Tax consultants in UAE are individuals or firms that assist individuals or businesses with their tax matters. They are here to help you pay the right amount of money that your business needs to pay. Tax consultants also advise you on how to save your money, save your businesses from getting fined, and help you grow your business. Tax Consultants are financial experts who help businesses through the country’s tax system. In the UAE, these experts ensure compliance with local and international laws in their work. The importance of tax consultants has become increasingly significant since the introduction of Value Added Tax (VAT) in 2018 and Corporate Tax (CT) in 2023. Tax consultants can help you take care of tax-related stuff of your business so you can continue focusing on your business activities.
The primary focus of tax consultants is to ensure their clients pay taxes at the right time and avoid problems that could lead to legal issues for these businesses. Taxes are a vital component of companies worldwide, and the UAE is no exception. The UAE has long been known for its tax-free environment; however, in recent years, significant changes have been made to the Tax Department. With the increasing need for tax consultants in the UAE, having a proper full-time tax consultant for your business has become more critical than ever. They help businesses understand and comply with the latest tax regulations specific to their companies.
Types of tax consultant services your business may need – Tax Consultants in UAE
While there are several tax services in the UAE, one of these may be relevant to your business.
- Valued Added Tax (VAT)
- Corporate Tax
- Excise Tax
- Accounting
- Bookkeeping
Valued Added Tax (VAT)
Value Added Tax (VAT) is applied primarily to goods and services in the UAE, with a standard rate of 5%. It was introduced back in January 2018 and managed by the Federal Tax Authority (FTA). VAT in the UAE affects everyone involved in buying or selling goods or services. If your business has annual sales exceeding 375,000 AED, you are required to register for VAT. Healthcare and educational services may be exempt from VAT. More importantly, you need to file it regularly, every three months. Late registration for VAT may result in a fine of 20,000 AED, and filing a late VAT return will incur a fine of 1,000 AED (first-time offense).
Corporate Tax
What is Corporate Tax? Corporate Tax is a direct tax implemented on businesses that generate profits. Corporate Tax was introduced in June 2023. Small businesses don’t get affected by corporate Tax. Companies making less than $375,000 in profit don’t have to pay this Tax. Businesses that generate a profit of over 375,000 AED are required to pay a 9% tax on their earnings. Businesses failing to register for Corporate Tax could face a penalty of 10K AED. If you provide incorrect information to the Federal Tax Authority (FTA), you may face a penalty of 20,000 AED. Additionally, applying late for corporate Tax could result in a 1000 AED fine, which could be increased if the violation is repeated.
Excise Tax
Excise tax is an indirect tax that applies to goods that are harmful to human health or the environment. This Tax is different from the general Tax as it applies only to specific products such as tobacco, electronic smoking devices, and energy drinks. The purpose of the UAE government in applying excise tax is not just to generate revenue but also to discourage the use of specific goods that are harmful to human health and the environment. The introduction of excise tax was back in October 2017 in the UAE. Excise Tax is regulated by the Federal Tax Authority (FTA). People, such as importers and producers of these types of goods, are required to register for excise tax.
Accounting
The meaning of accounting is keeping track of all the money coming in and out of a business. It helps companies to understand how much they are spending and how much profit they are making from their services or goods, regardless of the business they are in. With the help of accounting, businesses remain stable and keep themselves organized, financially stable, and compliant with all Tax and legal rules. Every business in the UAE should maintain its financial records, and these records should be available for the last five years. Many companies seek to stabilize their financial operations by hiring accounting consultants.
Bookkeeping
Bookkeeping refers to recording all the daily financial transactions of a business. This means keeping a record of everything you sell, everything you buy, all the money that comes in, and all the money you spend in your business. It helps keep your business organized and ensures your finances are accurate. It’s the first and most crucial step before doing full accounting.
Running a business in the UAE entails significant tax responsibilities. All of the tax types mentioned above could apply to your business. That’s where the tax consultants come in and handle your legal obligations. They read about your company and inform you of all relevant legal matters, saving you from potential fines. While they handle your legal stuff, you could focus on the growth of your business.
Here are the Top 5 trusted tax consultants and firms in the UAE known for their professional services and reliable tax advice.
- Al Riyady Auditing
- Charles and Darwish Associates
- Farahat & Co
- BMS Auditing
- Shuraa Tax, Accounting & Auditing
Al Riyady Auditing – Tax Consultants in UAE
Al Riyady Auditing and Accounting is a leading Dubai-based financial services firm officially accredited by the UAE Ministry of Economy. As your trusted partner, they deliver audit, accounting, and tax solutions suitable for businesses of every size operating in the UAE. They offer services tailored for both local and international companies, including:
Auditing: From internal to external audits, they ensure your business is fully compliant with the UAE’s laws and regulations.
Bookkeeping & Accounting: All of your daily financial records are taken care of, and reports are generated to ensure that everything in your business is accurate, avoiding any violation of the UAE’s laws.
Tax Consultancy: They can help you plan and manage taxes, including VAT registration, filing, and compliance with UAE’s Federal Tax Authority (FTA).
Business Liquidation: In any case, if you plan to shut down your business, they can handle the entire process of license cancellation and the rest of the formalities.
Business Valuation: If you plan to sell your business, want to attract an investor, or are looking to form a partnership, they help you understand the worth of your business.
Accounting software solutions: In the modern era, we utilize software to automate accounting tasks, making financial tasks easier and more accurate. They offer you this software that is approved by the Federal Tax Authority (FTA).
Feasibility and Business Planning: In this process, they analyze your business, identifying its strengths and weaknesses while considering market trends.
Why Choose them?
