A tax agent is an individual registered with the Federal Tax Authority (FTA) in the UAE. Such Registered Tax Agent in the UAE can enter into a contractual agreement to act on behalf of another person in complying tax obligations of his business. Further, the tax agent in the UAE has the power to represent the taxable person before the Federal Tax Authority (FTA) for any tax-related matters.
Tax agent in the UAE helps businesses to represent themselves before tax authority in any tax-related matters. Such registered tax agents in the UAE can ensure that businesses are complying their tax obligations.
Financial Statement Audit Service by the Top Listed Audit Firms in Dubai, Abu Dhabi, Sharjah, and the other Northern Emirates in the UAE. The dynamics of taxation in the United Arab Emirates (‘UAE’) and other GCC Countries are evolving. The introduction of new regulations has resulted in new and elaborate compliance procedures and filing requirements for the entities doing business in these countries.
UAE has already introduced Value Added Tax (‘VAT’) in 2018. UAE also levies Excise Tax on certain goods that are considered harmful to human health.
The UAE joined the OECD Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) on 16 May 2018. By joining the Inclusive Framework, the UAE has committed to implement BEPS minimum standards.
As a process of implementing BEPS minimum Standards, UAE has introduced Economic Substance Regulations to initiate adherence to Action 5 and CbCR to adhere to Action 13. The possibility of the introduction of Transfer Pricing Regulations also cannot be ruled out.
UAE has also been the signatory to join the most powerful multilateral treaty against offshore tax evasion and avoidance in the process of preventing Treaty Abuse (Action 6).
Further, the introduction of the Beneficial Owner Procedure in 2020 is in accordance with the Anti Money Laundering Regulations.
In this dynamic and rapidly shifting tax environment and unprecedented change in the market scenarios, tax professionals at Emirates Chartered Accountant Group offer solutions across all tax disciplines to help you thrive and concentrate on your goals.