International Tax in Dubai

International taxation in the UAE is evolving and getting updated on real-time basis at an unprecedented rate. Base Erosion and Profit Shifting  which refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations, has been the focus of anti-tax avoidance discussions globally. The United Arab Emirates has become the 116th jurisdiction to join the Inclusive Framework on   (“IF”) to implement the  measures and tackle  . UAE International tax experts can help you consider/evaluate the developments pertaining to  as may be applicable for your business, ensure compliance with internationally agreed standards on exchange of information for tax purposes and analyzing tax treaties for any beneficial provisions affecting your business transactions and structures. In line with the growing competitiveness of the world economy, the UAE’s shift towards a taxation economy is both commendable and necessary, as it encourages economic diversification and boosts transparency. In addition to the introduction of Excise duty and VAT in the UAE, there are several developments with respect to improving international tax compliance which merits attention. The UAE is a global forum member and signatory of the Exchange of Information on Request (‘EOIR’) and Automatic Exchange of Information initiatives of the OECD, both being internationally agreed standards on exchange of information for tax purposes. While the UAE is largely compliant as per the EOIR rating round 1, the first exchange of information under CRS is scheduled to take place in 2018. The UAE has also concluded an agreement with the USA to improve international tax compliance /reporting (commonly known as FATCA) and which has been implemented successfully with requisite reporting periods. Considering the aforementioned key tax developments in the UAE, working with qualified tax experts can not only allow you to focus on your business but also reduce the risk of non-compliance with the law and resultant penalties.

MIS Reporting & Compliance in UAE

With the recent changes in the Commercial Companies Law and VAT in UAE, it has become mandatory for businesses to maintain their daily book of records, business accounts, other important financial details and compliance as per FTA’s rule of law. They need to maintain accurate Management Information Systems (MIS) reports in order to make informed decisions on complex problems related to business management and daily operations failing which their business can suffer a major financial crisis. For any company, it’s important to have access to reliable MIS reporting and compliance services from a trustworthy, qualified, experienced in house team or outsourced consultant to improve overall efficiency, productivity, and profitability of the firm. With strong MIS report and compliance services, companies can rectify their weaknesses and strengths. If your company is facing issues in management and maintenance of MIS reports on a monthly/quarterly basis then you need help from a leading tax agency and accounting consultant such as Golden Standard Taxation. We are a group of qualified and experienced accounting professionals who keep themselves updated with the ever-changing corporate laws. With our updated knowledge we try to understand your business needs and provide timely as well as accurate information to help your business make well-informed decisions. We are the best accounting firm in Dubai that makes sure to provide you with crisp and accurate MIS reports customized as per your company’s needs. Using our customized services, businesses will be able to assess their business performance, take faster decisions on its management, and ultimately drive the company towards excellence and growth. Using our services companies will get to enjoy a high level of quality at affordable prices. With our assured assistance and support in MIS reporting and compliance services fulfill your company’s accounting and budgetary needs and let your business run towards success. To get answers to your any query related to our services, contact or email us to solve all your doubts.

Excise Advisory Service in UAE

The introduction of excise tax in the UAE in 2017, every single person conducting the business of specific products which are considered to be harmful to human health and environment need to pay a tax to the Government. The excise law is applied to products described in the excise goods category, including tobacco, energy drinks, carbonated drinks, etc.  this is one of the leading accounting and bookkeeping firm, which offers excise tax advisory services in the UAE to help business with tax auditing and payment. By availing proper tax consulting services, you can ensure if the reported excise tax liability is accurate and submitted to the authority within the date mentioned by the tax authority. Excise Tax Consulting Excise tax is a form of indirect tax levied on specific goods called “excise goods” which are typically harmful to human health or the environment. The Excise tax was introduced across the UAE in 2017. The purpose of levying excise tax is to reduce the consumption of unhealthy and harmful commodities as well as to raise revenues for the government that can be spent on beneficial public services. Ultimately, consumers need to pay more for goods that are harmful to human health or the environment. Under the UAE Federal Decree-Law No. 7 of 2017 on Excise Tax, it is the responsibility of a business to register for excise tax. The deadline for registration for companies was November 30, 2019. The deadline for registration of stocks is January 15, 2020. It is advisable that a Taxable person engaged in activities relating to excise goods such as tobacco products, carbonated drinks, and energy drinks should empower an audit firm to get professional advice on Excise Tax issues.