2. Every business has unique obstacles in today’s global world. This is where HLB
HAMT, one of the leading tax consultants in Abu Dhabi, differentiates itself by
offering vat consultancy services in abu dhabi that show results. Our knowledgeable
vat consultants in abu dhabi assess our customers’ needs and recommend feasible
strategies.
Regardless of how intricate the VAT procedure is, our services make sure that the
business goes as planned. Our team can deliver top-notch remedies by blending our
flexible tax services with Abu Dhabi vat consultation services.
3. HOW COULD AN ABU DHABI TAX
CONSULTANT ASSIST YOUR BUSINESS?
As a result of technological advancements, tax is an evolving sector, and fresh
perspectives will be supplied on a constant basis. The laws and procedures that govern
tax filing have altered throughout time. For businesses, mastering the foundations of
taxation is critical. Abu Dhabi tax consultants specialize in delivering high-quality tax
advice. All tax-related difficulties must be effectively managed by enterprises. It is
critical to ensure that the business’s tax status does not suffer an adverse impact.
The VAT tax is a terrific new source of revenue for the government that will be used for
public services while also lowering the country’s reliance on the oil sector. Because the
VAT tax is a relatively new addition to the UAE, it is crucial to note that consulting a
VAT consultant will be incredibly beneficial in removing any uncertainties that may
arise. Qualified experts in Abu Dhabi have a thorough understanding of the issue, so
they can be counted on to keep your business secure.
4. VARIOUS FORMS OF TAX IN UAE
Value Added Tax (VAT)
The basic VAT rate is 5%, and it applies to the majority of products and services. The
statutory VAT registration level for UAE-based firms is 375,000 UAE dirhams (AED),
whereas the optional registration threshold is 187,500 AED.
Corporate Income Tax (CIT)
According to the Ministry of Finance (MOF), the Corporate Income Tax system will
take effect for fiscal years beginning on or after June 1, 2023. Except for the
exploitation of natural resources, the planned CIT system is anticipated to apply to all
commercial, industrial, and professional operations in the UAE.
5. Excise Tax
On October 1, 2017, an excise tax was implemented in the UAE. Excise tax is an
indirect duty levied on certain things that are often dangerous to people or the
environment. Excise taxes are intended to discourage usage of certain goods while also
producing cash for the government to spend on public services.
6. THE ADVANTAGES OF TAX CONSULTANTS
IN ABU DHABI
Taxation ensures that companies and individuals follow tax requirements by filing tax
returns. Let’s take a look at the advantages of hiring tax consultants in Abu Dhabi.
Tax consultants save time by assisting with the process of filing returns.
Tax consultants assist you in preparing for and providing crucial data for your
business.
Abu Dhabi tax consultants have in depth knowledge in government regulations and
procedures, which aids in the resolution of complex tax matters
7. Offers consumers with precise and skilled legal assistance.
Streamlined use of the client’s existing funds in an intelligent way without
breaching any laws.
Tax consultants are well-versed on the tax authority’s adjustments to policies and
guidelines.
Restricts transactional errors and wrongdoing, keeping you free of penalties.
8. TAX CONSULTANCY SERVICES IN ABU
DHABI
Let’s take a glimpse of our services provided below:
TAX Agent services
HLB HAMT is a UAE-registered tax agent that serves as a liaison between the FTA and taxable
individuals. HLB HAMT assists clients in determining their tax liabilities and exercising their related tax
rights.
Analysis of VAT Transactions
The VAT Transaction Advisory Service entails examining a single business transaction to determine if UAE
VAT is relevant. Such services are only available to a business in order for it to continue operating without
difficulty in the long run.
9. VAT Registration
This is a required step for listing your company as operational in production and sales
with the UAE government. HLB HAMT vat consultants give in-depth help on VAT
registration process, as well as the necessary operational procedures and paperwork.
VAT Implementation
VAT implementation in business must be done correctly. Having the capacity to address
complex tax issues may be quite beneficial in terms of increasing earnings and lowering
tax liabilities. Value-added tax installation is a complicated procedure that necessitates
consultation with reputable VAT consultants in abu dhabi.
