Tax Consultants in Dubai from BMS Auditing offer extensive tax management and tax excellence services giving ideal tax solutions for your business. Our best tax consultants in the UAE follow the best tax compliance practices for VAT, income tax, and Corporate Tax on all businesses, residents, non-residents and certain foreign companies with sourced income in the UAE, etc.
To start with, who are tax consultants? Tax consultants are professionals who assist individuals and businesses with their tax-related issues. They help clients understand and comply with tax laws, and may provide advice on tax planning, preparation, and representation. They may also represent clients in audits and appeals with tax authorities. They can be Certified Public Accountants, approved auditors, Enrolled tax attorneys, or registered tax agents.
Role of Tax Consultants in UAE
Tax Consultants give the right advice, to prepare, and help individuals or businesses to file tax returns. One of the significant roles of tax consultants is to maintain minimum tax for the clients, thus tracking the updated policies provided by banks, and organizations, and providing suggestions based on the financial stability of the client businesses. They are highly responsible for advising and providing relevant information to ensure compliance by the clients.
While preparing and submitting documents to the tax authority in the UAE, tax consultants help with the best practices. These consultants possess adequate knowledge of environmental factors such as updated tax rules and governmental guidelines affecting client businesses.
Let us look at some of the key roles of tax consultants in Dubai:
- Preparation of monthly and yearly tax returns and concerned compliance documents
- Recording files for documentation and maintenance
- Following the information about updates regarding tax laws, regulations, and practices
- Researching tax and customs-related issues, especially on behalf of an organization and its clients
- Interacting with the Tax Authority and customs team
- Actively participating in knowledge management, professional development, and the administrative activities of a company when needed
- Optimizing tax and budget-planning for a long-term
Qualities of Tax Consultants
Tax consultants are often referred to as tax advisors or practitioners, and are professionals specialized in tax law with deep knowledge and understanding of the tax policies of respective countries. They rightly advise on tax/finance-related issues, such as tax calculation based on investments and ways to legally minimize their tax liabilities.
Here are the key factors influencing the quality of a tax consultant:
- Specialization: You must make sure that the tax consultant you hire has specialized in more than one area of taxation- preparation of tax returns, tax planning, etc. Find an expert and trained tax accountant who provides specialized services, as they have expertise in individual as well as business tax laws
- Knowledge: The tax concepts are too broad and the tax regulations are evolving quickly. Not many people have deep knowledge of taxation. Hence you must ensure that the consultant you hire has a thorough knowledge of taxation and tax laws
- Experience: It is advised to hire an experienced tax consultant, rather than a fresher with no or little knowledge about taxation and related areas.
BMS Auditing has experienced and knowledgeable tax consultants in UAE who are reliable and have the expertise to assist you with tax calculation and also make sure you are tax compliant.
Difference Between Tax Consultants and Tax Agents in Dubai
In the UAE, both Tax Consultants and Tax Agents help businesses and individuals with their tax liabilities. However, both of these have certain differences. Let us look at them.
A Tax Consultant or an advisor has a specialization in tax law and counseling on finance-related issues, while a Tax Agent prepares tax returns of income on an annual basis for taxpayers.
Tax Consultants help their clients understand the tax laws and regulations in the UAE, providing advice on minimizing tax liabilities. However, the consultants do not have a high authority when compared to the tax agents and cannot represent the clients while dealing with the tax authority. Tax Consultants need not be registered with any government body, yet will be associated with professional organizations.
Tax Agents, on the other hand, are authorized by the Federal Tax so they could represent their clients with their FTA communications. Tax agents in UAE can help with any audits or reviews performed by the tax authority of the country. They should meet certain qualifications and education requirements, being impacted by a code of professional conduct.
In a nutshell, tax agents are government-authorized and represent the clients in dealings with the tax authorities. Tax consultants typically have advanced education and experience in tax law and may have a professional designation such as a Certified Public Accountant (CPA) or Chartered Accountant (CA).
Approved Tax Consultancy in Dubai
BMS Auditing Dubai has vast experience of over a decade in providing quality Tax Consultancy services in the UAE. Our tax consultants are highly qualified and knowledgeable in tax-related issues and assist you with tax calculations, as well as minimizing tax liabilities. The Tax Consulting team at BMS in Dubai also helps you stay updated with the changes in tax laws so you stay compliant with the regulations of the tax authority of the country.
The BMS team also helps with these aspects as per the corporate Tax Law through the famous corporate tax services in UAE
Before implementing the Law:
- Corporate Tax Assessment Services - an indication of business of the concerned law
- Suggestions on possible areas of tax conflicts
- Corporate Tax Registration Services
After implementing the Law:
- Corporate Tax Return Filing
- Identifying Corporate Tax
- Corporate Tax Refund
Need Help with tax consulting? For assistance or queries, call BMS, or reach out to our office in Dubai.