Taxation in UAE & GCC Countries

Financial Statement Audit Service by the Top Listed Audit Firms in Dubai, Abu Dhabi, Sharjah, and the other Northern Emirates in the UAE. The dynamics of taxation in the United Arab Emirates (‘UAE’) and other GCC Countries are evolving. The introduction of new regulations has resulted in new and elaborate compliance procedures and filing requirements for the entities doing business in these countries.

UAE has already introduced Value Added Tax (‘VAT’) in 2018. UAE also levies Excise Tax on certain goods that are considered harmful to human health.

The UAE joined the OECD Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) on 16 May 2018. By joining the Inclusive Framework, the UAE has committed to implement BEPS minimum standards.

As a process of implementing BEPS minimum Standards, UAE has introduced Economic Substance Regulations to initiate adherence to Action 5 and CbCR to adhere to Action 13. The possibility of the introduction of Transfer Pricing Regulations also cannot be ruled out.

UAE has also been the signatory to join the most powerful multilateral treaty against offshore tax evasion and avoidance in the process of preventing Treaty Abuse (Action 6).

Further, the introduction of the Beneficial Owner Procedure in 2020 is in accordance with the Anti Money Laundering Regulations.

In this dynamic and rapidly shifting tax environment and unprecedented change in the market scenarios, tax professionals at HAWK ACCOUNTING & TAX CONSULTANCY offer solutions across all tax disciplines to help you thrive and concentrate on your goals.