Who are Tax Agents as per UAE Law?
The Federal Law No (7) of 2017 on tax procedures specifies the appointment of a tax agent to represent taxable persons before the Federal tax authority (FTA) with regards to his tax affairs and taxable obligations. Federal Law No. (7) of 2017 on Tax Procedures states tax agents as:
“Any Person registered with the Authority in the Register, who is appointed on behalf of another Person to represent him before the Authority and assist him in the fulfilment of his Tax obligations and the exercise of his associated tax rights.”
A tax agent should meet the below conditions for registration in the register of tax agents at the FTA.
a) He should be of good conduct and behaviour.
b) He should hold an accredited qualification from a recognised university or an institute showing his specialisation and practical experience.
c) He is medically fit.
d) He holds avalid professional indemnity insurance.
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Benefits of Hiring a Tax Agent in UAE
A tax agent can handle all the tax affairs of a company, whilst the business owner and key management employees can focus on other important duties. The Federal Law No (7) of 2017 on tax procedures specifies the appointment of a tax agent in Dubai, U.A.E to represent taxable persons before the Federal tax authority (FTA) with regards to his tax affairs and taxable obligations.
Following are the advantages of hiring a registered tax agent in Dubai & UAE:
1. Assists in Tax Assessments & Tax Representations
Filing of returns and payments does not end the tax duties of the tax agents. They can be of greater assistance during tax assessments and tax representations before the Federal tax authorities which are more complex by nature and require greater expertise. A tax agent in Dubai U.A.E would assist and simplify all these formalities for the taxpayer, thereby easing his burden before the tax authorities.
2. Helps You Save Time & Money
Engaging one in the tax affairs of the company involves a lot of time and efforts. The duties and responsibilities are unlimited and include everything from VAT registration, VAT planning and VAT advisory to regular VAT compliance in Dubai, U.A.E. It becomes a time consuming and costly affair to dedicate resources and manage the tax affairs. Appointing a tax agent will not only save time and cost but also offer additional advantages one would gain from his unique knowledge and expertise of dealing with various clients
3. Assists in Tax Implementation & Registration in Dubai, UAE
New businesses and existing businesses getting registered for VAT in Dubai, U.A.E might lack the necessary knowledge and expertise on how to register, plan, and implement VAT in their daily operations. VAT implementation requires understanding the business transaction processes and the corresponding VAT implications. Once the VAT implications are successfully implemented by the tax agent across different business processes, it would make VAT compliance much easier.
4. Assists You in Filing Your Returns Timely & Accurately
Filing returns with the Federal tax authority in Dubai U.A.E is a regular task and should be done on a timely basis and with great accuracy. Delay and inaccurate returns attract huge penalties from the Federal Tax Authority. A tax agent would plan and assist you in the filing of returns periodically and accurately.
5. Acts as a Long-Term Advisor
A tax agent can act as a long term advisor throughout multiple business transactions. They can advise you on any major changes in government policies, modifications in tax laws, tax-related updates, and other related clarifications.
The benefits of hiring a tax agent outweigh the costs. Hiring one for your company is the best choice you can make.
VAT Planning & Advisory Services
1. VAT planning in UAE
2. VAT advisory services
3. Recommending VAT registration as a single entity or a tax group
4. Applicability of reverse charge mechanism for Imports
5. Guide on Intra GCC trade
6. VAT training and awareness to staff
VAT Compliance Services
1. Ensure timely submission of VAT returns, reconciliation.
2. Review of VAT records, returns& reconciliation.
3. Providing advice on client’s clarifications and FTA notifications.
4. Representing before the FTA for tax matters.
5. Review and customization of source documents.
For proper monitoring of account books and other records, the role of a tax agent becomes important. A tax agent would assist businessman in complying with their taxable obligations in a timely manner. Every taxable person should maintain books of accounts and records for a minimum period of 5 years.
Find JCA UAE Audit, Leading VAT agents in Dubai, Tax agents in Dubai, for more information, Inquire us today.