10. Assistance with VAT Periodical Return Reviews
A VAT Return is a periodic statement that a registered individual must provide to the government.
VAT returns will be filed on a quarterly basis in most cases. However, the authorities may mandate
certain types of businesses to file the VAT return on a monthly basis in order to reduce the risk of tax
fraud and improve control and oversight.
VAT Return Filing
In the UAE, a taxable person is required to file a VAT return in the Federal Tax Authority’s required
format. The VAT return shows the amount of tax that is owed, as well as the amount that is
refundable, for a certain tax period. HLB HAMT’s tax agents can assist you and your business in
filing a VAT return in a timely and hassle-free manner.
11. VAT Compliance
Businesses must follow strict VAT laws while applying for VAT in UAE. According to VAT
legislation, if a company’s annual income reaches AED 375,000, it must register for VAT.
Submission of a Voluntary Disclosure
A voluntary disclosure is a document issued by the Federal Tax Authority (FTA) that
allows businesses and taxpayers to notify faults, exclusions, or changes to a tax return or
refund to the agency. A VAT Voluntary Disclosure Form 211 is used by a taxable person in
the UAE to remedy errors made when submitting a VAT Return or obtaining a VAT
Refund.
12. Assistance with FTA Audits in the UAE
A tax audit is a process in which the Federal Tax Authority (FTA) examines the
commercial records, as well as any other information or data, of taxpayers doing business
in the UAE. An FTA audit is a government examination of a company’s taxable entity
obligations.
Analysis of the VAT Impact
The introduction of VAT has transformed not just the tax regimes of GCC nations, but also
the way businesses are conducted. Almost every operation of the firm has been influenced
by VAT. As a result, now is the moment for businesses to evaluate the impact of VAT on
their operations with the help of experienced vat consultant services in Abu Dhabi.
13. VAT Group Amendment
By filing a VAT group alteration request with the FTA, an eligible member might request
that a member be excluded from the tax group. If the removed member is eligible and
required to register but has never done so, they may be asked to fill out a VAT registration
form.
VAT Designated Zones Advisory
The VAT assessment of products and services supplied to designated zones in the
UAE differs. Tax-free operations are only permitted for the supply of products within the
designated zones, as long as the conditions set out in the UAE Executive Regulations are
followed. As a result, it is critical for UAE businesses to manage VAT treatment, analyse
the impact of VAT on operations, and implement VAT appropriately.
14. VAT Accounting
Every taxable firm in the UAE is required to keep records of its accounts. Accurate
bookkeeping and VAT records are essential, and HLB HAMT consultants in Abu Dhabi
offer efficient VAT accounting services.
VAT Reconsideration Submission
The purpose of implementing the tax reconsideration submission option is to address the
concerns of businesses that are unhappy with the FTA’s penalties and judgments. A VAT
Reconsideration application is a request submitted with the FTA by a tax agent who has
sufficient grounds to believe that the penalties or other findings should be changed.
15. VAT Training
The implementation of VAT in the United Arab Emirates involves substantial
planning. Sales and purchasing, accounts, tax departments, payable and receivable
accounts, finance managers, CEOs, and entrepreneurs, among others, would benefit
from the VAT training from the leading abu dhabi vat consultants.
16. FREQUENTLY ASKED QUESTION
What considerations should you think about before selecting a tax consultant in Abu
Dhabi?
When engaging a tax consultant in Abu Dhabi, special attention should be paid to their
understanding of the fundamental tax system, cost affordability, and industry-specific
information as it relates to the company’s operations.
What is meant by tax?
Tax is a method through which governments collect revenue to fund public services. There
are several types of taxes:
A. Direct tax
B. Indirect tax
17. HLB HAMT
Level 18, City Tower-2,
Sheikh Zayed Road
PO Box 32665
Dubai – United Arab Emirates. Tel: +971 4 327 7775
E-mail: dubai@hlbhamt.com
www.hlbhamt.com
