Tax/VAT Services

Tax/VAT Services

Tax Services

The Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (“UAE President”), on 3 October 2022.

The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE and is effective for financial years starting on or after 1 June 2023.

Company Incorporation Zone FZCO provides VAT and TAX related services to the clients and advises on the VAT and TAXATION related matters, including filing the VAT and Corporate Tax returns as per the issued timelines guided by the federal tax authorities in the UAE.

VAT related services and Corporate Tax Advisory

Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5%

Criteria for registering for VAT is as below.

• If the taxable supplies and imports of a UAE-based business exceed AED 375,000 per annum
• If a non-UAE-based business makes taxable supplies in the UAE, regardless of its value, and there is no other person obligated to pay the due tax on these supplies in the UAE.

However, VAT is optional for businesses whose supplies and imports exceed AED 187,500 per annum. A business house pays the government, the tax that it collects from its customers. At the same time, it receives a refund from the government on tax that it has paid to its suppliers.

Company Incorporation Zone FZCO assists their clients to file the VAT returns in timely manner and further assist in obtaining Tax Registration Number (TRN) and further all the VAT related matters with the Federal Tax Authority in the UAE.