TOPICS About ---------------------------------------------3 Service ---------------------------------------------3 Tax Law ---------------------------------------------4 Tax Rates ---------------------------------------------5 Calculation ---------------------------------------------6 Free Zone ---------------------------------------------7 Small Businesss Relief -----------------------------8 Exempt Industries -------------------------------------9 Exempt Income Sources ------------------------10 Corporate VS. VAT ---------------------------------- 11 Offers -------------------------------------------12 ABOUT Audit Station is one of the leading and most trusted accounting and software firms in the middle east. We redefine the industry by our auditing and accounting solutions designed specially to meet your business needs. INTERNAL AUDITING CFO SERVICES We make auditing precision an art by assigning a team of at least 4 of our experts to inspect every single detail of your financials including bank reconciliation and stocktaking by checking your inventory and compare it to your invoices, purchases and sales to avoid any errors using our state of the art tools and techniques, and then provide you with a detailed report of your business financials Why waste your time and energy on solving the riddles of your financials and trying to explain your goals to your accountants while you can spend that time making important business decisions and letting us assign an expert who will be handling that difficult part of managing your accounting department and helping you achieve ERP SOFTWARES TAX SERVICES Business software might be confusing. The experts here, at Audit Station, can help you get a software with all the features you want and need for your business, and even if none of all our partner softwares suits you we will be happy to create one from scratch designed specially for your business requirements. And this progam will be integerated with all our accounting services to prevent any mistakes and make sure it will be serving all your departments successfully. Having any mistakes in a tax and VAT reports can lead to a number of legal troubles while running your business. That is why you need a trustworthy firm to prepare them for your company. At Audit Station, our experts work on your tax reports with great precision and accuracy, which will ensure no errors or mistakes in them, saving you from the hassle and save your business from having any financial risks or issues with the authorities. 3 TAX LAW All businesses in the UAE must: Register for corporate tax. - Every business have to register, including free zone companies. - Corporate tax is different from VAT, even if you have a VAT number, you still have to register for corporate tax. Keep accurate accounting records. - The UAE corporate tax law states that you keep accurate accounting records. - Your tax obligations depends on what your accounting records say about your business. - Our team of experts will help you with your bookkeeping and accounting to ensure that your reports are compliant with the law. File a corporate tax submission with the Federal Tax Authority (FTA). - This step needs to be done after the end of the first taxable period. - Even if you qualify for an exemption you still have to submit with the FTA. - Again our experts will ensure that you benefit from any applicable exemptions. 4 TAX The ministry of finance (MOF) developed the taxation policy with three tiers as follows: TIER 1 0% Tax Rate PROFITS UP TO AED 375, 000 TIER 2 PROFITS OVER 9% Tax Rate AED 375, 000 TIER 3 PROFITS OVER Higher Tax Rate AED 3.5 Billion 5 FREE ZONE A business registered in a free zone is not automatically exempt from the corporate tax. Here is what you need to know if your business is registered in a free zone. If a free zone complies with its regulations, including those specified in the corporate tax legislation, they may qualify for an exemption. If a free zone does not comply with free zone conditions included in the tax legislation they may lose their exemption. If a business loses their free zone exemption, they may still qualify for other options available such as the small businesses relief rule. NOTE: Even free zone businesses qualifying for an exemption still need to register for corporate tax, keep accurate accounting records, and file an annual tax submission with FTA 7 BUSINESS RELIEF RULE DO YOU QUALIFY? REVENUE < AED 3 MILLION = NO TAX The small business relief scheme specifies that businesses earning a total revenue of below AED 3 million for each tax period (relevant or previous) will not be required to pay corporate tax. NOTE: This is available until the end of 2026. 8 EXEMPT INDUSTRIES If a business or any legal entity fits any of the criterias below, then they can qualify for corporate tax exemption. Government or public entities These include both federal and regional offices, deparments, divisions and all other public institutions. Real estate or regulated investment funds Similar to charitable organisations, such funds must apply to MOF and FTA to obtain a formal exemption approval. Businesses that extract or mine natural resources As they are already subject to Emirate-level taxation, so they do not have to file a seperate tax report. Public or regulated private entities. These include entities that deal with social benefit funds like pension or retirement planning. UAE governmentowned companies Charitable Organisations UAE companies fully owned by the UAE government and listed with a ministry-level decision will recieve tax exemption. Those eligible must first apply to relevant authorities to obtain a formal clearance before applying for MOF registration. 9 VAT is a consumption tax levied on the sale of goods and services. the customer pays it at the time of purchase. It is collected by the business and then remitted to the government. Corporate tax will be paid directly to the government and calculated by considering the net income of the company, not the total revenue or sales valus. NOTE: Businesses already registerd for VAT will still need to register for Corprate TAX. 11 Contact us now and choose your FREE gift. Corporate Tax Registeration FREE We will register your comapny for corporate tax free of charge.* 30 Days of Financial Manager Services For FREE We will give you CFO services to your business free of charge.* 12 Months of an accounting software for FREE We will give you a full year of subscription to the acounting software most suitable for your business.* 12 *T & C Applies. Audit Station is one of the leading and most trusted accounting and software firms in the middle east. We redefine the industry by our auditing and accounting solutions designed specially to meet your business needs. Our Offices .... Dubai: 1906,Grosvenor Business Bay Tower, Business Bay, UAE. Muscat: 12,Ooredoo Building, Souq Al Khoudh, Oman.
