Corporate Tax Readiness Services in Dubai, UAE

A corporate tax readiness review typically includes the following:

• Review of the opening balances that form the starting point for the financial statements to be prepared for the taxable period.
• Consider the applicability of transition provisions and assess the option most beneficial for the taxable person from within the options available under the transition rules laid out in the corporate tax law.
• Determine the advantages and disadvantages of forming a tax group, if applicable, and advise on group structure changes, if required, to avail of the tax grouping benefits.
• Identify related parties and connected persons and consider whether related party transactions and transactions with connected persons meet the arm’s length standard required to be followed as mandated by corporate tax law provisions.
• Identify available tax reliefs and consider the applicable conditions for availing of such reliefs.
• Review each caption of the taxable person’s income statement and balance sheet to consider any add-backs or deductions that would be required in arriving at the taxable profit or loss.
• Assess the existence and proper implementation of adequate controls to ensure accurate record-keeping practices and the validity of accounting records forming the basis of taxable profit calculation.