Within an agreement to be signed by the «Federal Taxes» with tax agents

20% discount on the costs and fees of accounting services for small and medium enterprises

The Federal Tax Authority intends to provide an integrated support package for small and medium enterprises.

archival

The Federal Tax Authority intends to provide an integrated support package for small and medium enterprises, including arranging for these businesses to receive a reduction of no less than 20% in return for the costs and fees of all accounting, financial and auditing services provided by each tax agent to business owners registered in the “Muwafaq” program. Which will be announced by the Authority during the coming period as well, and “Emirates Today” alone published its details two days ago, in order to facilitate and assist small and medium-sized companies in registering for corporate tax, through service-providing offices in the country, such as “Facilitation” and other service offices spread across the Emirates.

The Federal Tax Authority aims to support and urge businesses to organize accounting records and establish a transparent accounting system that is subject to auditing, which helps in easy tax registration and compliance with all tax legislation.

In detail, each tax agent, according to the draft agreement issued by the "Federal Taxes", of which "Emirates Today" obtained a copy, must approve it, if he chooses to join the initiative and adhere to terms and conditions related to ensuring the provision of the best accounting services and auditing matters, as well as preserving On the confidentiality of information and data protection and not to ask taxpayers for any fees or to speak on behalf of the Authority as an official body, in addition to a good number of technical terms and conditions.

The Federal Tax Authority indicated that it will provide training programs for taxable business owners, especially the basics of tax procedures, and qualify them for procedures related to value-added tax, to support their compliance with tax laws and procedures.

Also according to the terms of the agreement, the tax agent, who agrees to join this agreement, shall apply the best practices of skill, care, prudence, foresight and prudence, which can be expected from a person of high skill, experience and reputation working on the same type of projects on a global level.

The “Federal Tax” indicated that the tax agent will perform the services, under this agreement, in accordance with good practices and all applicable laws, as well as in accordance with the service level agreement and performance indicators that are agreed upon.

She added that the term of this agreement is two years, from the date of entry into force, and it is automatically renewed for other periods, each for a period of one year, unless the first party (the Federal Tax Authority) notifies the second party (the tax agent) of its decision to terminate this agreement in writing at least 30 days before The expiry of the current term of this Agreement.

It is noteworthy that in January 2022, the Ministry of Finance announced that the UAE will impose a federal tax on the net profits of businesses in all emirates of the country, and businesses will be subject to corporate tax either on the first of July 2023 or on the first of January 2024, depending on its first fiscal year.

The tax rate was set at 9% for taxable income that exceeds 375 thousand dirhams.

• «Federal Taxes» aims to support and urge businesses to organize accounting records, which helps in tax registration and compliance with all tax legislation.

Follow our latest local and sports news and the latest political and economic developments via Google news