored Corporate Tax solutions, establishing itself as a top-tier Corporate Tax consulting firm in the UAE. Whether your business is a multinational corporation or a local startup, our dedicated team of Corporate Tax professionals is poised to guide you through the intricate landscape of corporate tax in the UAE.
What sets us apart is our unwavering commitment to excellence and client satisfaction. Recognizing the uniqueness of each business, we invest the time to comprehend your specific goals and objectives. This personalized approach allows us to deliver customized Corporate Tax advice and solutions. Our team remains abreast of the latest Corporate Tax regulations and updates in the UAE, ensuring that you receive accurate and timely guidance that aligns with local laws. With PrimeFour Consulting, your business receives unparalleled support to navigate the complexities of corporate taxation in the UAE successfully.
Here are several essential corporate tax services within our portfolio:
In our role as Corporate Tax Consultants at PrimeFour, we meticulously evaluate the applicability and implications of Corporate Tax implementation in Dubai, UAE, for both businesses and Free Zone entites, including FFZ. Our advisory services encompass insights into withholding taxes, exemptions, and transactional considerations for group entites. We offer guidance on navigating risk areas and addressing challenges faced by taxpayers.
PrimeFour excels in providing seamless compliance services, assisting clients in the registration process for Corporate Tax, computing taxable income subject to Corporate Tax in Dubai, UAE, and subsequently preparing and filing tax returns. Our meticulous approach ensures timely compliance with regulatory requirements.
Beyond compliance, PrimeFour offers sophisticated tax optimization strategies. Our experts analyse business structures, transactions, and financial operations to identify opportunities for tax savings. Whether through efficient tax planning, incentive utilization, or exploring taxefficient structures, we ensure that clients minimize tax liabilities while adhering to Dubai's tax regulations.
As part of our representation services, PrimeFour supports clients by preparing written submissions, responding to notices, and filing appeals against adverse Corporate Tax adjustments or penalties imposed by Corporate Tax authorities. We advocate on behalf of our clients before Corporate Tax authorities, allowing them to concentrate on their core business activities.
Why Choose PrimeFour Consulting for Corporate Tax Services?
Free Corporate Tax Registration with Accounting Service Package!
Take advantage of our special offer for free corporate tax registration with accounting service package. PrimeFour Consulting makes the process seamless, ensuring your business is officially registered and ready to thrive. Book a Free Consultation Today!
PrimeFour Consulting: Simplifying Withholding Corporate Tax Services in the UAE
At PrimeFour Consulting, our Withholding Tax service in the UAE is an integral part of our comprehensive Corporate Tax consultancy offerings. Let's delve into what this service means for businesses in the UAE in simple terms:
Understanding Withholding Corporate Tax :
Withholding Corporate Tax is like a little deduction made at the source, and it applies when a payment is made to a non-resident entity that does not have a permanent establishment in the country but earns income from a local source. The non-resident entity could be a foreign individual, corporation, partnership, trust, or estate. The responsibility of paying this withholding tax lies with the non-resident entity.
Corporate Tax Deduction at Source:
Non-Resident Entities:
In essence, PrimeFour Consulting is your partner in navigating withholding tax requirements in the UAE. We make sure that businesses understand and fulfil their withholding Corporate Tax obligations, making the process straighƞorward and compliant with UAE tax regulations.
Corporate Tax is a type of direct tax imposed on the net income or profit of companies and businesses. It is also known as "Corporate Income Tax" or "Business Profits Tax" in some regions.
The UAE aims to establish a competitive Corporate Tax system aligned with global standards to strengthen its position as a business and investment hub. This move supports the country's development goals and commitment to international tax transparency.
No, most countries, including many in the Middle East, already have a comprehensive Corporate Tax system.
The UAE Corporate Tax becomes effective for Financial Years starting on or after June 1, 2023. For example: A business with a Financial Year starting on July 1, 2023, is subject to UAE Corporate Tax from that date. A business with a Financial Year starting on January 1, 2023, will be subject to UAE Corporate Tax from January 1, 2024.
UAE Corporate Tax applies to entities incorporated in the UAE, foreign entities effectively managed in the UAE, and foreign entities with a taxable presence in the UAE. Natural persons engaged in business activities in the UAE may also be subject to Corporate Tax.
Yes, UAE Corporate Tax applies irrespective of the ownership nationality. It covers entities locally or internationally owned.
Yes, UAE Corporate Tax is a federal tax and applies across all Emirates.
Businesses subject to Emirate level taxation on certain activities may be exempt from UAE Corporate Tax, but others may need to pay both. Emirate level taxes paid cannot be credited against Corporate Tax.
No, Corporate Tax and VAT are separate taxes, and both apply in the UAE.
If you are VAT registered, you will pay both VAT and Corporate Tax separately.
Yes, service fees to the Federal or relevant Emirate Government continue. These fees are generally deductible for UAE Corporate Tax purposes.
Existing international agreements, including those for double taxation avoidance, should be considered under the UAE Corporate Tax regime.
The FTA will administer, collect, and enforce UAE Corporate Tax and other federal taxes.
A "Business" or "Business Activity" refers to any economic activity, whether continuous or short term, conducted by any person, implying a profit motive. It doesn't lose its identity if it doesn't make a profit. All activities and assets used for a "Business" are considered under UAE Corporate Tax.
UAE incorporated companies and those effectively managed in the UAE are Resident Persons. Foreign companies may be treated as residents if effectively managed and controlled in the UAE. Natural persons engaged in business in the UAE are also considered Resident Persons.
Juridical persons incorporated abroad and effectively managed outside the UAE are Non- Resident Persons. Natural persons not engaged in taxable activities in the UAE are also Non- Resident Persons.
UAE resident juridical persons are taxed on worldwide income, with certain exemptions. Relief for foreign taxes paid is available to prevent double taxation.
Non-Resident Persons are taxed only on income attributable to their UAE Permanent Establishment, UAE nexus, or UAE-sourced income subject to a 0% Withholding Tax.
Taxable Income is the accounting net profit (or loss) adjusted for specific items outlined in the Corporate Tax Law. Adjustments include unrealized gains, exempt income, and deductions not allowable for tax purposes.
The Tax Period is the Financial Year for financial statements preparation, typically the calendar year (January 1 to December 31) unless a different 12-month period is used for financial statements.
Corporate Tax rates are: 0% for Taxable Income up to AED 375,000. 9% for Taxable Income exceeding AED 375,000. Qualifying Free Zone Persons enjoy 0% on Qualifying Income and 9% on non-Qualifying Income.
Each Taxable Person benefits from the 0% rate on Taxable Income up to AED 375,000, regardless of the number of businesses. Qualifying Free Zone Persons have 0% on Qualifying Income and 9% on non-Qualifying Income