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VALUE ADDED TAX IN UNITED ARAB EMIRATES
Tax is a word that can be daunting to many, but it’s essential to understand its purpose. Taxation, specifically value-added tax or VAT TAX in UAE, is a crucial and essential concept to comprehend to understand in business operations. VAT is a consumption tax applied to a product at each production stage before the final sale. For example, a computer manufacturer is taxed on all materials and supplies they bought to create and produce the product before it is sold. Customers pay the VAT, calculated as a percentage of the total sale price, which the company already paid during production.
UAE TAXATION AND ROLE OF REGISTERED TAX AGENTS IN UAE
To diversify its revenues and align itself with international markets, the UAE has introduced a series of taxes over the last few years. Beginning with the implementation of the Value Added Tax (VAT), followed by the Economic Substances Rule (ESR) and then Country-by-Country Reporting (CBCR) regulations, and now with the newly introduced Corporate Tax (CT), the UAE Government, Ministry of Finance Has taken concrete steps to streamline its tax system.
ACCOUNTING AND BOOKKEEPING
EMT Accounting & Taxation Services L.L.C Registered Tax Agents in Dubai was established in 2018 in Dubai UAE. We are FTA Certified Tax Agents in UAE known as one of the leading Accounting and Taxation Agencies. Our wide range of services includes VAT & Corporate Tax consultancy, accounting & bookkeeping, internal, & external audit, CFO Services, Tax Registration, Business Setup in Dubai, Business Planning, and formulating tax strategies that can help you reduce your tax liability and improve your revenue.
UAE ANNOUNCES TAX EXEMPTION RULES
The UAE Ministry of Finance has recently made an announcement listing people who are exempt from registering for corporate tax. AE Ministry of Finance has announced that certain persons are exempted from registering for Corporate Tax. And the Authority issued a Ministerial Decision No. 43 of 2023 on the Exemption from Tax Registration for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Corporate Tax Law”) in accordance with Article 51. Subject to corporate tax law.
Corporate tax is a form of direct tax levied on the net income or profit of corporations and other entities from their business. The UAE introduced this tax with the aim of strengthening the country’s position as a leading global center for business and investment, in addition to accelerating the country’s development and transformation to achieve its strategic goals and renewing its commitment to meeting international standards of transparency tax and prevent harmful tax practices.
UAE VAT TAX
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