The Corporate Tax Law will be effective from 1 June 2023 with a headline rate of 9%. The regime includes features that represent best practices in international taxation. Several exemptions are available for businesses operating across strategic sectors.
Corporate Tax applies to the following “Taxable Persons”:
- UAE companies and other juridical persons that are incorporated or effectively managed and controlled in the UAE
- Natural persons (individuals) who conduct a Business or Business Activity in the UAE as specified in a Cabinet Decision to be issued in due course; and
- Non-resident juridical persons (foreign legal entities) that have a Permanent Establishment in the UAE .
As you may not have all of the expertise in corporate tax treatment internally, it is vital that you work with qualified tax advisers and FTA-approved experts who can guide you through all Corporate Tax related matters.
Our Services
Tax Preparation for your Business
At ITC Accounting & Tax Consultancy we have a team that combines experience and expertise to help you with your Tax related queries. Our experts can guide you through accounting and taxation matters in order to help you grow your business faster.
Advisory On Double Tax Avoidance
Tax Residency Advisory
Free Trade Agreement
Foreign Tax Credit Advisory
Tax Residency Certificate
Corporate Tax Training & Implementation
Our Approach
- Forming a deeper understanding of the Client’s current position in terms
of Corporate Taxation (CT). - Making a detailed assessment of the estimated CT liability and
highlighting the key areas of risks & gaps (i.e. areas of improvement) within
the current structure and operations - Covering a detailed review of the financial statements, transactions and
relevant matters. - Reviewing the Client’s Financial Statements, transactions, arrangements
(both related and unrelated party arrangements), transfer pricing
policies/pricing and other related matters to conclude the main risks and
gaps within the context of the current position and structure, helping us
determine if key changes should be made.
- Developing and reviewing integrated turnaround/ business plans,
including the capital structure, debt capacity and key financial ratios. - Assessing and implementing tax reductions measures (Interest, Depreciation, Director’s Compensation)
- Monitoring the restructuring progress as well as periodic reporting.
- Provide ongoing tax advisory/implementation support.
- Assist with the preparation and submission of tax returns.
- Communicate with the tax office.
- Assist with the preparation of appeals
