#
Contact
#
#

Services

  • Home
  • /
  • Tax Advisory
#
#
#
#
#
#
#

Services

Tax Advisory

VIBE with tax clarity. Let our advisors ease your tax burden.

UAE Corporate Tax: How We can Help

The Ministry of Finance in the UAE has announced a federal Corporate Tax (CT) on business profits. This new tax will be effective for the financial year starting on or after June 1, 2023.

Here's what you need to know:

Tax Rates:

0% for taxable income up to AED 375,000
9% for taxable income above AED 375,000
A different tax rate (to be specified) for large multinationals with consolidated global revenues exceeding €750 million (AED 3.15 billion), aligning with the OECD's Base Erosion and Profit Shifting (BEPS) Project.
For qualifying freezones, 0% for qualifying income and 9% for taxable income that does not qualify as the qualifying income.

VIBE can help your business prepare for and comply with the new Corporate Tax

Assessments and Impact Study:

We help you understand the applicability of CT and its impact on your business and transactions.
We assess and review financial statements for free zone and mainland- based businesses and individuals.
We provide corporate tax restructuring and tax planning to optimize costs, business structures, and mitigate risks.
We guide you on investment strategies to maximize incentives provided by the CT legislation.
We advise you on risk management and mitigation strategies.

Corporate Tax Advisory and Implementation Support


We assist with CT registration for all businesses and individuals
We help you apply for CT groupings and exemptions.
We facilitate the amendment of policies, agreements, and systems.
We assist in obtaining transfer pricing and international taxation rulings/clarifications.
We provide transactional advisory with CT implications.
We represent you before the relevant authorities
Training sessions: We offer customized training sessions on CT concepts and compliance procedures for your team.

Corporate Tax Compliance Services:

We help you compute your taxable income.
We assist in the preparation and filing of returns.
We assist with relevant submissions, appeals, representations, etc.
We help you utilize foreign tax credits and set off losses.

VIBE strives to provide the best and most efficient solutions for your business to ensure a smooth implementation of the corporate tax. We can help you understand and evaluate the impact of UAE CT on your business and transactions, allowing you to better prepare for the future.

Contact VIBE today to discuss your Corporate Tax compliance needs.

Value Added Tax

#
#
#
#
#

Services

Tax Advisory

VIBE : Your One-Stop Shop for VAT Compliance in the UAE

VAT was introduced in the United Arab Emirates on 1 January 2018. The general VAT rate is 5% and applies to most goods and services, with some goods and services subject to a 0% rate or an exemption from VAT (subject to specific conditions being met).

VIBE offers comprehensive solutions to help businesses achieve complete VAT compliance and maximize tax efficiency in the UAE. Our range of services includes

Compliance & Consulting


VAT return filing: We ensure timely and accurate preparation and submission of VAT returns.
We help you apply for CT groupings and exemptions.
VAT health check: We review your historical VAT returns to identify any potential issues and recommend corrective actions.
Tax accounting software implementation: We help you choose and implement accredited tax accounting software to streamline your VAT compliance processes
VAT refund applications: We guide you through the process of claiming VAT refunds efficiently.
Voluntary disclosure and penalty waiver: We assist you in disclosing any unintentional VAT errors and seek penalty waivers.
Ongoing support: We provide ongoing support and guidance on all VAT-related matters.

Registration & Management


VAT registration: We assist you with registering for VAT, obtaining your Tax Registration Number (TRN), and complying with registration requirements.
VAT group registration: We help you establish a VAT group for related businesses to simplify compliance
VAT registration amendments: We facilitate any necessary amendments to your VAT registration details.
VAT deregistration: We assist you with deregistering for VAT when eligible.
Private clarification submissions: We help you obtain private clarifications from the Federal Tax Authority (FTA) on specific VAT questions.
Tax Dispute Resolution Committee (TDRC) support: We guide you through the process of submitting applications and representing your case before the TDRC.

Additional Services


Training sessions: We offer customized training sessions on VAT concepts and compliance procedures for your team.
We represent you before the relevant authorities
Tax clearing company registration: We help you register as a Tax Clearinghouse company (TINCO) to facilitate transactions with non-VAT registered businesses.

