Elevate Accounting & Auditing

  Understanding the Shift in the UAE's Tax Landscape The introduction of corporate tax in the UAE marks a significant shift in the region’s business environment, requiring companies to adapt quickly and remain compliant. Long known for its tax-friendly policies, the UAE has now implemented a federal corporate tax to align with global tax standards and diversify its economy. As this new framework takes shape, businesses must act swiftly to ensure proper registration and adherence to the regulations. What is UAE Corporate Tax? Corporate tax in the UAE is a direct tax imposed on the net income or profit of corporations and other entities carrying out business activities. Introduced for financial years starting on or after 1 June 2023 , the standard corporate tax rate is 9% for taxable income exceeding AED 375,000, while income below this threshold is subject to a 0% rate—designed to support small businesses and startups. The tax applies to both onshore and certain free zone entities...

  Introduction Navigating the process of company liquidation in Dubai can be complex, but with the right expertise, businesses can close their operations smoothly and efficiently. Whether due to financial challenges, strategic decisions, or market changes, understanding liquidation is essential for any business owner considering this path. What is Company Liquidation? Company liquidation in Dubai refers to the formal process of winding up a business’s affairs, selling its assets, and distributing the proceeds to creditors and shareholders. It marks the official closure of a company, ensuring that all financial obligations are settled in a legal and orderly manner. Why Do Companies in Dubai Choose to Liquidate? There are various reasons why a company in Dubai might opt for liquidation, including financial difficulties, business restructuring, or the end of a business lifecycle. Some companies may no longer be profitable, while others might want to exit the market and liquidate asse...

  Why VAT Deregistration Matters When your business circumstances change, VAT deregistration can be just as important as registration – and it's essential to get it right. Whether you’re scaling down, switching business models, or no longer meeting the taxable turnover threshold, VAT deregistration is a critical step that ensures your business remains compliant with tax regulations. At Elevate Accounting & Auditing, we understand how complex this process can feel, and we’re here to simplify it for you. What is VAT Deregistration? VAT deregistration is the formal process of cancelling your business's VAT Implementation Services in UAE   when it is no longer required or applicable. This is typically done through the Federal Tax Authority (FTA) in the UAE or your local tax authority. Businesses may apply for deregistration voluntarily or be required to do so if they no longer meet mandatory registration criteria. While it may seem like a simple administrative task, it’s esse...