Don’t fear, be fair; Finfair’s taxation expertise

In the realm of global business, tax filing becomes a formidable task, particularly when navigating international taxation policies. At Finfair, we present a reassuring mantra: "Don’t fear, be fair," encapsulating our commitment to making tax processes clear, fair, and manageable for businesses operating in the dynamic landscape of the United Arab Emirates.

Taxation is not just a compliance requirement; it's a strategic imperative. Our seasoned tax professionals understand the intricacies of foreign affairs and international tax regulations. We offer businesses a bespoke Tax Strategy that goes beyond conventional approaches, empowering entities to navigate the complexities of taxation with confidence.

The recent reforms in the UAE's tax structure underline the government's commitment to fostering a business-friendly environment. Finfair recognizes the significance of unified taxation and is positioned to guide businesses through these changes, ensuring compliance and capitalizing on the benefits presented by the evolved tax landscape. Our expertise not only contributes to the economic growth of the UAE but also positions the country as an attractive destination for global entrepreneurs.

At Finfair, we invite you to embrace a tax strategy that aligns with your business goals. Let us be your partner in navigating the intricacies of taxation, turning challenges into opportunities for growth. Don’t fear – with Finfair, taxation becomes a fair and strategic undertaking for your business success.

Discover the tax landscape

Explore the nuanced tax landscape of Dubai with Finfair, where our expertise ensures a comprehensive understanding of the various tax types in this dynamic business environment.

1. Value-added Tax (VAT): A consumption tax levied on the sale of goods and services, VAT in Dubai is currently set at a standard rate of 5%. Understanding and complying with VAT regulations is essential for businesses operating in the region.

Our VAT services include:

• VAT Registration
• VAT Return Filing
• VAT Refund
• VAT Audit
• VAT Accounting
• VAT De registration

2. Corporate Tax: While corporate tax was historically limited to oil-based companies and federal banks, recent changes require all businesses in Dubai to pay corporate income tax on their profits, effective from July 1, 2023, or January 1, 2024. Staying abreast of these developments is crucial for corporate entities.

Our Corporate tax services include:

• Corporate Tax Assessment Services
• Corporate Tax Registration Services
• Corporate Tax Return Filing Services
• Corporate Tax Accounting Services
• Corporate Tax Audit Services
• Corporate Tax Compliance Services
• Corporate Tax Advisory Services

3. Personal Income Tax: Residents of Dubai enjoy the advantage of not being subject to personal income tax on their earnings, making it an attractive destination for professionals and expatriates seeking tax-efficient environments.

4. Excise Tax: It is a tax levied on the import of limited goods that are harmful to human health. Understanding excise tax regulations is essential for businesses involved in the production or sale of these goods.

Our Excise Tax services includes:

• Excise Tax Registration
• Excise Tax Return Filing

Understanding and navigating Dubai's intricate tax system is crucial for businesses and individuals alike. At Finfair, our dedicated team ensures you stay compliant, optimize your tax position, and thrive in Dubai's dynamic economic landscape.

Other services

1. Tax Residence Certificate:
We recognize the challenges business entities encounter in the importexport process, particularly the concern of double taxation. In response to this, the concept of a tax residence certificate, also known as a tax domicile certificate, has emerged. Serving as a proof of residence, this certificate holds significant benefits for both individuals and businesses.

For businesses, the UAE Government facilitates the issuance of the tax residence certificate, strategically leveraging the Double Tax Treaty (DTT). This proactive approach not only addresses the issue of double taxation but transforms it into a lucrative business opportunity. By obtaining this certificate, businesses can optimize their tax position and navigate the complexities of international trade with confidence.

We stand ready to guide and assist businesses in obtaining the tax residence certificate, ensuring they capitalize on the advantages offered by the Double Tax Treaty and seamlessly convert challenges into opportunities in the dynamic business landscape of the UAE.

2. Tax Clearance Certificate (TCC):
Tax clearance certificate (TCC) in the UAE serves as a vital indicator of a tax-registered entity's compliance with tax obligations. It verifies that all outstanding tax debts have been settled or confirms that the entity is not liable for any outstanding taxes. As a necessary documentary proof, the TCC holds significant importance in various business and legal transactions.

Authorities or other parties may require taxpayers to present tax clearance certificates for the following purposes:

1. Merger and Acquisition Transactions: Prior to engaging in merger and acquisition activities, stakeholders often request TCCs to ensure the involved entities have fulfilled their tax obligations.

2. Liquidation of the Firm: TCCs are essential before initiating the liquidation process, demonstrating that the entity has no pending tax liabilities.

3. Change in Ownership: During ownership transitions, TCCs provide assurance to new owners that the entity is compliant with tax regulations.

4. Accessing Banking Facilities: TCCs serve as evidence of financial integrity, facilitating access to banking facilities such as loans, credit, and other financial services.

