Tax laws and regulations and efficient tax management are complex areas for any business. By staying abreast of developments and the frequently changing rules, at BMS Auditing, we ensure that you have a clear and full understanding, enabling you to make the right decisions with confidence.
With decades of tax experience and global expertise, we can answer your questions, explain your obligations, and can offer tax-efficient planning advice that incorporates offshore and international opportunities.
Below mentioned, are a few of the Consultation and Advisory Services which we offer-
How we perform services:
- Review & reporting of tax implications. These may include the study of specific transactions or issues faced by the organization against the backdrop of existing company laws, government regulations and court stipulations.
- Evaluation of the company’s compliance with existing laws and regulations (Tax due diligence). Attending to concerns regarding potential tax liabilities and penalties.
- Organizational structure evaluation and design: Review of taxes and payable duties and exemption analysis.
Our tax services include:
If you’re operating across borders, having a robust tax strategy which is aligned with your corporate strategy continues to be a complex area.
If you are either a Middle East based group investing internationally or investing into the region, understanding the impact of tax policy and legislative changes on your operations and your cross-border transactions is more than ever a part of assessing the commercial returns on those investments.
Our International Tax Services practice has dedicated teams based in the Middle East which are closely integrated with our global network.
What we do
- Review and advise on corporate structure and cash repatriation mechanisms.
- Help identify appropriate holding and operating structures that are commercially flexible and tax appropriate when expanding into new territories.
- Assist in managing a group’s global tax profile and obligations associated with your operating model.
BMS Auditing offers international tax consultancy services to both corporations and individuals who are engaged in overseas business activity. Our services focus on developing a comprehensive tax strategy which includes, inter alia, an overall review of relevant holding structures for such corporations and/or individuals, considering domestic and international tax laws in order to optimise the overall tax burden.
We also provides relocation tax consulting services to local resident individuals, as well as to tax consulting services to foreign residents employed within the country.
Corporate tax is highly complex. Our professional services are aimed at meeting your corporate tax compliance and advisory needs across multiple borders. We help you run your business in a tax effective manner wherever you are, meeting all requirements stipulated by the authorities.
We offer help in:
- Managing your tax needs across multiple tax jurisdictions.
- Providing timely yet professional advice helping your businesses realize tax planning opportunities.
- Review of compliance responsibilities and their fulfillment.
- Building feasible tax strategies supported by practical industry exposure.
- Offering advice on tax planning, structuring and due diligence.
- Reviewing internal tax controls and systems for effectiveness and efficiency.
- Providing tried-and-tested methodologies for effective reporting.
- Reflecting a global perspective as when needed on international corporate tax issues.
- Assessing, improving and administering corporate tax policies, processes and risks.
- Meeting your compliance obligations, preparation and review of income tax returns and offering advice on post submission issues.
Cross Border Transactions
Cross-border transactions represent significant opportunities for economic gain and increased shareholder or investor value. Cost savings from rationalizing operations, administration, investment and other areas, frequently enhances such gains. However, cross-border transactions can generate additional taxes that may erode the benefits derived through operational efficiencies if proper planning is not employed.
We work with our clients to build proactive and truly integrated global tax strategies that address the tax risks of today’s businesses and achieve sustainable growth. Dedicated full-time to the transaction structuring business, our cross-border teams work together regularly on deal after deal. Our familiarity with this fast-paced environment enables us to anticipate the nuances inherent in transactions and to respond rapidly with valuable, well-informed advice and visible results.
Transfer Pricing: Transfer pricing is a term used to describe inter-company pricing arrangements relating to transactions between related business entities. These can include transfers of intellectual property, tangible goods, services, and loans or other financing transactions.
The use of transfer pricing tax strategies has recently attracted a high level of international attention, due in part to the rapid rise of multinational trade, the opening of several significant developing economies and transfer pricing’s increased impact on corporate income taxation.
How we can help you With the ever-increasing scrutiny of transfer pricing activity by tax authorities worldwide we can assist you in the development of tax-efficient structures that help increase compliance with legal requirements, prepare for rapid audit response, resolve transfer pricing disputes and decrease transfer pricing exposure in future periods.
- Advance pricing agreements (APAs)
- Tax controversy and dispute resolution
- Documentation & planning
- Global structure alignment
Understanding environmental taxes and the effect they could have on your business will help you to manage your environmental costs. It will also help reduce financial, operational and reputational risks.
Some environmental taxes to think about include landfill tax (LFT), aggregates levy (AGL) and the climate change levy (CCL).We work with businesses and government to understand and address the risks and opportunities presented by environmental taxes.
Tax valuation is a critical component of any effective tax planning strategy. As regulatory focus on tax strategies continues to increase, it is important for companies to understand the true cash impact of tax valuation early in the assessment of any acquisition or significant tax event.
The success of nearly every corporate transaction, restructuring or financial strategy often depends on accurately accounting for the tax consequences. Tax valuation helps companies understand the impact of the event and how taxing authorities will assess a transaction—before the plans are put into action. The right approach can also help avoid creating an uncertain tax position, which can be a risk if a valuation is too aggressive.
VALUE ADDED TAXES (VAT) New
The Value Added Tax (VAT) was implemented for the first time in France in the late ’50s and ever since, more and more countries have begun to adopt it.
The GCC Member States are in the process of approving the long anticipated common framework for the introduction of a Value Added Tax (VAT) system in the GCC.
The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement Value Added Taxes (VAT) at the rate of 5% on 1 January 2018 with some limited exceptions including staple food items, healthcare and education and social services. Other GCC countries are anticipated to implement the same by 1 January 2019.
READ MORE ON VAT
That rate of 5% is among the lowest in the world and to help to put it into a bit of perspective, the standard VAT rate in the UK is 20 per cent. Yes, 20! Comparisons like that make it easier to understand the impact the introduction of the system will have on the prices we pay for things. An increase of no more than five per cent will be negligible and won’t really affect most of us that badly. In fact, some of us might not even notice it at all.
Leaving the Challenges apart, the new VAT system will help governments to deliver long-standing plans for economic diversification away from oil, while still being able to deliver social and economic programmes. When VAT is introduced in 2018, the UAE is expected to generate around Dh10 billion to Dh12 billion in revenues from the tax in the first year of implementation.
So, Will all businesses need to register with the government for VAT?
No, not all businesses will need to register for VAT. In simple terms, only businesses that meet a certain minimum annual turnover requirement will have to register for VAT. That is, many small businesses will not need to register for VAT.
Our experience and study on the markets poses the need for every Entity in the UAE (and GCC) to adapt to the changes by identifying the impact of VAT on their business.
A word of caution!
It is important to understand that the introduction of VAT will affect the whole of a business, not just the finance department. For example, those in sales will need to have the knowledge of how it’s calculated; the pricing department will have to reach the most attractive price, etc. Therefore it’s time for companies to start preparing for VAT.
Here are a few recommended key immediate considerations for every Business Organization.
- Assess capability of existing systems
- Identify VAT implementation strategy
- Identify contracts that need a VAT action
- Identify intercompany transactions
- Undertake training / awareness programmes for employees/consumers
- Implement and ensure proper Book keeping procedures to initiate transparency of records.
At BMS Auditing, we believe that Time and Tide wait for none! We provide unending support to Our Clients and equip them with all the requisites to face the new VAT Regime.
Other tax based services include –
- Local Taxes
- Tax Structuring
- Transfer Pricing
- Other latest amendments
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities.