BMS offers the top Corporate Tax Services in UAE with the help of registered corporate tax consultants to do needed corporate tax assessment and planning. Our expert corporate tax advisors deal with Corporate Tax, and assist their clients with all the aspects of Corporate Tax and stay compliant with the tax regulations. 

The UAE and the businesses established here are preparing themselves for the implementation of Corporate Tax in June 2023. The Corporate Tax policy is created to execute the most effective practices globally and minimize the risks in the businesses. The standard rate of Corporate Tax is 9%, and profits up to AED 375,000 is 0% to support small businesses and startups, thus becoming one of the most competitive policies in the world.

In this session, we look into Corporate Tax Assessment services in the UAE.


What is a Corporate Tax Assessment?

A corporate Tax Assessment is an organized procedure to consider suggestions for businesses, where there is a potential to make relevant changes within and outside the business unit or a group. The ultimate result of an assessment is creating a base for effective Tax Planning, Business reconstructing and executing sufficient compliance verifications. 

We can divide the overall corporate tax assessment process into three different processes,

  • Impact Assessment
  • Document Assessment
  • Tax Compliance Assessment


Impact Assessment of Corporate Tax

Realizing the actual impact of Corporate Tax on your business is more important before implementing it. Here is how to determine the factors influencing the Corporate Tax Assessment:

  1. Deep analysis of transactions, occurrences, and situations, focusing on any defects that have to be fixed
  2. Assuring compliance with Corporate Tax regulations and answering related questions 
  3. Easily present the consequences while dealing directly with the business and update everything about Corporate Tax requirements and assessment results
  4. Before the Corporate Tax comes into effect, difficulties and concerned challenges could be detected. If the same issues occur again, the business are highly charged and suffer from operational defects
  5. Help with significant data to make better decisions about future plans and changes in the system

Our Corporate Tax advisors in Dubai help you decide the best business and financial plan to cope with the UAE Corporate Tax.


Document Assessment for Corporate tax

Businesses will be mandated to keep financial and other records in order to comply with UAE corporate tax Document requirements. Failure to meet these requirements may result in significant corporate tax penalties in the UAE, which the government may announce soon. You must save the files and records that explain the information on the UAE corporate tax return and other documents filed to the FTA.

BMS Corporate Tax Advisors and consultants can help you have a clear understanding of compliance requirements and guide you to maintain the list of documents.


Tax Compliance Assessment

The UAE's corporate tax regime will be based on the concept of self-assessment. It implies that firms must ensure that their tax returns and accompanying schedules are proper, accurate, and in accordance with UAE Corporate Tax Law. You should be aware that the FTA may conduct a review of the filed company tax returns and provide an assessment within the period.

Taxpayers may, however, appeal an amended business tax assessment given by the FTA. As a result, you may be able to appeal and revise the adjustments to comply with the laws. The method for contesting the FTA assessment will be specified in sooner.

Our Corporate Tax advisors have complete knowledge of the Tax regime and can guide you to properly comply with all the laws and regulations. 

Do Self assessment with FTA's Tax Clarification

FTA has created a portal to clarify your tax preparation. If a planned tax preparation or transaction raises concerns, businesses can request clarification on the proper or intended corporate tax treatment. You may submit requests for corporate tax clarification to the FTA. Currently, the FTA offers clarification on any corporate tax uncertainty using the same mechanisms as the Value Added Tax (VAT) clarification.

Better relying on professional corporate tax consultants can help you evade the confusion and best practices regarding corporate tax law. 


Corporate Tax Assessment Services by BMS

BMS Auditing has a highly experienced team that has specialized in Corporate Tax assessment. The team helps you with the following:

  • Assessing tax outcomes for the business
  • Evaluating the eligibility of Corporate Tax and suggesting related exemptions to the mainland, free zone and offshore businesses 
  • Evaluating and analyzing the possibility of tax grouping to obtain tax benefits

BMS offers premium corporate tax services in UAE to assist you to stay compliant with the Corporate Tax laws and protect you from fines or penalties. 


Have queries regarding Corporate Tax Assessment?? BMS auditing is delighted to serve you anytime, anywhere! 

BMS Auditing Telegram BMS Auditing WhatsApp