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Corporate Tax Services
The Ministry of Finance introduced Corporate Tax Law (Federal Decree Law no. 47 of 2022), w.e.f., 1st June 2023, in UAE on business profits. Our team of highly skilled professionals, with extensive experience serving multinational companies during their tenure at Big 4 consulting firms, is well-equipped to provide the following comprehensive
Corporate Tax Registration
The Federal Tax Authority now requires corporate tax registration through EmaraTax. Registration is open for all mainland and freezone entities. At S&B, our experts are ready to assist with the process, leveraging our thorough understanding of the requirements.
Corporate Tax Impact Assessment
A corporate tax assessment identifies necessary changes to align your business with CT law from both financial and operational perspectives. This comprehensive evaluation establishes a solid foundation for effective tax planning and a robust compliance framework.
Group structure assessment
Assess your Group’s legal and funding structure to uncover any tax inefficiencies and limitations, such as those affecting grouping elections or interest deductions. Based on this analysis, we will recommend and implement updates to streamline structures and optimize tax efficiency
Financials Review
Ensure your accounting policies align with tax requirements to avoid unintended tax outcomes. Review key areas such as Other Comprehensive Income, provisioning, and depreciation. Verify major expenses meet tax deduction criteria and assess if deferred tax needs to be reflected in your FY2024 financial statements
Arms Length Pricing documentation
Compliance with transfer pricing (TP) rules is crucial for effective tax management and documentation within your Group. Review your TP model to align with your operating model, ensure transactional design reflects value creation, and implement TP policies that adhere to the arm’s length principle. Adjust TP as needed before finalizing financial statements or in the CT return.
Training the client internal team on Corporate Tax Law requirements
Equip your internal team with comprehensive training on Corporate Tax Law requirements to ensure compliance and optimize tax strategies. Our tailored programs cover essential regulations and best practices, empowering your team to handle tax matters efficiently.
Corporate Tax Assessment & Implementation Support
Phase 1 Corporate Tax Planning
- We undertake CT impact assessment considering Tax Grouping, Interest Limitation Deduction, GAAR, Tax Losses & Relief provisions, Tax Computation mechanism (deductions, exemptions, disallowances), Withholding taxes & Residency Rules
- We shall analyze inter-company transactions, substance, POEM implications, and entity characterization to establish effective TP policies and remuneration mechanisms. It’s also crucial to conduct Transfer Pricing benchmarking, maintain inter-company agreements, and update SOPs to ensure compliance.
- We shall do tax Computation Analysis Covering deductions, exemptions, disallowance etc.
Phase 2 Implementation support
- We shall review accounting policies & procedures followed by the Entities/ its Group.
- We shall undertake Structuring & Tax impact analysis factoring Corporate Tax, Transfer Pricing & BEPS implications along with inter-play of VAT, IFRS, Customs and Economic Substance Regulations.
- We shall perform benchmarking analysis and document Transfer pricing policy.
- We shall recommend Accounting & Tax Treatment, Adjustments and transition adjustments.
Phase 3 Year-end compliances
- Assist in Corporate Tax computations
- Assist in Corporate Tax Return filings
- Assist in Transfer pricing compliance (such as disclosure form, local file, master file)
