Bookworks for Accounting Records | CORPORATE TAX CONSULTANCY

.Help your business prepare for the UAE’s New Corporate Tax with our qualified Corporate Tax Agents and their tax team.

What is Corporate Tax ?

Corporate Tax is a form of direct tax levied on the net income or profit of corporations and other businesses. Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions.

When will the Corporate Tax become effective?

The UAE Corporate Tax will become effective for financial years starting on or after 1 June 2023.

Examples:

A business that has a financial year starting on 1 July 2023 and ending on 30 June 2024 will become subject to UAE CT from 1 July 2023 (beginning of the first financial year). A business that has a financial year starting on 1 January 2023 will become subject to UAE CT from 1 January 2024.

Who will be subject to UAE CT?

The corporate tax will apply to all UAE businesses and

commercial activities, except for the extraction of

natural resources, which will remain subject to

emirate-level corporate taxation

What will be the UAE Corporate Tax rates?

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

%9 for taxable income above AED 375,000; and

A different tax rate for large multinationals (described

below) that meet specific criteria set with reference to

“Pillar Two” of the OECD Base Erosion and Profit

Shifting Project.

Bookworks offers the best Corporate Tax Services in

UAE with expert Consultants who guide you through

the tax assessment, registration and return filing

process. The introduction of corporate tax in the UAE

will likely transform the country’s regulatory landscape,

which means companies must be fully prepared to

comply with the new form of taxation

In the UAE, businesses are required to comply with tax laws and regulations set by the government. Corporate tax will be levied at %0 for taxable income up to AED 375,000 and %9 for taxable income over AED 375,000. Large multinational corporations that fulfill particular requirements related to 'Pillar Two' of the OECD Base Erosion and Profit Shifting initiative will be taxed at a different rate. Corporate tax services help companies to navigate this new complex tax system and ensure compliance with tax regulations.

Some of the benefits of using corporate tax services in the UAE include:

1. Accurate calculation and filing of taxes

2. Minimization of tax liability through tax planning

3. Compliance with tax laws and regulations

4. Avoidance of penalties for non-compliance

5. Access to professional advice on tax-related matters

Procedure of Corporate Tax Services in UAE

Our Corporate Tax Service assists you in successfully implementing Corporate Tax to your business in compliance with the tax regime, filing your tax returns and providing complete tax support through the following steps

1. Assessment of tax obligations: A tax consultant will revie your business activities, financial records, and other relevant information to determine the taxes that your business is required to pay

2. Tax planning: Based on the assessment, the tax consultant will advise on tax-saving strategies and opportunities to minimize your tax liability.

3. Preparation and filing of tax returns: The tax consultant will prepare corporate tax audited financial reports and file Corporate tax returns on behalf of your business, ensuring accuracy and compliance with tax regulations.

4. Payment of taxes: The tax consultant will ensure that your business pays its taxes on time and in the correct amount.

.5. Representation in case of tax audits:

In the event of a tax audit, the tax consultant

will represent your business and provide

support and guidance to ensure a smooth process

6. Ongoing support and advice: The tax

consultant will provide ongoing support and advice

on tax-related matters to ensure that your

business remains compliant with tax regulations.

Our highly skilled and professional Corporate Tax

advisors will assist you in implementing corporate tax

strategies in the most effective way.

Bookworks is one of the most recommended firms

to provide Corporate Tax services in the UAE.

Bookworks provides professional and effective

services concerning Corporate Tax

Flourishing for over a decade, Bookworks has a

history of working with several governmental,

non-governmental, public and private organizations

with a great deal of expertise and extensive

knowledge. Bookworks offers robust advisory on

assessing the compliance requirements of the

businesses