TAX ACCOUNTING

Tax Accounting Services include the systematic process of documenting, categorizing, and disclosing a company's financial transactions about income and expenses within a specified tax period. Accomplished Tax Consultants in Dubai, possess comprehensive knowledge of tax laws and regulations, overseeing various categories such as personal income tax, federal payroll, and corporate income taxes to ensure accurate reporting and compliance.

The primary objective of Tax Accounting Services is to guarantee a company's adherence to tax obligations while accurately representing its financial standing. This entails maintaining meticulous records to accurately calculate taxable income, which may diverge from the income reported in financial statements. Registered Taxable Person are required to preserve their accounts and bookkeeping records for a duration of five years following the conclusion of the relevant tax period.

By maintaining thorough records of tax-related data, businesses streamline the income tax filing process and gain valuable insights for strategic decision-making. Moreover, comprehensive Tax Accounting Services ensure compliance with regulatory requirements and provide essential information that facilitates informed business decisions, fostering financial stability and business growth.

NAVIGATING TAX OBLIGATIONS

Tax accounting services in Dubai are essential for guaranteeing precise reporting and adherence to tax regulations. Tax consultants meticulously gather relevant financial data, including income statements, balance sheets, and expense records, to calculate taxable income and determine tax liabilities. They then categorize each transaction according to relevant tax codes and regulations, ensuring precision in reporting.

Subsequently, tax consultants calculate the company's taxable income by applying applicable tax rates to different types of income and deducting allowable expenses and deductions. Once the taxable income is determined, they prepare the necessary tax returns, completing various forms and schedules required by tax laws and regulations. Filing these tax returns with the relevant tax authorities before the filing deadline is crucial, with deadlines varying based on the type of tax and jurisdiction. During the process, tax consultants meticulously review all aspects to ensure precision and adherence to tax laws, providing strategic guidance on tax planning to reduce tax liabilities and enhance tax positions.

Tax accounting services and tax consultants in Dubai are indispensable guides, navigating businesses through the complexities of tax laws and obligations. They provide essential methods to understand a business's tax liability, helping to avoid penalties and ensuring financial management aligns with regulatory standards. Through meticulous tax accounting, businesses enhance their credibility, demonstrating a commitment to integrity and accountability in the competitive marketplace while avoiding potential penalties through adherence to financial regulations.

WHY CHOOSE EXCELLENCE?

In Tax Accounting, having a dependable partner is essential to ensure adherence to regulations and avoid penalties while fostering business growth. Our team of professional and expert tax consultant Dubai specializes in tax accounting services, ensuring adherence to financial and industry standards in managing finances. With our guidance, businesses can navigate tax regulations seamlessly, ensuring compliance while capitalizing on growth opportunities.

At Excellence Tax Accounting Services, we pride ourselves on our streamlined processes, guaranteeing the quality of assignments and meeting deadlines. Registered with UAE's Federal Tax Authority as a tax agency and dedicated tax agent, we offer comprehensive tax advisory and VAT consultancy services. Our expert team possesses extensive knowledge and mastery of taxation matters, ensuring businesses remain fully compliant with legal obligations, thus averting potential pitfalls.

FAQ

  • What does Tax Accounting Services entail?

    Tax Accounting Services encompass the systematic documentation, categorization, and disclosure of a company's financial transactions related to income and expenses within a specified tax period. Expert Tax Consultants in Dubai oversee various categories such as personal income tax, federal payroll, and corporate income taxes to ensure accurate reporting and compliance.

  • Why are Tax Accounting Services essential?

    Tax Accounting Services ensure a company's adherence to tax obligations while accurately representing its financial standing. This involves maintaining meticulous records to calculate taxable income, which may differ from the income reported in financial statements.

  • Why is filing tax returns on time crucial?

    Submission of tax returns to the appropriate tax authorities before the deadline is crucial to prevent incurring penalties. Deadlines vary based on the type of tax and jurisdiction, highlighting the importance of timely compliance in tax accounting.

  • What sets Excellence Tax Accounting Services apart?

    Excellence Tax Accounting Services offers streamlined processes, ensuring quality assignments and meeting deadlines. Registered with UAE's Federal Tax Authority, they provide comprehensive tax advisory and VAT consultancy services with expertise and mastery of taxation matters.

  • Why is having a reliable partner in Tax Accounting essential?

    A dependable tax accounting partner ensures adherence to regulations and avoids penalties while fostering business growth. With professional guidance from tax consultants, businesses can navigate tax regulations effectively and capitalize on growth opportunities.

