The impact analysis is conducted on an “As is Basis”. We also analyse potential transactions and situations where the impact of corporate tax is not yet known to you. It leads to the identification of limitations, which need quick fixing. Timely attention to these loopholes reduces costs and prepares your operations better.
We conduct corporate tax impact assessments for all types of company operating in any industry sector. If you are operating in UAE for years and are confused about the new taxation, FAME can resolve your queries. We can help all types of companies, including new startups, small and medium-sized entities, and large brands, with tax impact assessment services.
We have a track record of helping businesses in different sectors with corporate tax impact assessment studies. The implications of corporate tax are not the same for every industry. So, with our corporate tax impact assessment study, you get a customized view of the implications and actions you can take.
With FAME’s corporate tax impact assessment study, you understand your business better. You get to know the areas where you can make improvements to reduce your tax liabilities. If you are a group in UAE with subsidiaries in other countries, you can identify the income on which this corporate tax is applicable. You also get a better idea of the following:
- The time for registering your business for corporate income tax in UAE
- Your business’s tax or accounting period
- The deadlines for filing and submitting the annual tax returns
- Information, data, and records you need to furnish to the authorities
Our detailed corporate tax impact assessment includes the evaluation of the following areas:
- Expenses allowed and disallowed as deductions to calculate the taxable income for corporate tax.
- Existing intragroup transactions, cross-border transactions, business models, and long-term agreements. It helps understand the exposure of a group or transaction to Permanent Establishment (PE) or Place of Effective Management (POEM) risks.
- Implementation of the right principles for corporate tax calculation, including segmentation of business and non-business expenditures, accounting standards, and division of capital and revenue expenditures.
- Pricing of goods and services from both the supply and demand sides to incorporate the changes with the introduction of new corporate tax.
- Readiness of existing systems, processes, control procedures, and employees related to the new corporate tax regime.