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Why Tax Planning in Dubai is significant?

Efficient and strategic financial management and tax planning is the key to business success. Tax registration Dubai is an integral element of business operations in UAE. As the leading provider of accounting consultancy services, IBM Global enables you to steer your business to new growth through strategic tax planning services including Dubai company vat registration and other tax services. Our tax planning and structuring services go above and beyond to help your business achieve efficient functioning and compliance with savvy planning. We have a highly experienced team that dedicatedly works for the advancement of your business.

Who needs professional tax advice? While every individual who is taxed needs to manage their tax commitments, it is the businesses and high net worth individuals that need professional advice from tax and accounting consultants.

As the leading provider of accounting and vat registration services in Dubai, IBM Global offers a comprehensive tax consultancy service that covers aspects of vat registration and filing as well as strategic tax planning in compliance with the UAE’s laws.

Tax planning is significant as various aspects of taxation such as double taxation, direct and indirect taxation, VAT, corporate tax, income tax, excise, and various others need to be considered to ensure that your tax obligations are managed in the most efficient manner and no penalties are incurred. We are experts in offering bespoke tax planning services for diverse businesses and individuals.

 

Why Choose IBM Global for Corporate Taxation and Structuring Services?

We are a leading accounting and financial consultancy firm in Dubai run by a team of well-experienced professionals with sound knowledge of all the taxation and accounting laws of the country.

We offer high-end taxation consultation and financial advisory to leading firms in UAE, and our personalized solutions precisely meet the specific needs of businesses and high-net-worth individuals. We have been working closely with various government agencies and officials linked with taxation, and this helps us to offer the most efficient tax planning advice to our clients.

We cater to the requirements of both small and large companies with unmatched tax-related services including tax registration, vat registration services in Dubai, and hassle-free tax planning.

Which Income Types Come Under Taxable Income?

It may be noted that the income of companies, oil and gas exploration and production businesses and branches of foreign banks excluded, are not taxed. A tax of 20% is applicable for the branches of foreign banks. Income tax is also applicable to the income of oil and gas exploration and production companies, at flat rates of 50-55%. Our tax agents in Dubai can give you the best advice on tax planning.

However, no taxation is levied on dividends for companies in Dubai, but this is a complex affair and expert tax advice and planning are required in this case. Similarly, there is no taxation on capital gains in Dubai. However, professional accounting service firms can help in the preparation of financial statements to be submitted to banks, government bodies and shareholders.

As for real estate transactions, a transfer fee is applied on the transfer of property, in line with local jurisdiction rules. Finally, there are no social security taxes for foreign workers. Coming to VAT, a 5% flat value-added tax is in force since 2018 in UAE. There are some other taxes including municipal taxes levied on certain hotels, leisure services, and real estate rentals. Also, taxation on the annual rental income of residential and commercial tenants is pegged at 5% and 10% respectively.

Dubai Company VAT Registration

VAT was introduced in the UAE in January 2018, and the tax is the lowest rate at 5% compared with global taxation. VAT is applicable for diverse categories such as luxury goods, tobacco, luxury vehicles, and home appliances. VAT is also charged on certain oil & gas products as well as commercial buildings when sold or rented.

Categories eligible for VAT exemption include export of goods, health care services, transportation (bus, metro, basic foods (dairy, meat, soft drinks), and residential real estate buildings.

It needs to be noted that varying amounts of excise taxes are imposed on certain products such as non-essential goods like tobacco, jewelry, beverages, and luxury vehicles. IBM Global has solid knowledge about all types of taxes and the categories of products and businesses that come under taxation and can offer the best tax planning advisory services at competitive rates.

Frequently Asked Questions (FAQ's)

What Is The Procedure For Setting Up A Business Account In The United Arab Emirates?

The requirements for opening a bank account in the UAE differ from one bank to the next. Although, in most cases, the presence of a key director or shareholder is essential.

What Are The Advantages Of Having A Separate Business Bank Account?

The advantages of having a business account include the ability to track costs, calculate tax liabilities quickly, and manage cash flow.

Can I Open My Business Account In Any Currency Other Than AED?

Yes, you may create a business account in a variety of major international currencies other than UAE dirhams.

Why Should You Choose IBM Global For Bank Account Opening Services?

We can speed up the process of opening a corporate bank account in UAE using our expertise and experience. Our services are affordable and reliable.

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