To comply with the VAT and Corporate Tax Regulations, companies in UAE must understand the tax laws and regulations and ensures that their accounting as well as financial system align with the requirements of tax payers. This is the situation where tax consultants come in.
A tax consultant in Dubai is an expert who guides the individuals as well as businesses on tax related matters. He is a person whose motive is to minimize your tax liability and maximizes your tax benefits. A tax consultant is essential for navigating the complexities of taxation.
Need of Tax Consultants in Dubai
Tax consultants or VAT consultants plays a very critical role in helping the businesses to understand the impact of VAT on their business operations and assists the tax payers in implementing the effective VAT strategies for the successful operations of their business. So with the below discussed points the importance or the need of well qualified and experienced tax consultant or a VAT consultant in Dubai:
Ø Experience and knowledge
The organizations which are providing tax advisory services in Dubai always hires a team of professionals who are experienced as well as knowledgeable with respect to the taxation and laws such as VAT and Corporate Tax. Such consultants understands your business operations to minimize your tax liability and maximize your tax recoveries.
Ø Risk assessment
Tax consultants in Dubai are experienced enough to assess the risk associated with your business set up. So the precision of data is ensured by the tax or VAT consultants in Dubai by taking extra care. They cross check the VAT files with the help of advanced technology and manual reviews.
Ø Compliance
Tax consultants holds the expertise in tax laws, tax planning and tax compliance also. So people hire the tax advisory services in Dubai which provides the best tax consultants to you for the long as well as short term tax optimization. A tax consultant ensures that the business complies with all the tax regulations in Dubai.
How a Tax Consultant in Dubai helps in excise tax?
A Tax Consultant in Dubai provides specialized advice on all aspects of excise tax compliance, including understanding of how to calculate the correct amount due ,how to register with Federal Tax Authority (FTA), file returns correctly, understand exemptions and deductions and other related matters.
Excise tax is an indirect tax paid on certain commodities known as “excise goods” that are often damaging to human health or the environment. In the year 2017,the excise tax was implemented across the UAE. Products registered as excise goods are:
ü Carbonated drinks including beverages and sweetened drinks.
ü Nicotine and tobacco products.
ü E - cigarettes and fluids used in electronic smoking devices.
ü Energy drinks and alcohol
A tax consultant can help you for the excise tax advisory services in Dubai in the following ways:
ü Compliance the taxation laws - Ensures the businesses to comply with all the tax regulations of Dubai which includes registration with in Federal Tax Authority(FTA) ,filing of returns and payment of all the taxes on time.
ü Determines excise law in industries - For businesses operating in highly regulated industries,a tax consultant understands the requirements for determining the amount payable for excise taxes. In Dubai excise taxes are applicable across a range of industries from oil and gas production to telecommunications and tourism sectors.
ü Maintaining records - Maintaining the tax records is a daunting task in Dubai. Therefore a tax consultant maintains your documents required for excise tax records and reconciliation a hassle free task .
ü Manages excise tax obligations - An experienced and knowledgeable tax consultant is dedicated for helping you and your businesses to understand your business operations and applying effective strategies for managing excise tax obligations.
ü Updated on changing regulations - Tax regulations doesn't remains the same forever, they are subject to change and thus an experienced tax consultant can help the business to be updated on any changes in excise tax and will guide the tax payers to comply with the laws .
ü Supports in auditing - At the time of excise audit by the concerned authorities , a tax consultant always provide support in documentation and explanation of the tax positions .
To ensure compliance with all the legal obligations relating to the payment of excise taxes in Dubai, many businesses now hiring business set up consultants in UAE who are specializes in offering advice on tax liabilities for various products and services available in UAE market.
CONCLUSION
The First Check Consultant is a business set up consultants in UAE which primarily deals in Corporate tax services in UAE including VAT and Corporation Tax, audit and assurance, compliance and risk management, etc. The team of experienced professionals will help you to navigate the complexities of UAE taxation policies and ensuring you the compliance and fully optimizing tax liabilities. The First Check Consultants has an extensive experience in various domains which understands the needs of each client and provide them the best output with excellence, integrity and client satisfaction.
Read More:
The Importance of Corporate Tax Planning in Dubai, UAE for a Business
Which Company Provides The Best Business Setup in Dubai, UAE?
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