Up until the introduction of the Corporate Tax (CT) from 1 June 2023 and the Value Added Tax (VAT) from 1 January 2018, our tax advice in the UAE consisted primarily of advising sovereign wealth funds and high net worth individuals on implications of investments under various tax treaties signed by the UAE.
Our CT tax advice centers around corporate and asset structuring to ensure that the optimal tax structures are achieved. Factors to consider include allocation of business to freezone versus mainland; allowable expenditures; and international tax treaties.
Our VAT tax compliance services include all matters relating to initial VAT registration and administration, along with any interactions with the Federal Tax Authority. Ongoing compliance assistance involving the development of effective VAT management strategies to include various systems, processes, controls and governance, as well as providing in-house training ensure our clients possess the knowledge required to meet all legal requirements of UAE VAT law. We can also assist clients with outsourcing their entire VAT compliance function if desired. We also provide advisory services for VAT issues in the context of our general corporate/commercial and mergers and acquisitions transactions.
We also provide advisory services for VAT issues in the context of our general corporate/commercial and mergers and acquisitions transactions. Our advice typically involves advising on the VAT treatment and structuring of commercial transactions; advising on VAT efficient transaction structuring; providing tax sensitivities on sale and purchase agreements, and negotiating VAT/tax liability clauses with the counterparties’ advisors; and conducting due diligence for purchasers and vendors to identify potential tax exposures.
In addition to CT and VAT, the firm also advises ports, corporate entities and individuals on a variety of matters relating to customs laws and regulations applicable in the UAE, and on custom duties in connection with importing and exporting goods across the GCC and other countries. In addition to customs duties, this advice now includes applicable VAT in connection with importing and exporting goods across the GCC and other countries.
