Corporate Tax Impact Assessment Services in UAE

Corporate Tax Impact Assessment is a structured and systematic process for considering the implications of corporate tax for businesses while there is still an opportunity to make necessary changes within and outside the standalone business unit or the group. BMS has a squad of competent corporate tax specialists that can effectively conduct corporate tax impact assessment services in UAE to ensure tax compliance.

BMS tax agents offer corporate tax assessment services in UAE to analyze the impact, document requirements and compliances to make the right tax decision. 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 in UAE?

Upon implementing corporate tax, it is required to assess the amount of tax a company needs to pay to the government based on its revenue. It involves calculating the income, applying tax rates, and considering any deductions or exemptions it may be eligible for.

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. Our corporate tax assessment services are a part of our Corporate Tax services in UAE where we provide holistic corporate tax solutions for your business. So, we would like you to check it out!

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

Impact Assessment
Document Assessment
Tax Compliance Assessment

Corporate Tax Impact Assessment in UAE

Corporate Tax Impact Assessment in UAE is a process of evaluating the potential impact of tax laws, regulations, and policies on a company's financial performance. This involves analyzing the company's current tax position, identifying tax risks and opportunities, and recommending strategies to optimize tax efficiency.

The aim of Corporate Tax Impact Assessment in the UAE is to help companies make informed decisions on tax planning and ensure compliance with local tax laws. Realizing the actual impact of Corporate Tax on your business is more important before implementing it. This helps to minimize tax liabilities, maximize tax savings, and achieve long-term business success.

Infographic view of Corporate tax impact assessment services procedure

The aspects of a Corporate Tax Impact Assessment in the UAE typically include:

Tax compliance: Evaluating the company's compliance with the tax laws and regulations in the UAE, including the submission of tax returns and payment of taxes owed.
Tax planning: Identifying opportunities to minimize tax liabilities and optimize tax benefits, such as claiming tax credits and deductions.
Transfer pricing: Evaluating the transfer pricing policies of the company to ensure compliance with tax laws and regulations, including the transfer of goods, services, and intellectual property between related entities.
Business structures: Analyzing the current business structure of the company and considering any changes that may be necessary to minimize tax liabilities and optimize tax benefits.
Tax incentives and exemptions: Evaluating the company's eligibility for any tax incentives or exemptions offered by the UAE government, such as free zone status.
International tax considerations: Analyzing the impact of cross-border transactions on the company's tax position and ensuring compliance with international tax laws and regulations.