Why choose VIBE ?


Experienced and qualified team of VAT experts.
Comprehensive range of services to meet all your VAT needs.
Proactive and personalized approach.
Commitment to providing cost-effective and efficient solutions.
Accredited tax accounting software partners.

VIBE is your trusted partner for navigating the complexities of VAT compliance in the UAE. Contact us today to discuss your specific needs and how we can help you achieve optimal tax efficiency.

Excise Tax

#
#
#
#
#

Services

Navigating UAE Excise Tax: How VIBE Can Help

Excise tax, introduced in the UAE in 2017, is an indirect tax levied on specific goods deemed harmful to health or the environment. Currently, it applies to

Tobacco and tobacco products


LIquids and devices for electronic smoking
Carbonated drinks
Energy drinks
Sweetened drinks

Businesses involved in importing, producing, stockpiling, or releasing these goods from designated zones in the UAE must register for Excise Tax. VIBE offers comprehensive Excise Tax compliance services for

Producers
Importers
Warehouse keepers

Our services include


Declaration and return filing
Registration and de-registration
Designated zone management
Audit assistance
Historical return review
Refund claims
TINCO registration
Stock count and reporting

VIBE helps you achieve


Accurate and timely compliance
Reduced risk of penalties
Improved operational efficiency
Peace of mind

Contact VIBE today to discuss your Excise Tax needs.

UAE Economic Substance Regulations: How We can Help


The UAE cabinet has implemented Economic Substance Regulations (ESR) to ensure companies operating in specific industries demonstrate real economic activity in the UAE. This means companies must demonstrate they have adequate resources, employees, and expenditures related to the business activities they conduct within the country. Additionally, they need to report profits that accurately reflect their economic substance.

What activities are considered "Relevant Activities" under ESR?

Banking
Insurance
Fund Management
Financing or Leasing
Headquarters Activities
Shipping
Holding Companies
Intellectual Property (IP) Holding or Exploitation
Distribution of Goods from Foreign Connected Persons
Provision of Services to Foreign Connected Persons

Compliance Requirements

Onshore and free zone companies (licensees) involved in a Relevant Activity must
File a notification within 6 months of the reporting period end.
Submit a report within 12 months of the reporting period end.

VIBE can help you with ESR compliance

Assess the applicability of ESR to your company.
File the ESR notification for relevant activities
Claim available exemptions for your company
Complete and submit ESR reports.
Monitor your Ministry of Finance (MoF) corporate account for updates.
Assist you with appeals and revisions.

Benefits of working with VIBE

Ensured compliance with ESR regulations.
Reduced risk of penalties.
Improved business operations and efficiency.
Peace of mind knowing your company is compliant.

Don't wait! Contact VIBE today to discuss your ESR compliance needs.

CbCR Regulations for UAE Tax-Resident Entities: Key Points


The United Arab Emirates Ministry of Finance has implemented Country-by-Country Reporting (CbCR) regulations for UAE tax-resident entities that meet specific criteria. These regulations are designed to enhance transparency and address tax base erosion and profit shifting concerns for large multinational enterprises (MNEs).

Who is affected?

UAE tax-resident entities
Part of an MNE operating in at least 2 jurisdictions
Group revenues equal to or exceed AED 3.15 billion in the preceding financial year
Headquartered in the UAE

Compliance requirements

Only the Ultimate Parent Entity (UPE) of affected MNEs needs to comply with CbCR regulations in the UAE. This includes

CbCR notification: Filing by the end of the financial year
CbCR report: Filing within 12 months of the financial year end

Key deadlines

CbC notification: File by the last day of the reporting period (financial year)
CbC report: Submit to the Ministry of Finance by 12 months after the last day of the MNE Group's reporting fiscal year

Non-compliance penalties

Non-compliance with the CbCR regulations can result in administrative penalties ranging from AED 10,000 to AED 1 million.

Non-UAE headquartered MNEs

No action is required for MNEs not headquartered in the UAE

Seeking further guidance? Contact our experts for assistance with CbCR compliance.

Welcome to VIBE Consultants: Where Finance Meets the Flow

CONTACT US