Corporate Tax Impact Assessment

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In the UAE, corporate tax will be a critical component of commercial operations. In the future, this will have a significant influence on some business views since it will need a change. Corporate tax impact assessment will undoubtedly be a time-consuming procedure for businesses in the UAE. A tax consultant in UAE experienced in the understanding and conforming of compliance with local tax laws can assist in carrying out below impact assessment.

Impact assessment:

  • Understanding the group structure and business operations from the UAE CT perspective.
  • Collate the relevant information and data to identify revenue streams and expenses.
  • Review of contracts and documents.
  • High level review of income and expenses that may have tax impact under UAE CT.
  • Identify gaps / exposures on key business aspects including
    1. – Accounting policies
    2. – System capabilities
    3. – Internal controls
  • Technical evaluation of tax risk areas in advance.
  • Quantitative assessment to identify taxable base.
  • Detailed impact assessment from UAE CT and TP perspective.
  • Finalize roadmap for implementing UAE CT.
  • High level assessment of system readiness for UAE CT.

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