5. Visa Issuance: When applying for visas, individuals or businesses may be required to submit TCCs as proof of tax compliance.

Moreover, TCCs play a critical role in additional scenarios, including:

1. Acquisition by Another Entity:TCCs demonstrate the entity's tax compliance status, facilitating smooth acquisition processes.

2. Liquidation or Bankruptcy Proceedings: In the event of liquidation or bankruptcy, TCCs confirm the entity's tax liabilities have been settled.

3. De registration from VAT: When sales proceeds fall below mandatory or voluntary thresholds, TCCs serve as evidence to deregister from VAT.

At Finfair, we recognize the importance of TCCs in demonstrating tax compliance and facilitating seamless business operations. Our expert team assists clients in obtaining TCCs efficiently, ensuring compliance with UAE tax regulations and fostering trust among stakeholders and regulatory authorities.

3. Tax accounting services:
Tax accounting is a specialized branch of accounting that focuses on the preparation, analysis, and management of financial information for taxrelated purposes. It involves the application of tax rules, regulations, and laws to ensure accurate calculation and reporting of taxes owed to government authorities. The primary objectives of tax accounting include minimizing tax liabilities within the bounds of the law, ensuring compliance with tax regulations, and providing transparency in financial reporting.

Key aspects of tax accounting include:

1. Tax Planning:Strategically structuring financial activities to optimize tax outcomes, considering deductions, credits, and exemptions available under tax laws.

2. Tax Compliance:Ensuring accurate and timely preparation of tax returns in accordance with applicable tax laws and regulations.

3. Record-keeping:Maintaining comprehensive financial records that support tax calculations, deductions, and credits claimed by the business.

4. Financial Reporting:Preparing financial statements that comply with both accounting standards and tax regulations, offering a clear picture of a company's financial position for tax purposes.

5. Risk Management: Identifying potential tax risks and implementing strategies to mitigate those risks, safeguarding the company against taxrelated challenges.

Significance of Tax accounting in Dubai
Discover the critical role of tax accounting services in Dubai and the driving forces behind its remarkable growth. Tax accounting is paramount in navigating the intricate tax landscape, safeguarding businesses and individuals from potential losses stemming from even minor oversights.

Here's an insight into the significance and the remarkable growth of tax accounting services in Dubai:

1. International Taxation:With global business expansion, navigating international taxation complexities is crucial. Tax accounting services in Dubai provide expertise in managing tax implications across borders, ensuring compliance with international tax laws and optimizing tax efficiency.

2. Economic Taxation: Understanding the economic impact of taxation is essential for businesses to make informed financial decisions. Tax accounting services in Dubai offer insights into economic taxation principles, helping businesses navigate tax regimes while maximizing profitability.

3. Transfer Pricing: Transfer pricing regulations play a significant role in multinational transactions. Tax accounting services in Dubai specialize in transfer pricing compliance, ensuring arm's length transactions and minimizing the risk of tax disputes.

4. Budget Control: Effective tax accounting provides businesses with complete control over budgets by accurately forecasting tax liabilities and planning accordingly. This proactive approach enables businesses to allocate resources efficiently and optimize financial performance.

5. Accurate Financial Reporting: Tax accounting services ensure accurate recording and reporting of financial transactions, providing a clear picture of profit and loss. This transparency enhances financial credibility and facilitates compliance with regulatory requirements.

6. Faster Decision-Making: Timely and accurate tax information enables faster decision-making, empowering businesses to seize opportunities and mitigate risks proactively. Tax accounting services in Dubai play a crucial role in providing actionable insights for strategic decision-making.

   In Dubai's thriving business landscape, the demand for tax accounting services has witnessed tremendous growth, driven by the need for accuracy, compliance, and strategic financial management. At Finfair, we understand the nuances of tax accounting, ensuring our clients benefit from expert insights and resilient financial strategies tailored for success.

Our Tax Accounting Services includes:

• Developing tax validation projects
• Preparing balance sheets based on tax to give a clear picture
• Drafting income tax and reporting documents
• Keeping a check on the current accounting laws for any changes and applying the same
• Dealing with the merger & acquisition process
• Understanding and dealing with tax risk

4. Withholding Tax: In the GCC region, the United Arab Emirates and Bahrain do not impose withholding tax. Specifically in the UAE, the new corporate tax regime ensures that no withholding taxes apply to both domestic and cross-border payments. This includes a Domestic Withholding Tax (WHT) rate of 0%, and notably, there is no obligation to file WHT returns for these transactions. This tax-friendly environment contributes to fostering a business-friendly atmosphere and facilitating domestic and international transactions in the UAE.

At Finfair, we extend an invitation to adopt a tax strategy harmonized with your business objectives. Allow us to serve as your strategic ally, guiding you through the complexities of taxation, where challenges are transformed into avenues for growth. With Finfair by your side, taxation evolves into a fair and strategic endeavor, propelling your business towards success.