Tax auditing is typically the accounting performed for the tax-related purpose that follows the procedures to be done while filing a tax return. Consulting the right tax accountant in Dubai, UAE can help you prepare, analyse, and file tax returns in a seamless way, without committing any error. Just like bookkeeping and auditing services, tax accounting also plays a key role in the UAE economy. When it comes to tax accounting services in Dubai and UAE, CDA covers a whole range of tax services such as tax audit, tax return filing, etc to help business with their tax requirements.
Tax accounting services provides the guidelines to be followed by individuals or businesses when they file tax returns. CDA tax accounting services in Dubai and UAE everything related to the UAE taxation including tax preparation, tax analysis, submission of tax returns and tax payments.
The UAE does not levy income tax on individuals. But, it levies corporate tax on oil companies and foreign banks. Excise tax is levied on specific goods which are typically harmful to human health or the environment. Value Added Tax is levied on a majority of goods and services.
Tax is not a burden for the businesses, rather it acts as a mediator between the government and the end-users. So, the correct application of the tax will safeguard the company from booking input tax into wrong Accounts that will hit on the cost of the company. Application of Reverse Charge Mechanism in accounts, completion of VAT 201 form and proper closing of accounts related to tax in each period make Tax Accounts transparency.
UAE follows the accounting standards as per the International Financial Reporting Standards (IFRS). The Federal Tax Authority (FTA) of UAE has introduced the taxation system with the purpose to differentiate the regional economies and inflate UAE business internationally.
Excise tax is a form of indirect tax levied on specific goods which are typically harmful to human health or the environment. The following goods are coming under this category: -
Value Added Tax or VAT is a tax on the consumption or use of goods and services levied at each point of sale, that are mentioned below: -.
Restaurants, hotels, hotel apartments, resorts, etc. in the UAE might charge tourist tax on room rate, service charge, etc. as shown below: -
Tax payment is compulsory for any business in UAE as this revenue is used for the development of the country. Availing proper tax accounting services in Dubai ensures that your business complies with tax laws by filing tax returns. A single fault in the accounting process may lead to a heavy business loss. So, individuals or companies must be extra vigilant while preparing a Tax Account. The following tips will make clear the importance of Tax Accounting as ensures: -
Things to remember: -
CDA has been providing its expert services to the business world for the last so many years fulfilling the needs of its clients with complete satisfaction. We can assist you to deal with the tax structure of your business in a better way. Outsourcing your tax accounting services with CDA helps you avail tailor-made tax solutions that suit your business entity in UAE.
Our experts sort out the tax issues and prepare tailor-made solutions apt to the business entity based on its nature and the needs of the owner. Our Tax Accountants can give you advice on effective tax management and find ways to lower your tax payments. They can help you in filing Income Tax Returns and Audited Financial Statements. They can also renew your business permits and licenses for you and perform audits.
CDA Accounting & Bookkeeping Services LLC also professionally handle CFO Services, Auditing Services, Accounting & Bookkeeping Services, Accounting Software services, Due Diligence Services, and Tax Filing & VAT Consultancy services in Dubai on time according to the convenience of our good clients. We give priority to the maximum satisfaction of our clients. Our customer-centric approach is well appreciated, and we promise one of the best services to your business.
So no more worries about tax accounting in Dubai. CDA is always there for your relief!
With the increase in the legal requirements of companies to take care of proper financial records, it has become even more important for each business to hire tax accountants. Tax accounting helps in timely filing of VAT returns and to maintain the financial transparency at the times of tax audit conducted by FTA.
Businesses that satisfy certain requirements covered under the Legislation (such as having an area of residence within the UAE and being related/associated parties) are going to be ready to register as a Tax group. For a few businesses, Tax grouping is going to be a useful gizmo that might simplify accounting for VAT.
VAT invoices issued and received must be preserved for a minimum of 5 years as it is mandatory by law.
CDA offers tailor-made solutions that suit the business entity supported the character of the business it's involved in. On-time delivery of solutions and projects is another important feature that we strictly follow and provided for our customer. We have a good range of satisfied clients globally handling different businesses.
It is essential all business must consider a well-designed plan for tax compliance and have the right accounting systems and procedures in place to ensure compliance with the tax laws and regulations in the region. The tax authorities have arranged an online compliance platform to streamline and assist businesses through the filing process.
The basic tax accounting procedures are (1) collection of the information’s of the suppliers and customers to the business, (2) tax coding of all the transactions, (3) sales and purchase accounting entries are passed, (4) monitoring of the General ledger, (5) tax recording and reporting to the management.
The Economic Substance Test activities are (1) assess the relevant activity performed during the financial period, (2) assess the income earned from the relevant activity during the financial period, (3) conduct board meetings as well as ensure the minutes are signed and maintained, (4) identify the number of full-time employees in performing the relevant activity, (5) identify the related expenses for performing the activity.
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