Expert and Practical 10-Step Checklist for UAE Corporate Tax Implementation

10-Step Checklist for UAE Corporate Tax Implementation

• Review of accounting policies and financial statements to ensure they are aligned with the best practices.
• Review Group Structure. Assess whether any realignment or restructuring is required.
• Review the applicability of tax laws and understand critical and high-impact areas for your business to prevent tax leakages and tax inefficiencies.
• Understanding tax exemptions and incentives offered by UAE for companies located in free zone, small businesses, etc., as they can benefit your business.
• Review accounting systems to ensure smooth tax compliance.
• Examine all your related party transactions. This would include reviewing whether all agreements are in place, what is basis of charge, need for the charge, documentation available, etc.
• Ensure tax positions are not contrary to tax positions adopted under VAT/Customs regime.
• Employee Training. This is critical as they would be required to ensure compliance with the law and maintain appropriate records to be prepared for any future inquiry.
• Stay updated on the various Clarifications and Notifications issued by Authorities to ensure correct preparation for Corporate Tax.
• Seek professional help to facilitate proper compliance and appropriate guidance on tax planning, tax compliance, and other tax-related matters.