  • How can Excellence Tax Accounting Services support businesses?

    Excellence Tax Accounting Services offers expertise and comprehensive solutions tailored to businesses' tax needs. Our team of professional tax consultants specializes in tax accounting services, ensuring compliance and financial management alignment with regulatory standards.

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OUR TEAM

DR. MANSOOR M.H. MULLA

DR. MANSOOR M.H. MULLA

DIRECTOR, AUTHORIZED SIGNATORY

MONIKA UMRANIYA

MONIKA UMRANIYA

SENIOR MANAGER - TAX & ADVISORY

AASIM AASI

AASIM AASI

SENIOR MANAGER - AUDIT & ASSURANCE

PURVAK UMRANIYA

PURVAK UMRANIYA

SENIOR MANAGER - ACCOUNTING/FINANCE

JAIDEEP JAYARAJ

JAIDEEP JAYARAJ

SENIOR MANAGER BUSINESS

ABDALLAH ACHLAIBOU

ABDALLAH ACHLAIBOU

MANAGER - BUSINESS CONSULTANT

IMTIAZ HUSSAIN

IMTIAZ HUSSAIN

SENIOR MANAGER - CORPORATE SERVICES

ROZEL DELOS REYES

ROZEL DELOS REYES

RELATIONSHIP MANAGER

SYED SAYEED ALAM

SYED SAYEED ALAM

MANAGER - BUSINESS DEVELOPMENT

APRIL DARYL

APRIL DARYL

MANAGER-BUSINESS CONSULTANT

ABDUL VASIH

ABDUL VASIH

SR. ACCOUNTANT

IRFANA ILLIYAS

IRFANA ILLIYAS

SR. ACCOUNTANT

JITHESH PRAKASH

JITHESH PRAKASH

SR. ACCOUNTANT

HUSAIN ADAM

HUSAIN ADAM

SR. ACCOUNTANT

AMALA JOSE

AMALA JOSE

SENIOR AUDITOR

SANDHRA PRADEEP

SANDHRA PRADEEP

SENIOR EXEC - TAX ADVISORY

MOHAMMED ANSHAD

MOHAMMED ANSHAD

ACCOUNTANT

POOJA S. DEV

POOJA S. DEV

ACCOUNTANT

SHAHEEN PARAKATTIL

SHAHEEN PARAKATTIL

BUSINESS DEVELOPMENT EXECUTIVE

VISHVA KAKAIYA

VISHVA KAKAIYA

SENIOR AUDITOR

VISHNU VIJAYAKUMAR

VISHNU VIJAYAKUMAR

BUSINESS CONSULTANT

CHARLAYE VARGAS

CHARLAYE VARGAS

SENIOR EXECUTIVE

JONAH BONDOC

JONAH BONDOC

ASSISTANT MANAGER - BUSINESS CONSULTANT

LILLYBEH UNTALAN

LILLYBEH UNTALAN

SERVICE COORDINATOR

FAUZIYA SHAIKH

FAUZIYA SHAIKH

ASSISTANT MANAGER - RELATIONSHIP

MUKTHA SETTYPALLI

MUKTHA SETTYPALLI

SERVICE COORDINATOR

JENELYN CONOPIO

JENELYN CONOPIO

SR. ADMIN EXECUTIVE

SHIELA MAE

SHIELA MAE

Service Coordinator

MAIRA ALCANO

MAIRA ALCANO

Receptionist

SISIRA KV

SISIRA KV

Accountant

SHABITH KONNARAM

SHABITH KONNARAM

Accountant

SARIKA JAGADISH

SARIKA JAGADISH

Accountant

MARIA VALERIO

MARIA VALERIO

SENIOR BUSINESS CONSULTANT

ILVIC FRONDOZA

ILVIC FRONDOZA

Service Coordinator

MOHAMMED ARFATH

MOHAMMED ARFATH

SENIOR EXCECUTIVE - MEDIA

OUR SUCCESS STORIES

AFFILIATION AND ACCREDITATIONS

Affiliation1 | Tax Accounting Services
Affiliation2 | Tax Consultant Dubai
Tax Accounting Services | Tax Consultant Dubai
Affiliation4 | Tax Accounting Services
Affiliation5 | Tax Consultant Dubai
Affiliation6 | Tax Accounting Services
Affiliation7 | Tax Consultant Dubai
Affiliation8 | Tax Accounting Services
Affiliation9 | Tax Consultant Dubai
Affiliation10 | Tax Accounting Services

