The Federal Tax Law No. (7) of 2017 stipulates the appointment of a tax agent who represents taxable persons before the Federal Tax Authority (FTA). According to Federal Law No. 7 of 2017 on Tax Procedures, FTA Approved tax agents are:
"Any person registered with the Authority in the Register, who is appointed on behalf of another person to represent him before the Authority and assist him in the fulfilment of his tax obligations and the exercise of his associated tax rights." A tax agent must fulfil the requirements listed below in order to be registered in the FTA's tax agent register.
Business owners and key management employees can focus on other important tasks while a tax agent handles all tax affairs. As per Federal Law No. (7) of 2017, tax agents can represent taxable persons before the Federal Tax Authority (FTA) regarding their tax affairs and taxable obligations. GAAP Associates is an FTA-approved tax agent, who can assist you with everything from providing advice on clients' clarifications and FTA notifications to representing them before the FTA for tax matters.
One must put a lot of time and effort into engaging in the company's tax issues. The tasks and obligations are countless and range from VAT registration, VAT planning, and VAT consulting to regular VAT compliance in Dubai, UAE. The process of allocating resources and managing tax affairs becomes time-consuming and expensive. Time and money aside, hiring a tax agent will also provide extra benefits because of their expertise.
The tax obligations of the tax agents continue even after returns and payments have been filed. When it comes to tax assessments and tax submissions before the federal tax authorities, which are more complicated by nature and call for more knowledge, they can be of more assistance. For the taxpayer, a tax agent in Dubai, UAE, would help expedite all these processes, reducing the load before the tax authorities.
Return filing with the Federal Tax Authority in Dubai, UAE, is a routine task that must be completed on time and with high accuracy. The Federal Tax Authority imposes severe fines for late and incorrect returns. A tax agent would organise and help you file taxes on time and properly.
A federal corporate tax is a tax imposed by the federal government on businesses located within its jurisdiction. Different countries may have different federal tax rates.
Businesses are in charge of meticulously recording their revenue, expenses, and related VAT charges. Registered companies and dealers must pay VAT at the current rate on all of their purchases of goods and services from suppliers. The difference is either claimed back or given to the government.
The administration, collection, and enforcement of UAE corporate tax will fall within the purview of the Federal Tax Authority.