BMS Auditing provides expert tax compliance and advisory services in the UAE. Stay compliant with the latest tax regulations, including VAT, Corporate Tax, and Transfer Pricing. Contact us to revamp your tax strategy.
To any company, whether it is small and growing or a multinational firm, the proper discharge of tax obligation is of critical concern. Knowledge of the types of corporate tax laws operating in your jurisdiction shall inform accurate remittances.
Business management difficulties regarding commercial operations often make it time-consuming and complicated to monitor changes in the tax law. Hence, counsel from experts in taxation may be required.
BMS Auditing has a team of highly qualified and experienced persons specializing in UAE tax law. Our tax specialists are well-exposed to all current FTA legislation. We have proven experience providing tailored tax services to a wide range of organizations in the region.
New UAE Tax Developments and the Importance of Compliance
In recent years, the UAE has experienced significant changes in its tax landscape. At BMS Auditing, our Tax Advisory Services are designed to help organizations navigate these evolving regulations and maintain compliance. Understanding the latest tax rules allows businesses to adhere to guidelines effectively and avoid heavy fines.
Since there is no income tax in the UAE, several products will pay an Excise Tax if they are detrimental to health or the environment; VAT was introduced to businesses operating over the VAT threshold in 2018. Corporate tax is no longer only for oil companies and foreign banks, which were previously able to avoid paying tax until recent times. A new corporate tax law has set a normal tax rate on taxable income as well as compliance with the transfer pricing regulations, effective from 1 June 2023. The tax law is constantly changing, so consultancy services running along the lines of BMS Auditing are required to make sure one is in compliance and adjusting the information accordingly.
It came through the enactment of Economic Substance Regulations, to ensure that entities from the UAE remain transparent about their economic presence and report actual profits as earned within the activities of their business conducted in the UAE.
At BMS Auditing, we offer workshops and training on tax compliance and risk assessments that cover VAT, Corporate Tax, International Tax, and Transfer Pricing, along with other analyses that impact your business performance. We aim to provide you with effective, long-lasting solutions tailored to your needs.
Economic Substance Regulations in UAE
As of August 2020, the Economic Substance Regulation (ESR) was laid down on entities involved in certain onshore businesses within the United Arab Emirates. This means that, for an enterprise to be considered to have economic substance within the UAE, it must qualify or be considered to have passed the Economic Substance Test, a requirement that ensures certain conditions are met. Businesses must carry out core income-generating activities within the UAE and have appropriate personnel, premises, and expenditures within the country. ESR was implemented to remove tax haven usage by the UAE by setting the country on an equal footing with international best practices and standards that the OECD and the EU had been working towards concerning transparency and economic integrity.
Ultimate Beneficial Ownership in UAE
Ultimate Beneficial Ownership is proposed to enhance financial transparency in the UAE by requiring enterprises to report information regarding the ultimate beneficial owners such as significant shareholders and nominee directors. Firms with registration at the Department of Economic Development DED have to file statements and shareholder registrations, together with supporting documents, to verify the above particulars. UBOs are defined as those with at least a 25% shareholding or those who may control or remove directors. All licensed companies, except government-owned firms, are required to file UBO reports as defaults place them in a spectrum of licensing issues or limitations from corporate actions.
Our Specialized Tax Services and Solutions
We provide practical solutions to local and multinational companies. To do this effectively, we work with other member firms of BMS Auditing firms, with our extensive experience in tax practices, tax planning, and procedures around the globe, including in the UAE.
BMS Auditing offers the following Tax and Compliance Services:
- Corporate tax impact assessments
- Registration, Filing, and de-registration with the VAT authority
- Excise Tax Compliance
- Registration and filling of company tax
- Transfer Pricing analysis and compliance and Master files, Local files, and Country-by-Country reports under OECD standards
- Economic Substance Regulations compliance
- Training and workshops on UAE tax laws at an organizational level
- Advisory on tax matters specific to the business
- Review and draft intercompany agreements
- Transfer pricing assessment of the operating model
- Preparation for tax registrations, de-registrations, and amendments
- Obtain tax clearance certificates and UAE Tax Residency certificates.
Professional Tax Services at BMS Auditing
At BMS Auditing, our professional tax services are designed to offer a comprehensive range of solutions tailored to meet our client's needs. Here’s how we make a meaningful impact:
Our team is always available to help thousands of different companies each day, actively undertaking action to meet all their tax needs.
Our consultants remain updated about the most current tax code and other tax laws and regulations to provide effective consulting for businesses and corporations.
With our extensive experience in tax, audit, and consultancy services across different industries, we ensure our clients receive comprehensive support.
Our diverse team holds together multi-disciplinary strengths in tax and related services, thereby meeting wide-ranging client requirements.
Call BMS Auditing today and enjoy the unlimited benefits of dependable tax compliance expert services.