EXCELLENCE VIDEOS

BLOG

Registration timeline

Registration Timeline for Corporate Tax

March 14, 2024
Ministerial Decision

Ministerial Decision No. 82 of 2023: Specifying the categories

July 2, 2023
Amendments

Latest VAT Amendments to the UAE Federal Decree Law

March 24, 2023
Mandatory submission

DDA Mandatory Submission of Audit Reports

VAT REGISTRATION

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A business must apply for VAT registration if its taxable supplies and imports exceed AED 375,000 per annum. It is optional for businesses whose supplies and imports exceed AED 187,500 per annum to make a voluntary VAT registration. A business house pays the government, the tax that it collects from its customers. At the same time, it receives a refund from the government on tax that it has paid to its suppliers.

VAT consultants help the business owners with efficient tax planning which will help the entrepreneurs to control the tax outflow, and manage working capital. VAT consultants can guide the businesses mainly through VAT Advisory services and VAT Compliance services.

Excellence has a qualified team of VAT consultants who are equipped with local experience about VAT accounting, VAT filing, VAT refunds and all the other laws and regulations related to VAT in UAE.

VAT RETURNS FILING SERVICES

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VAT returns filing services. Companies are required to file returns periodically, our professional firm provides VAT return filing services as per UAE VAT laws. Initially, companies will be expected to file returns every quarter or monthly depending on Company’s turnover (first return period may differ though). VAT return is prepared on the basis of the documents available in the records or ledgers. VAT returns also form a basis for auditing and activities related to enforcement of VAT law.

The VAT return must be submitted not later than the 28th date of the month following the tax period specified by the tax authority. The taxable entity is also required to pay the due tax amount to the tax authority within the specified time period as per the VAT law applicable in the UAE. The time period for making payment to the tax authority with regards to VAT is 28 days after the specified tax period ends.

Our experienced Tax Consultancy Team is available at a call or email to serve you with our Professional Tax / VAT Consultancy Services in which we will perform your VAT returns filing and we can also help you implement VAT across your Organization. Contact our Experienced Professionals today for a consultation meeting.

VAT DEREGISTRATION

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VAT deregistration is a process where the registered companies are required to cancel their VAT registration with the FTA. The deregistration process becomes mandatory when the taxable company ceases its operations or the requirement of VAT registration is no longer needed.

The Federal Decree Law Number 8 of the United Arab Emirates (UAE) requires a registrant to apply for Tax De-registration if the following conditions are met:
  • If he stops making Taxable Supplies.
  • If the value of the Taxable Supplies which are made over a period of (12) consecutive months is less than the Voluntary VAT Registration Threshold and said Registrant does not anticipate that they’ll cross the Voluntary registration threshold during the coming 30-days.
The Registrant must apply to the Authority for VAT de-registration in accordance with the cases mentioned above, within (20) business days of the occurrence of any of them.

The Federal Tax Authority (FTA) shall accept a VAT Registrant’s application for Tax De-registration where the above two conditions are met. VAT De-Registration for VAT in the UAE is an online process which is accessible in the Federal Tax Authority’s online portal. Before proceeding for VAT De-registration, the applicant should consider various aspects such as turnover requirements or discontinuation of business etc. Reach out for your VAT de-registration requirements, our experts will guide you through the procedures and help you compile the necessary documents as sought by FTA.

EXCISE TAX REGISTRATION

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Every single business in the UAE that produces, imports, or stockpiles excise goods, or intends to do so, is necessary to register for the Federal Excise Tax UAE.
Excise goods with Tax Rates are the following:
  • Tobacco and tobacco products (100%).
  • Energy drinks (100%).
  • Carbonated drinks (50%).
Some will be required to register excise tax in UAE even when you are not a producer or importer of excise goods. The first one will be if you are a stockpiler of excise goods before the federal excise tax UAE introduction. The next will be if you are not registered for UAE Excise Tax but you are releasing excise goods from a Designated Zone. Taxable activities cannot be carried out by any business unless it has been registered for Excise Tax.

ASSISTANCE ON ESR AND REPORTING

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Under the previous regulations, UAE based entities were required to file the Notification and Economic Substance Report with their Regulatory Authority, such as the relevant free zone authorities or the Ministry of Economy for UAE mainland companies. The ESR Notification is the first step for Licensees to comply with ESR obligations and serves as the self-declaration of whether Relevant Activities are performed in the UAE. The Substance Report is then applicable to Licensees conducting a relevant Activity and generating income for such Relevant Activity.

