One of the must-haves for a well-established company is up-to-date accounting and bookkeeping. Accurate records of day-to-day transactions help companies maintain uninterrupted operations and avoid unexpected penalties. Accounting and BookKeeping services are vital to every organization irrespective of the size of the setup.
For more information about our accounting and bookkeeping services, kindly contact us.
VAT registration is mandatory for all businesses in the UAE irrespective of the business domain or size. It came into effect in the UAE and GCC countries by the year 2018. Value-added tax is a consumption tax applied on a good when its value is increased at each stage of its production or distribution. If you are an entrepreneur planning to expand your business in the UAE, you are supposed to have a clear understanding of VAT registration in the UAE. Businesses providing goods or services falling in the taxable category, with annual revenue of over AED 375,000, are supposed to register for VAT. It is not mandatory for companies with annual supplies and imports less than AED 187,500. Free Zones in the UAE are exempted from VAT. Polestar offers VAT advisory services across the UAE right from documentation for VAT registration to its valuation and management.
Auditing is a systematic inspection of a company’s records and accounts by an independent firm, for an assessment or review of its financial health. All financial statements maintained by the business should accurately denote the claimed monetary transactions. Polestar is one of the leading business setup service providers in the UAE offering excellent auditing services in Dubai and across the Emirates. Listed below are the auditing and assurance services we offer:
Dubai is a place that provides maximum tax concessions and benefits for residents and foreign investors. Polestar has a team of tax consultants who offer tax advice for companies in Dubai, helping them avail of more investment opportunities and prevent major financial losses in the future.
Tax Residency Certificate/Tax Domicile Certificate
Nowadays, businesses are no longer restricted to a single geographical location and are spread across the globe. As a result, total income is contributed by different countries and each country has a set of rules for taxing the global income of its residents and the profits earned on that land. To avoid the issue of double taxation and ensure that the business owners are not paying tax twice, countries such as the UAE have entered into a Double Tax Avoidance Agreement (DTAA). After this DTAA is signed between two countries, it mandates tax authority to produce a tax residence certificate, which helps investors, individual residents claim the treaty benefits. The Federal Tax Authority (FTA) is the regulatory body that issues the Tax Residency Certificate for taking advantage of the double taxation avoidance agreements signed between the foreign jurisdictions and the UAE. The FTA issues Commercial Activities Certificate that enables applicants to refund the VAT paid in advance outside the UAE, whether or not DTAAs are applicable. The expert taxation team at Polestar offers advisory services in tax planning and legal consulting to maintain the tax structure for your company and avail the benefits of DTAA by statutory filings.
VALUE ADDED TAX (VAT) REGISTRATION