The implementation of the corporate tax system is drawing close. please pay attention to the following dates
➢ If your company adopts a fiscal year starting on 1 June 2023 and ending 31 May 2024, you will be subject to Corporate Tax starting 1 June 2023. The first tax return filing is tentatively due on 28 February 2025
➢ If your company adopts a calendar year starting 1 January 2023 and ending 31 December 2023, you will be subject to Corporate Tax starting 1 January 2024. The first tax return filing is tentatively due on 30 September 2025.
Prior to the initial Corporate Tax fiscal period, it is crucial to focus on certain aspects, such as
➢ Examining your company’s structure to determine if it can benefit from Tax Group and relief
➢ Assessing if the Free Zone 0% Corporate Tax rate applies
➢ Evaluating your business transactions to identify any potential transfer pricing obligations
➢ Tax planning to help you minimise your tax liability and take advantage of any available tax credits and deductions.
To comply with the UAE tax regulations, it’s crucial for companies to generate well-structured and comprehensive accounting records that can correctly determine the limits of expenses and related party adjustments. We provide assistance in maintaining accurate bookkeeping records that are fully compliant with the UAE tax laws.
Our services encompass various areas, such as tax registration, compliance, advisory services, and bookkeeping, which collectively aim to equip your business to operate seamlessly under the new tax regime. Whether you are a small start-up or a large multinational corporation, we have the expertise and experience to help you succeed in the UAE’s new tax environment.
For more information on our services related to Corporate Tax, VAT, Consultancy, Outsourcing, Accounting and Bookkeeping, please contact Nex Consultants: +971 4 3887577 | +971 50 9330152 | +971 50 4945106 (WhatsApp) | info@nexconsultants.com | www.nexconsultants.com