In case of non-compliance following are the prescribed penalties:
  • Failure to submit the ESR notification: AED 20,000
  • Failure to submit the Economic Substance Report: AED 50,000
We provide full assistance on complying with ESR Dubai regulations and timely reporting in order to avoid the penalty.

TAX RESIDENCY / DOMICILE CERTIFICATE

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Tax residency certificates also known as Tax domicile certificate are issued by The Federal Tax Authority, Government of UAE, as per the provisions of avoidance of double taxation agreements. According to Cabinet Resolution No. (65) Of 2020, from 14 November 2020, Tax Residency Certificate / Tax Domicile Certificate shall be issued by the Federal Tax Authorities (‘FTA’) on an application made by the resident (Individual or incorporated entity) of UAE. In order for a company to apply for the TRC, then they should be operating in the UAE for minimum one year.

Our experienced and qualified professionals can support and guide you in the verification of the documentation required and obtaining the Tax Residency Certificate or Tax Domicile Certificate hassle free.

VAT ADVISORY AND COMPLIANCE

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Coordinating VAT laws and regulations can be challenging. It will require guidance and support from a business perspective, considering the VAT impact as well.

Excellence provides client-focused advisory services on matters related to VAT. Our dedicated, professional team of VAT experts will provide a wide range of services, like health check review, relevant VAT advice and will assist you on a variety of issues, including all aspects of VAT compliance.

VAT REFUND CLAIM SERVICES

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All the registered business are required to file a VAT return furnishing the details of sales, purchases output VAT and input VAT paid during the tax period. Here, the output VAT is the amount which is collected on sales and Input VAT is the amount which is paid to the supplier towards purchases / expenses. The eligible input VAT amount will be allowed to be adjusted with the output VAT amount. After adjusting the output VAT and Input VAT, the result will lead to one of the following situations.

VAT Payable: If output VAT amount is higher than the Input VAT, the balance will be VAT payable which needs to be paid to FTA.

VAT Refundable: If output VAT is lesser than the input VAT amount, the excess balance will be VAT refundable.

EXCISE TAX RETURNS

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An excise tax return is a record of the excise paid during each tax period. Businesses should file returns for excise tax online using the FTA portal — manual returns are not accepted. The online return form is available in both English and Arabic.

ESR ANNUAL REPORTING

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The businesses that are within the scope of the UAE ESR, must prepare to implement strategies for the annual UAE ESR notification and reporting. They also need to meet the requirements for the UAE Economic Substance Test for which professional guidance of reputed ESR services firms in Dubai, UAE can be availed. The companies are still in dark over the requirements for satisfying the Economic Substance Test and our company will act as a comprehensive guide on the ESR Test Requirements.

VOLUNTARY DISCLOSURE

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A Voluntary Disclosure is a form (VAT Form 211) provided by the Federal Tax Authority (FTA) which enables the taxpayers to voluntarily notify the FTA about the error or omission in a previous Tax Return, Tax Assessment or Tax Refund application. At Excellence we can assist on submission of Voluntary disclosure form on FTA portal.

RECONSIDERATION FOR WAIVER

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Any person who is liable for penalty can file an application for Reconsideration with the Federal Tax Authority (FTA) if they are not satisfied with the decision. Now, the FTA follows a favourable approach for penalty payers and will review its own decision on the application for Reconsideration. At Excellence we can assist for the filing reconsideration request against any penalty.

TRANSACTION ADVISORY ON VAT

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VAT Transaction advisory services are all about guiding an entity about specific transactions. It is more useful when the entity has complex transactions with multi products, services, multi geographical locations, branches etc. VAT Transactional Advisory services can minimize the efforts of the entities by timely identifying the VAT compliance, can help in tax planning & complying with other procedural changes. If client know everything about a particular transaction at the starting point, then it will be helpful for business in making the decision that whether to enter in the transaction or no. At Excellence our professional team can help clients with VAT transaction advisory services.

CUSTOM REGISTRATION AND RENEWALS

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In UAE Companies are required to have a valid trade licence and need to obtain a Code of Clearance from the Customs department, to register their import and export activities in the UAE. At Excellence our team of qualified experts can assist you in this initiation process. Our team of experts can help you file all the necessary documents required to be submitted along with the application. We further assist you in the renewal of the Customs Code every year.
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