Taxation Skills

Understanding of UAE Tax Regulations

  • Value Added Tax (VAT) (5% standard rate since 2018)
    • Know how VAT applies to goods/services.
    • Understand zero-rated and exempt supplies.
  • Corporate Tax (CT) (9% on taxable income above AED 375,000 from June 2023)
    • Understand CT implications on financial statements.
    • Stay up to date with UAE Federal Tax Authority (FTA) updates.

Tax Compliance & Filing

  • Timely and accurate VAT returns (usually quarterly or monthly).
  • Prepare corporate tax returns and ensure accurate income computation.
  • Maintain proper documentation for FTA audits.
  • Understand excise tax if applicable (e.g., for tobacco, sugary drinks, energy drinks).

Tax Planning & Optimization

  • Identify opportunities to optimize VAT and CT liability.
  • Understand allowable deductions, exemptions, and transfer pricing (if applicable).
  • Structure operations to remain tax-efficient within legal boundaries.

Tax Accounting and Reconciliation

  • Inventory Valuation & Adjustments
  • Stock Movement & Reconciliation
  • Fixed Asset Register Maintenance
  • Depreciation Scheduling
  • Capitalization & Disposal Entries

Registration and Deregistration

  • Handle VAT registration, deregistration, and amendments as required.
  • Ensure corporate tax registration is complete and updated in the EmaraTax system.

FTA Portal Proficiency

  • Use the EmaraTax portal for VAT/CT filing, payment, refund claims, and correspondence with the FTA.

Cross-Border Tax Knowledge

  • Understand import/export VAT implications.
  • Be aware of double taxation treaties (DTTs) signed by the UAE.
  • Deal with withholding tax issues when transacting internationally.

Audit Preparation

  • Prepare for potential FTA audits and inquiries.
  • Maintain proper supporting documentation (invoices, contracts, tax invoices, etc.).

Communication & Advisory Skills

  • Clearly communicate tax implications to senior management.
  • Advise business units on structuring transactions to ensure tax compliance.

Staying Up-to-Date

  • Monitor updates from:
    • Federal Tax Authority (FTA): https://tax.gov.ae
    • Ministry of Finance (MoF UAE): Corporate tax guidelines and updates