Dubai, and the UAE in general, has become one of the most important business hubs in the world. And with the introduction of tax laws, companies must comply or they face penalties. Now, this is exactly when a tax compliance consultant is needed. So today, we’re gonna talk about why you need these consultants, as well as what they have to offer your business. Let’s jump straight into it, shall we?a
What Is a Tax Compliance Consultant?
A tax compliance consultant is a professional who specializes in everything related to taxes, and in our case, corporate tax. These consultants ensure that your business complies with all the tax regulations set by the country you operate in. They offer a wide range of services that are essential to your company. And those services can range from tax filing to strategy planning and tax advisory. In the case of the UAE, there are mainland and free zone companies, and good consultants should have the right knowledge about your company’s operation zone. Here is what you can expect from tax consultants:
- VAT filing and registration
- Tax audit
- Corporate tax compliance
- Tax advisory
- Tax planning
Why Should You Hire a Tax Compliance Consultant?
- Stay Up-to-Date on Regulation Changes: Dubai keeps on exponentially growing as a business hub. And it’s normal for tax laws to be dynamic in an environment like that. So, as an SME there you should always keep an eye on updates by the FTA that could affect your tax requirements. A tax compliance consultant can keep an eye on those changes and pivot your tax plans to fit these updates.
- Avoid Unnecessary Penalties: Missing registration and filing deadlines, as well as failing to comply with VAT and corporate tax regulations can lead to penalties. These fines, and in turn the damage to your reputation, can easily be averted. And this can happen by having the right consultants!
- Better Tax Efficiency: Having a tax compliance consultant isn’t just about compliance. It’s also about finding opportunities for tax savings and optimizing a business’ tax record while staying compliant. And good consultants can do that for you.
- Save Resources and Time: If you’re still a startup, it might feel easy to manage your taxes and accounting, while juggling everything else. However, as your business grows, managing all these tasks can strain your team on the inside. So, having consultants will give you a breather to be able to focus on growth! This will ensure that you save your money and resources on what matters.
- Prepare for Audits: The FTA could at any point request an audit from your company. So, to be prepared, tax consultants will properly document everything, communicate with the authorities, as well as provide the best guidance through the whole audit process.
Need Help? Noraal Is Here
If you read this far, then you are most likely looking for a tax compliance consultant. At Noraal, our certified experts can provide this service to your business in the UAE. Our tax advisors will ensure you stay compliant with tax laws and ready to handle any law changes. So, contact us today for a free consultation, and you won’t have to worry about taxes anymore!