Most notably, consulting and measuring the degrees of tax compliance and the efficiency of enterprises in applying the law
Financial expert: 11 services provided by a corporate tax agent
Tax consultancy offices are the link between companies and the Federal Tax Authority.
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Mohamed Helmy: “The tax agent’s role is to bridge the gap between the business sectors and the value-added tax”.
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The financial expert, accounting and tax agent, Mohamed Helmy, said that activating the role of tax auditing in the facility is a kind of discipline, control and compliance with the value-added tax laws, explaining that there are more than 11 services and basic tasks provided by the tax agent for companies, so all registered and unregistered businesses must Recorded keep records such as balance sheet, profit and loss accounts, fixed asset records, salary and wage records, and inventory account records, and they must keep accounting books to facilitate the work of the tax auditor.
Helmy explained to "Emirates Today" that the tax agent provides about 11 important services such as tax advice, measuring the degrees of tax compliance and the efficiency of establishments in applying the provisions of the law, and preserving the company’s rights granted to it by law, which contribute greatly to reducing tax waste and addressing gaps that may The company is exposed to fines that could have been avoided, following up on filling and submitting value-added tax declarations, as per the rules and within the legally specified period, and attending sessions to discuss those declarations with the auditors of the Federal Tax Authority.
It also studies tax problems that companies may encounter, as well as following up cases of tax refunds of all kinds, and trying to correct the company's tax situation through requests for reconsideration and follow-up of cases with the tax dispute settlement committees.
He indicated that the accounting and tax consultancy offices (tax agent) exclusively licensed by the Federal Tax Authority have an important role as a link between companies and natural persons registered with value-added tax on the one hand, and the Federal Tax Authority on the other hand, as many establishments are not large It is a specialist in the field of tax, as it is not fully and continuously aware of the value-added tax law and the clarifications and updates that the authority is keen to publish periodically through the authority’s official communication channels, and the authority’s constant keenness on periodic meetings with tax agents, and the periodic review of the professional update of the agents Taxpayers themselves.
The role of the tax agent is to bridge the gap between the business sectors and the value-added tax, and these establishments may be exposed to tax and legal troubles, which may make them difficult to conduct their work, as the law does not exempt establishments from fines or penalties by simply not knowing or ignorance of the provisions of the law, hence the importance of Licensed accounting and tax consultancy offices, to fulfill this role and address any gaps or errors due to ignorance of tax laws to spare enterprises any legal violations
He stressed that all registered and unregistered businesses must keep records such as the balance sheet, profit and loss accounts, fixed asset records, salary and wage records, and inventory account records, and they must also keep accounting books (entries of payments, receipts, purchases, sales, income and expenses).
He pointed out that activating the role of tax auditing in the facility is a type of discipline, control and compliance with value-added tax laws, and that the absence of the role of internal auditing for value-added tax enhances the spirit of negligence, the decline in the level of work and the integrity of the tax procedures followed in the establishment, assessing its risks and addressing gaps.
Tax burden
Financial expert, accountant and tax agent, Mohamed Helmy, said: “The company often exposes itself to an additional tax burden resulting from insufficient knowledge or improper application of the provisions of the value-added tax law, at a time when it was possible to save that tax waste by improving the tax policy in the company. And strengthening the rights of the company that was legislated by the tax law for it without additional is a burden on the shoulders of the company.
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