While your business needs a proper tax consultant, you need someone like Al Riyady, who is an expert in this field and a well-known firm recognized by many prominent organizations. UAE’s authorities officially recognize them. Also, they are fluent in dealing with clients in the local language, Arabic. Due to the digital era, businesses trust Al Riyday as they are technology-driven and utilize modern software.
Contact Details:
Address: Office No. 305, Garhoud Community (or #47M, The Curve Bldg), Sheikh Zayed Road, Dubai, UAE
Phone: +971 4 395 2264 | +971 55 770 1590
Email: info@aauditing.com
Charles & Darwish Associates – Tax Consultants in UAE
One of the most trusted firms in the UAE, helping businesses with legal issues related to Tax. CDA is a group of professionals known for their high-quality services in the UAE. They are the best in the business and know every pros and cons, and they are known for their professional services, which they all provide under one roof. Their expert team handles tax services in the UAE, which include:
- Accounting & Bookkeeping
- Auditing & Assurance
- VAT & Tax Consultancy
- Accounting Software Support
- Payroll & PRO Services
- Business valuation
If your business requires any of the above services, they are also among the best in the industry, following Al Riyady Auditing. Their vision is to strictly follow the UAE’s tax laws and help your business meet all the requirements, ensuring you avoid any fines.
Why Choose them?
Their team includes highly qualified experts who have a lot of experience from top international audit firms (Big 4). They are also approved by the government to work in many free zones across the UAE, making them a trusted choice for businesses. They offer many services, including auditing, accounting, Tax, and other business support that may be needed for your business. One of the many reasons is that they are very accurate in their work, respond quickly to their clients, and always deliver high-quality work on time.
Contact Details: 25th Floor, Citadel Tower, Business Bay, Dubai,
PO Box: 5586
Phone: +971 42 610 089
Email: info@cdaaudit.com
Farahat & Co. – Tax Consultants in UAE
Farahat & Co. is one of the top firms worldwide, known for its high-quality work and services related to accounting, audit, and tax. This firm has been operating in the UAE since 1985 and is ISO certified, connected with top financial authorities in the UAE. Their knowledge of businesses and UAE’s laws makes them one of the best firms in the UAE. This firm doesn’t just work with local UAE businesses; they also help international companies set up and grow in UAE, and they have clients from 70 different countries around the globe. This provides you with the following services that could be needed for your business.
- Audit & Assurance
- Bookkeeping & Accounting
- VAT & Tax Services
- Company Liquidation
- Payroll & Hr
- Trademark Services
- Business Setup Support
Why Choose them?
With over 35,000 happy and satisfied clients across 70 countries and a 35-year history, they are trusted by several businesses in the UAE. Their team has local and international experience, which most companies prefer as their top priority over other firms.
Contact Details:
IBIS Hotel Building Office Entrance 5th Floor, Office No. 5001, Rigga Road Dubai, PO Box 4647, UAE
Phone: +971 4 2500251
Email: consultant@farahatco.com
BMS Auditing
Since 2011, BMS Auditing has provided services to several businesses, including auditing, accounting, VAT, and corporate tax support. BMS Auditing is a well-established firm in the UAE, recognized for its professional tax services. What makes them one of the best and top firms in the UAE is that they have experienced chartered accountants who are well-known for their accurate work and high-quality results, delivered on time. With offices across the Middle East and Asian countries like Saudi Arabia, Qatar, Bahrain, Oman, and India, as well as international branches in the United Kingdom and the United States of America. They provide a full range of services that include:
- Audit & Assurance
- Accounting & Bookkeeping
- VAT
- Business Consultancy
- Corporate Tax
Why Choose them?
BMS Auditing has a strong presence in over 8 countries across the GCC, making it easy for clients to get support. What makes them very special is they have chartered accountants who are highly experienced in their fields and have excellent reviews from several businesses. They have a 4.7 rating out of 5 in Dubai so that BMS Auditing could be the firm your business needs.
Contact Details:
DAMAC Smart Heights Office No. 1501 Barsha Heights Dubai, UAE (Head Office)
Phone: +971 4 551 6399
Email: info@bmsauditing.com
Shuraa Tax, Accounting & Auditing
Shuraa is a Dubai-based firm founded in 2018, one of the top firms, with expertise in Tax, accounting, and auditing. While they have already entertained many businesses, your business could be next. If you are looking for any services, which include the following, you may contact Shuraa for their professional services. They have more than 350 satisfied clients who have reviewed them with an average rating of 4.9 out of 5. The services that Shuraa provides include:
- Corporate Tax Services
- VAT
- Auditing Services
- Accounting
- UAE Excise Tax
Why Choose them?
Shraa Tax should be your top choice as they excel in communication, making it easy for clients to understand, even if you don’t have a background in finance. They are very experienced and very friendly, always ready to resolve your issue. They have a lot of happy clients, who have ranked them 4.9 out of 5, which shows a great interest in their firm.
Contact Details: 601 Sheikh Zayed Road, 6th Floor, Aspin Commercial Tower Dubai
Phone: +(971) 44081900
Email: info@shuraatax.com
Conclusion
If you are running a business in the UAE, you must comply with numerous tax regulations, which can be challenging for individuals or companies to understand and navigate. Therefore, having a tax consultant in UAE is crucial for UAE residenct. They help you save a lot of money, avoid fines or penalties, and keep you within the laws. There are numerous firms in the UAE, but if you ever need a tax consultant, it is advisable to approach the top 5 firms, as they are highly experienced and well-known both nationally and internationally. In short, consultants are not there to be picked by your own choice. It’s a must-have for your business. Contact Al Riyady for more info!
