Hisab Accountants & Tax Consultants offers premier Corporate Tax Services in the UAE, guided by a team of expert consultants adept at managing tax assessment, registration, and return filing. We deliver comprehensive support to help you seamlessly integrate into the new tax framework, optimizing efficiency and ensuring thorough management of your corporate tax responsibilities.
What is Corporate Tax?
Typically, corporate taxes are calculated based on a business’s accounting net profit or income, with adjustments made for specific items as outlined by UAE Corporate Tax Law.
According to the Federal Decree-Law No. 47 issued by the Federal Tax Authority (FTA), all taxable entities, including those operating within free zones, are required to register for corporate tax and obtain a registration number. The Federal Tax Authority also requested that even the Exempted Persons should register for Corporate Tax.
Taxable persons are required to file corporate tax returns within 9 months following the end of a tax period. This deadline also applies to the payment of all corporate taxes due for the respective tax period in which the return is filed.
Corporate Tax Impact Assessment is a methodical and systematic process aimed at evaluating the implications of corporate tax on businesses, enabling the implementation of necessary adjustments within individual business units and across the broader organization. Hisab employs a team of highly skilled corporate tax specialist’s adept at conducting these assessments in the UAE, ensuring comprehensive tax compliance and strategic alignment.
Hisab Accountants & Tax Consultancy provide corporate tax assessment services in the UAE to analyze the impact, document requirements, and compliance needs, ensuring informed tax decisions. Our expert corporate tax advisors handle all aspects of corporate tax, assisting clients in remaining compliant with tax regulations and optimizing their tax strategies.
Corporate tax returns filing is a legal obligation for companies operating in the UAE. Non-compliance with this requirement can lead to penalties and fines. With the recent announcement of UAE corporate tax legislation, companies are now preparing to submit their tax returns within the deadlines established by the Federal Tax Authority (FTA).
Corporate Tax was introduced by the Ministry of Finance, UAE, in January 2022, with implementation scheduled to commence on June 1, 2023, or by January 2024. The Corporate Tax Law stipulates a headline rate of 9%, with a 0% rate applicable to annual taxable profits up to AED 375,000. This regime incorporates internationally recognized best practices in taxation.
All taxable entities are required to register for Corporate Tax and obtain a Tax Registration Number. In certain instances, the tax authority may also require exempt entities to register for Corporate Tax.
Hisab Accountants & Tax Consultants offers premier Excise Tax Services in the UAE, guided by a team of expert consultant’s adept at managing tax assessment, registration, and return filing. We deliver comprehensive support to help you seamlessly integrate into the new tax framework, optimizing efficiency and ensuring thorough management of your corporate tax responsibilities.
Excise tax in the United Arab Emirates (UAE) is a specific form of indirect tax introduced to regulate the consumption of certain goods deemed harmful to health or the environment. The tax was implemented on October 1, 2017, as part of the UAE’s broader efforts to diversify its revenue sources and encourage healthier lifestyles.
To conduct business in the UAE involving the production, stockpiling, or importation of excise items, it is mandatory to register with the Federal Excise Tax Authority. Companies must complete their registration for Federal Excise Tax within 30 days of either their establishment or the implementation date of the law, whichever is sooner. Until registration is completed, companies are prohibited from engaging in transactions involving excise products.
Even if a company does not manufacture or import excise items, it may still be required to register for excise tax in the UAE. This includes companies that began operations prior to the introduction of the UAE Federal Excise Tax and are involved in stockpiling excise items. Additionally, businesses selling excise items from a Designated Zone but not registered for UAE Excise Tax are also subject to this requirement.
Hisab is a leading provider of tax and accounting services in the UAE, offering efficient and streamlined solutions for Excise Tax registration.
Excise Products in the UAE are specific goods subject to Excise Tax, including tobacco products, energy drinks, and carbonated beverages. Businesses involved in the importation or production of these goods are mandated to register for Excise Tax with the Federal Tax Authority (FTA).
At Hisab Accountants and Tax Consultants, we recognize that the registration process for Excise Products can be intricate and demanding. Our team of professionals is dedicated to guiding you through every step of the process, ensuring full compliance with all regulatory requirements.
Our Excise Products Registration services encompass the following:
Our team is committed to streamlining the registration process and ensuring compliance with all relevant regulations.
An Excise Tax Return is a record of the excise tax paid during each tax period. Businesses are required to file their excise tax returns online via the Federal Tax Authority (FTA) portal. Returns must be submitted within 15 days following the end of the relevant tax period. Excise tax payments are due within 15 days after the end of the calendar month. If the filing deadline coincides with a weekend or a national holiday, it will be extended to the next business day.
Timely submission of excise tax returns is crucial, even if the excise tax has already been paid. Failure to file returns on time, or not filing them at all, may result in penalties imposed by the FTA. Additionally, there are instances where the FTA may refund previously paid excise tax on certain goods. In such cases, the refunded amount can be deducted from the total excise tax payable in the subsequent month’s return.
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+971 52 278 6001
Info@hisabtax.com
