Direct taxes are paid by individuals or businesses directly to the government, while indirect taxes are levied on goods and services and paid by consumers. It’s crucial for eligible people to comply with the country’s tax laws and pay the applicable taxes. Understanding the distinction between Direct Tax and Indirect Tax is essential for taxpayers. Taxes serve as a significant revenue source for governments worldwide, collected in various forms such as income tax on salaries, sales tax on restaurant meals, toll fees for driving, or taxes on groceries at stores. As responsible citizens, we have ..read more

In recent years, the UAE has implemented Economic Substance Regulations (ESR) to ensure that businesses operating in the country are conducting genuine economic activities. These regulations are aimed at preventing harmful tax practices and ensuring that businesses have a substantial presence in the UAE. Compliance with ESR is crucial for businesses operating in the UAE to avoid penalties and ensure transparency in their operations. Failure to comply with ESR can result in fines, suspension of licenses, or even the deregistration of the company. By understanding and adhering to ESR requirement ..read more

In today’s competitive business landscape, it is essential for companies to differentiate themselves and showcase their commitment to the local economy. One way to do this is by obtaining ICV (In-Country Value) certification in Dubai. ICV certificate in Dubai, UAE is a measure of the value that a company brings to the local economy through its operations and investments. By obtaining ICV certification, businesses can demonstrate their contribution to the development of the UAE and showcase their commitment to supporting local industries and businesses. The benefits of obtaining ICV certificati ..read more

The Federal Tax Authority (FTA) gathers and manages taxes. It furnishes comprehensive laws, guidance, and explanations to aid commercial entities. The UAE government presented Tax (VAT) on January 1st, 2018. VAT consultants in Abu Dhabi constitutes an indirect tax imposed on the utilisation of products and services, knowingly influencing business operations. The keen risk, quantity, and difficulty of transactions must be better for taxpayers to fulfil tax compliance obligations. Since the inception of VAT in the UAE, Shuraa Tax has remained committed to delivering committed professional assist ..read more

Dubai attracts businesses and individuals from all over the world. One important aspect of trading in Dubai is understanding the Dubai import tax system. Import taxes play a crucial role in determining the cost of goods entering the country, whether for personal use or for business purposes. Dubai import tax system primarily revolves around two key components – Customs Duty & Value Added Tax (VAT). This essentially means the tax is applied to the total value of your goods, including their cost, insurance during transport, and freight charges. If you’re an importer or just starting out in t ..read more

Following challenging accounting standards is critical when you increase your business abroad and manage significant transactions. The International Financial Reporting Standards (IFRS) are widely accepted rules for financial reporting included by many countries. Companies typically adopt these standards to guarantee compliance and maintain correct financial records. However, because these standards can change and cause confusion, it’s essential to have contact with IFRS Advisory Services. In this blog by Shuraa Tax, we explore the importance of these services and how Shuraa Tax can assist in ..read more

Corporate tax in the UAE is a topic that many business owners may not fully understand. With the implementation of corporate tax in the UAE, it is crucial for companies to have a clear understanding of how it works and the importance of corporate tax return filing accurately and on time. Corporate tax is a levy imposed by the government on the profits generated by corporations. It’s a primary source of revenue for governments.  Understanding corporate tax is vital for any business owner in the UAE, as it directly impacts your financial bottom line. Therefore, we are here to explain all th ..read more

In Dubai’s bustling business landscape, the differences between corporation tax vs VAT are key pillars shaping companies’ fiscal strategies. While corporation tax levies a percentage on a company’s profits, VAT operates as a consumption tax applied at every stage of the supply chain. Going deeper into these variances is essential for businesses to guide the UAE’s tax framework efficiently. At the intersection of these intricacies lies Shuraa Tax, offering easy solutions to facilitate compliance and optimise financial outcomes. Join us as we examine the differences between corporation tax and V ..read more

Value Added Tax (VAT) is a consumption tax that is added to the cost of goods and services at each stage of production. While VAT is a common tax in many countries, tourists visiting Dubai will be pleased to know that they can actually get a refund on the VAT they pay on certain purchases. VAT refund in Dubai for tourist allows you to enjoy shopping in Dubai without having to worry about paying extra taxes. The VAT refund system in Dubai is designed to make shopping more enjoyable for tourists, and it provides a great incentive for visitors to shop and spend money in the city. So, if you’re to ..read more

For entrepreneurs and business owners in the UAE, grasping the intricacies of withholding tax within the broader spectrum of corporate taxation is indispensable for adhering to the nation’s evolving tax laws. In December 2022, the UAE Federal Tax Authority made substantial progress by releasing a decree that specified the obligations related to withholding tax within the corporate tax framework of the United Arab Emirates. This exhaustive guide by Shuraa Tax aims to demystify corporate taxes, focusing on withholding tax. It delves into the latest legislation and its ramifications for business ..read more